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As the flagship cryptocurrency, Bitcoin has been around for a long time. But there are many other cryptocoins that are also worth your attention. We’ll discuss the top 5 altcoins that are on the rise right now. Bitcoin Cash or BTC cash for short. It was created in August 2017 by a group of bitcoin developers who wanted to increase bitcoin’s block size limit in order to improve transaction speeds and reduce fees. This group also believed that bitcoin’s future was as a “peer to peer payment platform” rather than as a digital currency. Bitcoin Gold or BTC gold for short. Bitcoin gold was created as an alternative to bitcoin. Anyone can mine Bitcoin Gold using cheap GPU’s, which makes it easy
Bitcoins (BTC) have become a household name in the last few years, and have become the first decentralized digital currency. The blockchain is an online ledger which keeps track of all transactions made using a peer-to-peer network, and is available to anyone in the world. Bitcoin is the most widely-used and recognized cryptocurrency. It is a digital currency that relies on cryptography to create and transfer money. Other Similar Blog Posts:
The price of bitcoin (BTC) ended the month down 1.98%, marking the first negative close of April since 2015, according to Bybit.
In the same month, the price of Ether (ETH) rose more than 44% to a new all-time high near $3,000. This large difference between the two main cryptocurrencies shows that the markets have matured and that bitcoin’s poor performance is no longer affecting the altcoins as much as it did in the past.
Ether’s upward trend has attracted strong buying from traders. Bybit data shows open interest in Ether futures on the 29th. April reached $8.5 billion, up 52% from the previous month. This rise is supported by professional traders who seem to have taken a more bullish stance on Ether than retail investors, as Cointelegraph contributor Marcel Pechmann notes.
Daily review of cryptocurrency market data. Source: Coin360
The strong performance of the cryptocurrency sector continues to attract a wide range of investors. According to the Financial Times, venture capital firm Andreessen Horowitz plans to capitalize on this growing demand by raising between $800 million and $1 billion in another fund. The influx of money into various cryptocurrency projects shows that investors are ready for the long haul.
T. William Stromberg, CEO of Rowe Price, told the Baltimore Business Journal that the cryptocurrency space is still in its infancy and will take years to really turn around.
With Ether leading the altcoins, let’s take a look at the top 5 crypto-currencies that could remain bullish in the near term.
Bitcoin broke above its April 30 moving averages, but the bulls were unable to capitalize on the strength. The doji candle pattern of 1. May and the move below the 50-day simple moving average ($56.833) suggests that the bears are selling at higher levels and not giving up.
Daily chart BTC/USDT. Source: TradingView
If sellers take the price below the 20-day exponential moving average ($55,723), the BTC/USDT pair could fall to $52,323.21 and then $50,460. Flat moving averages and the relative strength index (RSI) near the midpoint indicate a balance between supply and demand. This may keep the pair in this range for a few more days.
This position loses validity when the pair of the 20-day EMA bounces off and breaks above $58,469.09. Such a move would mean that the bulls are buying at every slight decline. The pair could then rally to $61,825.85, where the bulls are likely to meet fierce resistance from the bears again.
Although it is too early to confirm, the pair appears to form the right shoulder of a possible head and shoulders formation. This pattern ends with a breakthrough below the neckline. Until then, operators can be vigilant, but should not take hasty action in anticipation of a collapse.
4 hour chart BTC/USDT. Source: TradingView
On the 4-hour chart you can see that the bulls pushed price above the $57,500 resistance level, but were unable to hold it. The bears have taken the price back below this level and are trying to break through the 20-EMA support. When this happens, the pair could drop to the 50 SMA level.
A strong bounce from this support could prompt the bulls to make another attempt to break through the $57,500 barrier. If successful, the pair could begin their journey to $61,825.84. Conversely, if the bears drive price below the 50-SMA, the probability of a drop to $50,460 increases.
Solana (SOL) broke through the resistance level of $48.64 on May 1. and reached a new all-time high at $49.99 today. However, the psychological level of $50 acts as resistance, and today the bears have reduced the price to below $48.64.
SOL/USDT Daily Chart. Source: TradingView
If the bears keep the price below $48.64 for two days, SOL/USDT could fall to support at $40.51. A strong bounce from this support would indicate that the bulls are on the dips. The bulls will then make another attempt to break through the $50 resistance level.
If successful, the pair could enter the next phase of the uptrend, which could lead to $56.77 and then $68.05. The rising moving averages and the RSI near the overbought zone suggest that the path of least resistance is up.
This positive outlook loses momentum if the stock price falls below the 20-day EMA ($38). If this happens, the pair could correct towards the 50 SMA ($26).
