Charts suggest Bitcoin price will remain rangebound in the short term, which could give altcoins a chance to rally.
) witnessed increased volatility last week. The price recovered from an intraweek low of about $56,500 to finish above $64,000, a marginal gain of roughly 1.5% over the previous week. This shows that the sentiment remains positive, and lower levels are being purchased by the bulls.
If the price turns down sharply from 5,265, the index may enter a range for a few days. On the other hand, a break above 5,265 will indicate the resumption of the uptrend. The index may attempt a rally to 5,500. The important support on the downside is 5,000 and then 4,950.The U.S. Dollar Index turned down from the 106.50 overhead resistance on May 1, indicating that the bears are fiercely defending the level.
This negative view will be invalidated in the near term if the price turns up from the current level and soars above the resistance line. Such a move will suggest a potential trend change. The ETH/USDT pair may then rise to $3,730.) rose above the moving averages on May 3, signaling that the bulls are trying to push the price to the overhead resistance of $635.The bears have successfully protected the $635 level on four previous occasions, hence they will try to do the same again.
The bears are likely to have other plans. They will try to protect the 50-day SMA and pull the price back below the 20-day EMA. If they do that, the pair may plummet toward the crucial support zone between $0.46 and $0.41.
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