Price Analysis 05/08: BTC, ETH, XRP, LTC, BCH, BNB, EOS, BSV, XLM, XMR

Contrary to our assumption, if the price reverses direction from just above $235.7 and dives below the uptrend line, it will signal weakness.

If the price closes above $345.80, traders can initiate long positions as recommended in an earlier analysis.

The bulls are attempting to push the price back above the uptrend line once again.

Traders can wait for the price to either break out of $32.60 or sustain above the uptrend line for three days before initiating long positions.

Contrary to our assumption, if the price fails to rise above $32.60, the pair might remain range-bound for a few days.

If the price sustains above the 20-day EMA, it will move up to $4.8719.

As sentiment has turned bullish, aggressive traders can buy on a close above the channel and keep a stop loss of $136. Our view will be invalidated if the price fails to sustain above the channel and plummets below $136.890.

The bulls have resumed the up-move and pushed the price back above both moving averages, which is a positive sign.

The price can now move up to $107, above which a rally to $120 is possible.

Traders can buy at the current levels and keep the stop loss at $71. If the price fails to scale above $107, we might suggest booking partial profits and raising the stops to breakeven.