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Bitcoin, Ripple & Tezos - American Wrap: 5/6/2020

May 6, 2020 4:39 pm
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Bitcoin, Ripple & Tezos - American Wrap: 5/6/2020

Bitcoin Price Analysis: BTC/USD May Retest $9,500 During U.S. Trading Hours – Confluence Detector

Bitcoin price managed to hit highs of $9,398 on Wednesday before retreating to $9,250 by press time. The level at $9,000 remains the pivotal support for the first digital coin. If it is broken, the sell-off may continue towards the intraday lows of $8,922. The American session is likely to remain bullish as volatility stays high. Other major cryptocurrencies such as Ripple and Ethereum are also on the rise. The coins have gained 1.9% and 2.0% respectively.

Ripple Price Analysis: XRP/USD Bulls May Stop Short Of Daily SMA200

Ripple’s XRP is changing hands marginally above $0.2200 after short-lived move towards the intraday high of $0.2225 during early European hours. The third-largest digital asset has gained over 2% in the recent 24 hours and 1.65% since the beginning of the day. XRP is moving within a short-term bullish trend in sync with the cryptocurrency market. Ripple’s market capitalization increased to $9.7 billion, while an average daily trading volume settled at $2.0 billion.

Tezos Price Action: XTZ Is Stuck At A Key Technical Level

The hourly Tezos chart below shows a mixture of sentiment as on one hand, the price broke out of the black trendline to the upside and now its finding support at the lower side of the pattern trendline. The apex of the pattern formed at 2.7518 around 4-5 candles ago (at the time of writing) and now the price seems to be stuck between the two extending trendlines. In fairness this could just be a test of the upper trendline it broke at 5 am on Tuesday but we will have to see if the price moves higher here to confirm that theory.

Image sourced from Pixabay

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