Bitcoin Cash, Bitcoin, Binance Coin Price Movement Analysis for 2nd May, 2021

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Bitcoin was expected to recover from $55,888 support and break through the $58,480 upper limit. In the event of a collapse from the 50% Fibonacci retracement mark, Bitcoin Cash may see any buying at the 38.2 percent fib level ($895). Finally, if the price rose above $640, Binance Coin offered upsides of $720 and $770.

Bitcoin Cash [BCH]

On the 4-hour timeline, some significant Fibonacci Retracement levels were illustrated using Bitcoin Cash’s decline from $1,216 to $689. The chart shows that recent losses were limited below the 61.8 percent Fibonacci mark to a little more than $1,000. Rejection at this upper limit moved BCH south, towards the 50% retracement level at $964.2, but this region has yet to develop itself as a good support zone.

With MACD indicating a bearish crossover between the fast-moving and signal lines, a breakdown was likely in the coming sessions. According to Awesome Oscillator, bearish momentum was also building. The bulls have previously held the 38.2 percent fib range, and a fall below this level will prompt some buying in the

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Bitcoin [BTC]

Source: BTC/USD, TradingView

Bitcoin’s decline from an all-time high of over $64,000 to below $55,000 was accompanied by a bearish convergence between the 50-SMA (blue) and the 200-SMA (green). As BTC fell to a low of $47,000, the candlesticks stood well below their long-term moving average. However, the market was on the mend as the king coin reclaimed main values over the last few days. According to its recent market actions, a bounce back from the current support level of $55,888 will result in a price split above the upper limit of $58,480. This movement would also result in the 50-SMA returning to the 200-SMA, which would be a bullish improvement.

The Squeeze Momentum Indicator indicated rising bullish momentum. The purple dots have showed that there was no squeeze going on at the time. On the downside, the MACD signalling a bearish crossover, which the bulls were likely to negate.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Losses from the lower trendline were over 3.5 percent due to an ascending channel collapse, but Binance Coin sought support at $597. As the price exceeded the aforementioned defensive line, OBV increased and purchasing volume outpaced sale volume.

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If the buying binge drives BNB over the $640-barrier, the price is likely to spike and reach $720, if not $770, before correcting. Despite declines in the previous 24 hours, the RSI was heading towards 60, indicating a bull market.

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