The market took a huge hit this week with the total market cap dropping beneath $1 trillion and reaching as low as $650 million during the capitulation.
If you would like to catch up on the outlook for Bitcoin, and the overall market sentiment, take a look at our overview of the Bitcoin price crash this week and the driving forces behind it.
Let’s take a look at the market for these coins to help provide some support and resistance you might expect to move forward.
Bitcoin (BTC) Price Analysis
What has been going on?Bitcoin is down by a steep 27% over the past month of trading as the coin now sits around $40,700. Looking at the daily chart above, we can see that Bitcoin started out the month of May by pushing higher into resistance at $59,000. Unfortunately, it was unable to overcome this resistance and it ended up rolling over and heading beneath the rising wedge formation that was forming.The breakout beneath the wedge caused Bitcoin to fall into the support at $50,000. This support didn’t hold for long as BTC continued to slip further lower beneath the April lows at $46,950 at the start of the week.It continued on its downward trajectory as the week started, finding support at $42,800 (.618 Fib Retracement) on Tuesday. This support was penetrated during the flash crash on Wednesday in which BTC slipped as low as $30,000.Luckily, the bulls regrouped and allowed BTC to rebound at the end of the day to close the daily candle at support around $36,800 – provided by a .786 Fib Retracement level.BTC rebounded from this support yesterday but is now struggling to reclaim a position above the 200-day EMA level around $42,500.Bitcoin price short term prediction: BearishAfter creating a fresh 3-month low, BTC has to be considered as bearish right now. The coin would need to break back above the April lows at $47,000 to turn neutral again and would have to continue beyond $60,000 to turn bullish.If the sellers do push lower, the first support is expected at $40,000. Beneath $40,000, support lies at $36,800 (.786 Fib Retracement), $35,000, and $33,200 (.886 Fib Retracement). Added support lies at $30,865, $30,000, and $27,165.Where is the resistance toward the upside?On the other side, the first level of resistance lies at $41,420 (bearish .382 Fib Retracement). This is followed by $42,800, $45,000 (bearish .5 Fib Retracement), and $46,950 (April lows).
Ethereum (ETH) Price Analysis
What has been going on?ETH is down by a solid 30% over the past week but is still up by a total of 25% over the past month of trading. The cryptocurrency had set a new fresh ATH price earlier in the month at $4,379 but was unable to close a daily candle above the $4,200 level.From there, ETH started to slide as it broke beneath the 20-day EMA at the start of the week. The price capitulation on Wednesday caused ETH to plummet beneath $3,000 as it went on to drop as low as $2,100. By the end of the day, ETH had managed to recover to close the daily candle above $2,420 (.886 Fib Retracement & 100-day EMA).Yesterday, ETH bounced higher to reach $3,000 but still did not manage to close above $2,800. It continues to battle with this resistance today.ETH price short term prediction: NeutralETH is considered as neutral right now. It would need to break above $3,200 (20-day EMA) to have the chance to turn bullish again. On the other side, a close beneath $2,420 (.886 Fib) could possibly turn the market bearish again.If the sellers push lower, the first support lies at $2,640 (.786 Fib). This is followed by $2,420 (.886 Fib & 100-day EMA), $2,200, and $2,000.Where is the resistance toward the upside?On the other side, the first resistance lies at $3,000 (bearish .382 Fib Retracement). This is followed by $3,200 (bearish .5 Fib Retracement & 20-day EMA), Fib Retracement3,475 (bearish .618 Fib Retracement), and $3,600.
Binance Coin (BNB) Price Analysis
What has been going on?BNB saw a signficant 36% price drop this week as currently trades slightly beneath $400. The coin had reached resistance at around $691.75 (1.414 Fib Extension) earlier in the month as it started to head lower from there.The price collapse on Wednesday saw BNB falling beneath $500 and it continued to drop until solid support was found at around $280 – provided by a 200-day EMA level. It has since rebounded from there to reach as high as $420 yesterday. However, it still could not close above resistance at $400.BNB price short term prediction: BearishBNB has to be considered as bearish right now. The coin would need to break above $500 (50-day EMA) to turn neutral and would have to make grouind above $650 to be considered bullish again.If the sellers push lower, the first support lies at $380 (.618 Fib Retracement). This is followed by $350, $311 (.786 Fib Retracement), and $280 (200-day EMA).Where is the resistance toward the upside?On the other side, the first strong resistance lies at $400 (100-day EMA). This is followed by resistance at $437 (bearish .382 Fib Retracement), $486 (bearish .5 Fib Retracement), $500, and $535 (bearish .618 Fib Retracement).