SOL/USDT 4-hour chart. Source: TradingView
On the 4-hour chart, we can see that the bulls are trying to defend the 20-EMA. If price manages to break above the upper resistance zone of $48.64 to $49.99, momentum should strengthen. A gradually rising 20-EMA and RSI in positive territory suggest that the bulls have a slight advantage.
Contrary to this assumption, the probability of a breakout below the moving averages increases as price falls from upper resistance. The bears could then push the price to $40.51. A strong rebound from this support could keep the pair in a range for a few days.
Huobi Token (HT) rose 1. May above the $26.89 resistance level and reached a new all-time high of $29.54 today. However, the bears are trying to push the price below the breakout level and catch the aggressive bulls.
Daily chartHT/USDT. Source: TradingView
If the price breaks and stays below $26.89 for three days, the HT/USDT pair could gradually fall to $22. A strong rebound from this support could keep the pair in a range for a few days.
Conversely, if the bulls defend support at $26.89 or don’t give up their positions below $25, this means strong buying on any small decline. A break above $29.54 could resume the uptrend with the next price target at $36.54.
The 20-day EMA ($20.54) has turned upward and the RSI is in overbought territory, indicating that the bulls are in control.
Card 4 hoursHT/USDT. Source: TradingView
Bulls and bears are vying for dominance near the $26.89 level. Although the bears brought the price down to $26.10, they could not hold that lower level. This suggests that bulls are buying on the downside.
The rising moving averages and the RSI near the overbought zone show that the bulls have the upper hand. However, the bulls are struggling to push the price to $29.54. This can lead to high volatility in the short term.
A break below $26 could send the price in the direction of the 20-EMA. If the price recovers strongly to this level, the bulls will make another attempt to resume the uptrend. On the other hand, a break below the 20-EMA could herald the start of a deeper correction.
Bears are trying to stop Ethereum Classic’s (ETC) bullish move in the upper resistance zone of $38 to $41.61. However, the long tail of today’s candle suggests that traders are buying at lower levels.
Daily chartof ETC/USDT. Source: TradingView
The rising 20-day EMA ($28.74) and the RSI in overbought territory suggest a bullish bias. If buyers push the price above the upper zone, the ETC/USDT pair could resume its uptrend and reach $53.21.
Contrary to this assumption, if price reverses from the upper zone, the bears will try to take the pair to the 20 EMA. A break below this support would indicate a weakening of the upward momentum and the pair could drop to $22.20.
4 hour chart of ETC/USDT. Source: TradingView
The 20-EMA is on the upside and the RSI is in overbought territory, suggesting that the bulls are in control. But the Bears don’t throw in the towel so easily. They will try to stop the upward movement in the upper zone.
A break below the 20-EMA would be the first sign that bullish momentum could be waning. This could bring the price down to the 50-SMA. Such a move could result in the pair remaining range-bound for several days.
Today the bulls pushed AAVE above the $489 resistance level. However, they failed to sustain purchases at higher levels and today the bears brought the price down to the $480 to $280 range. This suggests that the bears are trying to catch the aggressive bulls who may have bought the range break.
AAVE/USDT Daily Chart. Source: TradingView
If the price drops below the 20-day EMA ($415), it means that bulls are not buying on dips. This could push price towards the 50-day SMA ($383) and extend the AAVE/USDT pair’s stay within the range by a few more days.
On the contrary, if the pair of the 20 EMA turns down, it would indicate accumulation at the lower levels. The bulls will then make another attempt to take the price to $581.67. A break of this level could start the move north towards $698.
Cointelegraph Markets Pro’s VORTECS™ data shows that the uptrend in AAVE has continued since the 25th. April continues, with the exception of a few brief lows to 63.
Cointelegraph’s proprietary VORTECS™ assessment is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ score (green) compared to AAVE price. Source: Cointelegraph Markets Pro
As you can see in the chart above, the VORTECS™ score for AAVE has increased since the 25th. April, where the price was $351.40, still in the green.
A high VORTECS™ score can discourage traders from making early profits and leaving them on the table. AAVE shares are trading at $509.83 today, up 45% in just one week.
4-hour chartAAVE/USDT. Source: TradingView
On the 4-hour chart, we can see that the bulls have bought the 20-EMA decline and are trying to push price back above the $489 – $512 resistance zone. Rising moving averages and an RSI above 63 suggest that the path of least resistance is up.
The bullish view will weaken if the bears allow price to fall below 20-EMA. This may indicate that supply exceeds demand. The pair could then drop to the 50 SMA level. If this support holds, the pair could consolidate between $420 and $489 for a few days before the next trend move begins.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. Every investment and every transaction involves risk. So you need to do your own research before making a decision.
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