Weekly crypto analysis reveals that Bitcoin and other major altcoins stopped their recovery near resistance levels, suggesting that the bears are still present at higher levels. The major coins have been trading in a mixed reaction. BTC has faced rejection near the $28,000 resistance level and it is currently correcting lower. BTC is trading below the $27,000 level and it might continue to move lower in the near term. The next major support sits near the $25,400 level. Ethereum price has been trading in a range bound of $1,700 and $1,800 for the past few days.
Binance Coin (BNB) has seen quite a sharp correction during the past week, as it dropped from over $316 to its current level of $308. Cardano (ADA) and XRP are also struggling to keep their momentum intact, with ADA still trading above the $0.3500 level and XRP still trading below the $0.47 level. Finally, LTC is one of the top gainers of the week and has been trading above the $91.00 level, with a surge of more than 13 percent.
BTC/USD
Weekly crypto analysis for Bitcoin shows that the pair is facing strong resistance near $28,000. The bulls again tried to drive the price into the symmetrical triangle pattern on May 17, but the bears fiercely guarded the level and pulled Bitcoin lower on May 18. The bulls are currently trying to get back into the game, but the bears are still in control of the short-term trend. If Bitcoin can break out above $28,000, it might gain momentum toward $30,000. On the downside, if BTC fails to stay above the $26,700 support level then it can dip towards the $25,400 support.
Currently, the pair is trading at $26,918 with a bullish bias. BTC fell below the 20-EMA and the-EMA, indicating a strong bearish trend. The 50-EMA is also below the 200-EMA and there is significant downward pressure. The MACD indicator has been indicating bearish divergence, with the MACD line remaining below the signal line. The RSI has been trading at 55.57 and there is no clear indication of the momentum.
ETH/USD
The Ethereum price has been trading within a tight range of $1,781 and $1,843 for most of the days in the past week. On 18th May, ETH dipped to a low of $1,781, but the bulls quickly defended the level. The bulls and bears have been constantly fighting to establish their influence on the market. The weekly crypto analysis for Ethereum shows that the pair is likely to face strong resistance near $1,900 and if ETH can break out above this level, it might gain strong momentum toward the $2,000 level. On the downside, $1,803 is a major support and if ETH fails to stay above this level, it could dip below the $1,800 mark.
At the time of writting, ETH is trading at $1,815 with a gain of 0.34 percent. The moving average convergence divergence indicator is showing an indecisive trend, with no clear direction. The MACD line is above the signal line and there are signs of bullishness in its movement. The relative strength index (RSI) has been hovering near the neutral zone, indicating that the market has reached equilibrium. The 50-Weekly moving average (EMA) is above the 200-Weekly EMA, indicating that the bulls have maintained their control over the long-term trend.
BNB/USD
Binance Coin (BNB) has seen a sharp correction over the past week, as it dropped from over $316 to its current level of $308. The selling pressure and buying demand have been in equilibrium, thus the pair remains range-bound.
The first sign of strength will be a break and close above the 20-day EMA. That could clear the path for a likely rally to the resistance line. The bears are again expected to protect this level with vigor. If the price turns down sharply from the resistance line, it will suggest that the BNB/USD pair may remain inside the channel for a while longer.
The bears are likely to have other plans. They will try to sink the price below the support line of the channel and challenge the crucial support at $290.
Looking at the weekly technical analysis, the MACD is currently in the bearish zone. The RSI is also near the neutral level of 49.56, indicating that the pair has reached equilibrium and may remain range-bound for a while longer. The weekly moving average is currently at $324, providing strong support for the cryptocurrency.
ADA/USD
According to the weekly price analysis, Cardano (ADA) has been trading within a range of $0.36-0.37 for the past week, with a sideways trend. The coin had briefly crossed above $0.45, only to see it slipping back down again due to strong bearish pressure from the markets. At the time of writing, ADA is currently trading at around $0.3654 with the support of the coin being quite weak.
The MACD indicator has been indicating bearish divergence for some time now, with the MACD line remaining below the signal line. The Relative Strength Index (RSI) is also has been trending down and currently trading at around 46.30. This indicates that the coin is in a bearish trend for some time now, with no signs of any bullish rally in the near future. The 50-week MA is also below the 200-week MA, further confirming the bearish trend.
XRP/USD
After struggling near the 20-day EMA ($0.45) on May 17, buyers cleared the barrier on May 18. This suggests that XRP is attempting to resume its uptrend. On the upside, buyers will face stiff resistance at the 50-day SMA ($0.47), and above this level, the cryptocurrency could rapidly move toward $0.50.
The weekly technical analysis for XRP shows that the MACD indicator has been moving in the bullish zone. The RSI is currently trading at 54.60 level, indicating a strong buying sentiment among investors. The 50-week MA is also above the 200-week SMA, suggesting that the bulls are likely to remain in control for some time in the near future.
LTC/USD
Litecoin (LTC) has been trading close to the 50-week MA since May 17. The cryptocurrency has managed to stay above this support level and is currently trading at $91.00, up 13 percent from its last closing price. At the time of writing, LTC is trading at $92.00 and may continue to trade inside the current range in the near future.
The MACD indicator has moved into the bullish zone, suggesting that momentum is favorable for buyers. The RSI is also trading around 54.66 levels. This indicates that LTC/USD pair could see a rally in the near future if it manages to break and sustain above the 20-day EMA ($94.00). The volatility has been decreasing since last week, indicating that the cryptocurrency could remain range-bound in the near future. The moving average is currently at $90.09 indicating strong support for the cryptocurrency.
Weekly crypto price analysis conclusion
To sum up, all the major coins have been trading inside their respective channels and with buyers attempting to take control. The weekly technical analysis suggests that BNB/USD pair could attempt to break out of the range and rally toward the resistance line. The buying pressure for most of the cryptocurrencies has been weak, leading to sideways trading. The next week is likely to be crucial for most of the digital assets as they may either break out and initiate a bullish rally or end up sinking in the bearish zone.
