The views and opinions expressed here are solely those of the authors and do not necessarily reflect the views of Cointelegraph. Every step of investment and trade involves risk, you must do your own research when making decisions.

Market data is provided by HitBTC exchanges.

Tom Lee, managing partner and head of research at Fundstrat Global Advisors, believes that Bitcoin is in a bullish market and is likely to make a new high in 2020. Lee has based his views on a number of signs that, he said, show to the end of the bear market. Some of the important signs Lee pointed out were the increase in trading volumes supported by investors in Venezuela and Turkey, Bitcoin escape above the 200-day moving average, and an increase in the number of OTC clients and trading per client.

The altcoin fundamentals are also improving. Large organizations are exploring ways to use blockchain technology to improve their services and productivity. The latest to choose the technology is the British car manufacturer Jaguar Land Rover, which will reward motorists at IOTA tokens for providing information on road conditions, traffic jams and vehicle performance. Drivers are said to be able to exchange their tokens with coffee or pay tolls.

While fundamentals improve, prices may need time to catch up. This has resulted in several long-term crypto tails that face heavy losses during the bear phase. Therefore, traders must monitor the price action before jumping. Let's look at the graph and see if we see any purchase settings in the main cryptocurrency.

BTC / USD

Bitcoin (BTC) has difficulty staying above the 20-day EMA. This is a negative sign because it indicates a lack of purchases at this level. If this support is broken, the digital currency can go down to the next critical support of $ 4,914.11. We expect strong support at this level, but if this also breaks, the next support is in the 50-day SMA.

For now, the two moving averages are rising, indicating that bulls are still in the game. If the BTC / USDrebound pair is from 20-day EMA or from a lower level of $ 4,914.11, it will again try to continue the upward movement to $ 5,600 and above it to $ 5,900. Traders can maintain a stop loss of $ 4,800 in the remaining long positions. The next few days are very important because it will set the stage for the next step of the trend.

ETH / USD

Ethereum (ETH) has been traded between moving averages over the past three days. 20-day EMA is flat and RSI is just below the midpoint. This points to consolidation in the short term. If the price stays close to $ 167.20, it will increase the likelihood of a break from it.

The ETH / USD pair is likely to get strength above the descending trend line and pick up momentum after crossing $ 190.54. The rising target to remember is $ 225 and above $ 256.

Our bullish outlook will fail if the bears sink the pair below the 50-day SMA. In that case, the possibility of a decline to the trendline of the ascending triangle. We will wait for the digital currency to show strength before suggesting a long position in it once again.

XRP / USD

Bouncing off the tipping point of $ 0.27795 is warm. This shows a lack of urgency among buyers to have Ripple (XRP) even at this low level. We now expect the bears to try to break support once again. If successful, it can slide to an annual low of $ 0.24508. A break of this level will be a spoiler of the main sentiment.

Contrary to our assumption, if the XRP / USD pair rebounds from the current level, it will lead to a bonded action range between $ 0.27795 and $ 0.33108 for several days. The pair will show signs of strength if it breaks out of $ 0.33108 and will take momentum above $ 0.38. Because it has been a very poor performance over the past few months, we will wait to signal a turnaround before suggesting trading in it.

BCH / USD

After holding support at $ 255 for three days, Bitcoin Cash (BCH) broke below it on April 28. The next support is the zone between $ 241.97 and 50-day high school. Each break of this zone will pull it lower to $ 209 and below it to $ 166.98, which will complete the 100% retracement of the recent rally.

20-day EMA decreases and RSI is in negative territory. This shows that bears are on the wind in the short term.

If the BCH / USD pair rebounds from the 50-day SMA, it can re-enter the range between $ 335.62 and $ 255. This will increase the possibility of consolidation for the next few days. We will wait for the pair to show strength before recommending trading in it.

LTC / USD

Litecoin (LTC) has broken from a 50-day SMA, which is a bearish sign. Now it can go down to the next support at $ 62,450, below which it will weaken. The moving average is on the verge of a bearish crossover and the RSI is deep in negative territory, indicating that the bears are in command.

Our bearish outlook will be canceled if the LTC / USD pair reverses direction and exits the 20-day EMA. That would be the first sign that the pair found a buyer. Then it can go up to $ 84.3439 and above it to $ 91. We will wait for the price to break through $ 91 before turning positive.

EOS / USD

EOS has been traded between the two moving averages over the past five days. Failure to measure above the 20-day EMA has attracted sellers and prices are now back in 50-day SMA.

If the bear sinks the EOS / USD pair below the upward trend line of the wedge, it will complete a bearish pattern that has a target of $ 2.80. 20-day EMA sloping down and RSI in the negative zone. This shows that bears are superior.

Our bearish view will fail if the price rebounds from the current support in the 50-day SMA or the rising trend line and rises above the descending trend line. In such a case, it is likely to increase to $ 5.6163 and above $ 6.0726. We will wait for the cryptocurrency to continue the upward movement before proposing trading in it.

BNB / USD

Binance Coin (BNB) continues to be in an uptrend. Both MA moving averages are upward sloping and the RSI is in a positive territory. This shows that the increase is still profitable. However, if the cryptocurrency slips below the 20-day EMA, it can go down to the rising trend line. 50-day high school just below this level. Therefore, we anticipate strong support in this zone.

Breakdown of the wedge will resolve a bearish pattern which can drag the price to $ 14. However, if the bulls maintain a 20-day EMA, the BNB / USD pair will try to continue the uptrend. At this time, we did not find reliable purchasing arrangements for this pair. Therefore, we will not recommend trading in it.

XLM / USD

The bulls struggle to hold the uptrend line. If the bear maintains the price below the rising trend line, Stellar (XLM) will complete the breakdown of the wedge that can drag prices to $ 0.08 and lower. The moving average has completed a bearish crossover, which is also a negative sign.

The XLM / USD pair will show a sign of strength if the bulls manage to push it above the moving average and $ 0.12039489. Until then, every small withdrawal will be sold. We recommend that traders avoid fishing and wait for prices to stabilize and signal trend reversals before jumping.

ADA / USD

Cardano (ADA) has broken the 50-day SMA after holding on for the past three days. This is a negative sign. This shows the lack of buyers at a higher level. A growing bearish crossover from the moving average shows that the lowest resistance path is to the downside.

The ADA / USD pair can now fall to $ 0.0632230, which is critical support. If this gives way, the pair can be very negative and dive to $ 0.050 and below it to $ 0.040. Conversely, if the bulls maintain $ 0.0632230, the digital currency will again try to exit the moving average. We will wait for new purchase arrangements to be formed before suggesting trade in them.

TRX / USD

After bouncing from $ 0.02094452, Tron (TRX) has faced resistance close to the MA. The price has dropped and can now go down to $ 0.02094452 once again. A break of this level will drag the price to the main support of $ 0.01830.

If the TRX / USD pair bounces off support, it can remain tied to the range for a few more days. This pair will indicate a trend change that might occur if the scale is above the top of the range at $ 0.02815521. Today, digital currencies are stuck in a range where price action can change. Therefore, we will wait until the breakout is $ 0.03278079 before recommending long positions in it.

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