Bitcoin, Ripple & Litecoin – American Wrap: 5/5/2020

Bitcoin Price Analysis: Is There Still Buying Conviction At These Levels?

Bitcoin is stuttering at the 9K level as there seems to be a lull in the crypto market on Tuesday. The volume seems thin and the candles are doji like indecisive in nature. The price has also dipped under the 76.4% retracement zone which is very close to the 9K psychological level.

In a more positive light, the price is still above the 200 and 55 moving averages. This is considered bullish but they do seem to be closing in on each other and might cross in a bearish fashion. The relative strength index indicator is also in an extremely overbought position this could mean there might be a short term pullback but the trend is still an uptrend.

Ripple Price Analysis: Trendline Break Failed To Sustain Bullish Momentum

Ripple is trading lower on Tuesday but all hope is not lost as there are some key support zones in near proximity that could stem any losses. The market has made a higher low on the…