BTC, ETH, XRP, TRX, EOS, XVG, SUSHI – Technical Analysis May 6th

Bitcoin (BTC) bounced in the support area of ​​$ 53,000 on May 5, creating a bullish, devouring candle.

TRON (TRX) has risen since bouncing off the $ 0.09 long-term support area.

Ethereum (ETH) has hit a long-term reversal zone and is showing signs of short-term weakness.

XRP (XRP) has moved up in the support area of ​​1,850 satoshi since impact.

EOS (EOS) is breaking out of a long-term resistance level.

Verge (XVG) is approaching the USD 0.09 resistance area.

SushiSwap (SUSHI) has broken out of a descending resistance level.

BTC

On May 5th, BTC hit the USD 53,000 support area creating a bullish engulfing candlestick. This is a positive sign that indicates the uptrend and price action is likely to go up.

Technical indicators also point to a bullish trend. This is particularly clear from the bullish cross (green arrow) in the stochastic oscillator.

TradingView’s BTC chart

ETH

ETH hit a new all-time high of USD 3,549 on May 25, but has fallen slightly since then.

The decline was preceded by a decreasing divergence in both RSI and MACD. Hence, it is possible that this was a short-term double-top pattern.

If so, the next support areas are at $ 3,000 and $ 2,826.

In addition, ETH has reached a likely long-term reversal zone.

TradingView’s ETH chart

XRP / BTC

On April 23, XRP validated the 1,850 Satoshi area as support, creating a hammer candle in the process. Since then it has been going up.

Technical indicators are bullish and support the continuation of the upward movement.

The closest area of ​​resistance is at 3,600 satoshis. A breakout above it could trigger a very rapid rise in price.

For an XRP / USD analysis click here.

XRP / BTC chart from TradingView

TRX

On April 23, TRX returned to validate the long-term $ 0.09 area as support. Since then it has been going up.

Technical indicators on the weekly timeframe support the continuation of the upward move.

The next area of ​​resistance is at $ 0.205. If it manages to break this level, the price should move in the direction of a new all-time high.

TRX chart from TradingView

EOS

EOS has risen significantly over the past week and is about to break out of the USD 8.50 resistance area. It has not reached a closing price above this level since the beginning of 2018.

If the breakout is successful, the next resistance would be found at $ 14.70. This is the 0.618 Fib retracement from the previous move down.

Similar to the TRX, the technical indicators are bullish on the weekly timeframe.

TradingView’s EOS chart

XVG

XVG has been moving up with strength over the past two weeks. The rise was preceded by a significant hidden bullish divergence in the RSI.

The next resistance range is at $ 0.09.

If the XVG succeeds in breaking above this level, the rate of increase could quickly become parabolic.

TradingView’s XVG chart

SUSHI

SUSHI has been following a descending resistance line since hitting an all-time high of $ 23.43 on March 13.

After three unsuccessful attempts, it is just about to break out.

The next resistance area is at $ 18.30 while the next one above that would hit the high of $ 23.43.

SUSHI chart from TradingView

For the latest Bitcoin (BTC) analysis from BeInCrypto, Click here.

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