Bitcoin’s drop to $56,500 crushed bullish traders’ sentiment and took a heavy toll on altcoin prices but are generational buying opportunities emerging?) sliced through the $60,000 support on May 1, signaling that the uptrend has weakened. While the fall has muddied the short-term picture for Bitcoin, theEvery bull phase witnesses sharp corrections, which shake out the weak hands. The lower levels give an opportunity to the long-term investors to add to their portfolios.
Time is running out for the bulls. If they want to prevent the decline, they will have to quickly push the price back above the moving averages. If they do that, it will indicate that the fall below $2,850 may have been a fake breakdown.The bears continued selling and yanked the price below the moving averages on May 1. The BNB/USDT pair could drop to the critical support at $495.
Alternatively, if the price bounces off $0.46 and rises above the 50-day SMA , it will suggest that the bears are losing their grip. The XRP/USDT pair may then extend its stay inside the $0.41 to $0.74 range for several more days.The bears have pulled the price below the neckline of the bearish head-and-shoulders pattern. If the price remains below $0.12, the selling could intensify, and the DOGE/USDT pair may slide to $0.10 and eventually to $0.08.
The 20-day EMA remains the key overhead resistance that needs to be crossed to suggest that the bears may be losing their grip. If that happens, the pair may attempt a rally to the 50-day SMA .) back above the uptrend line on April 29, but the bears did not relent. This shows that the bears are trying to flip the uptrend line into resistance.There is a minor support at $31.92. But if this level gives way, the AVAX/USDT pair could plummet to $29.24. The zone between $27.24 and $29.
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