Bitcoin and select altcoins such as ADA, ATOM, LDO, and ARB are showing promise while most coins are reeling under pressure. Bitcoin is on target to finish the week with a deeper cut of more than 5%. The weakness in Bitcoin pulled several altcoins lower, indicating weakening sentiment.
– Bitcoin’s solid bounce on May 12 is a silver lining, but monitoring resource Material Indicators sounded cautious.
– Over the next few days, the progress on the debt ceiling talks between leaders from Congress and the White House is expected to take center stage.
– Bitcoin has started a corrective phase and most altcoins have broken below their respective support levels.
Bitcoin price analysis:
– The bulls are aggressively buying the dips to the neckline of the inverse head-and-shoulders pattern.
– The downsloping 20-day exponential moving average and the relative strength index below 41 indicate that bears have a slight edge.
– If the price turns down from the 20-day EMA, the bears will again attempt to sink the BTC/USDT pair below $25,250.
Cardano price analysis:
– Cardano’s solid rebound off the uptrend line on May 11 suggests that lower levels continue to attract strong buying.
– The bulls will try to resume the recovery by propelling the price to the 20-day EMA.
– Another possibility is that the price turns down from the 20-day EMA and drops to the uptrend line.
Cosmos price analysis:
– Cosmos snapped back from the $10.20 support on May 10, indicating that the bulls are buying the dips to this level.
– The bears are trying to halt the relief rally at the 50-day SMA but the bulls have not given up much ground.
– The critical support to watch on the downside is $10.20.
Lido DAO price analysis:
– Lido Dao rebounded off the $1.60 support and has reached the overhead resistance at the 20-day EMA.
– If buyers arrest the next decline above the 20-day EMA, that would suggest a change in sentiment from selling on rallies to buying on dips.
– The four-hour chart shows that the bulls are trying to propel the price above the overhead resistance at $1.98.
Arbitrum price analysis:
– Arbitrum has been finding support near the psychologically important level of $1, indicating that the bulls are aggressively buying the dips.
– On the upside, the bears have been attempting to stall the recovery at $1.20 but a minor positive in favor of the bulls is that they have kept up the buying pressure.
– Buyers will try to strengthen their position by pushing the pair above $1.20.
