Bitcoin Price Prediction – May 4
There has been a small line of price correction in the valuation of BTC/USD since the beginning of this month while the crypto’s value averaged the $60,000 resistance level. Price now trades in a less-active correctional move towards the support of $55,000.

BTC/USD Market
Key Levels:
Resistance levels: $60,000, $65,000, $70,000,
Support levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart
On April 30, a bullish candlestick emerged breaking the level of $55,000 to the north. And, another short higher lows are being formed in a less-active move against the buying wall of the bullish candlestick. The smaller SMA is on the verge of breaching downward. The 50-day SMA indicator is underneath the 14-day SMA trend-line. The support baseline is still kept intact at the level of $50,000. The Stochastic Oscillators are in the overbought region attempting to cross to the south. That suggests that some degree of sell-offs is ongoing in the BTC/USD market operations.

Will the present BTC/USD price pace degenerated into a full round of retracement?
Two major trading levels of $60,000 and $55,000 will be instrumental in the determination of what exact market trend will in a more volatile trading situation. That said, the BTC/USD bulls’ capacity seems not strong enough as of writing to capitalize on their lately recovery moving efforts having found support in between the levels of $50,000 and $45,000. Bulls now need to hold stronger against the breaking down of the $55,000 to avoid a re-visit of some previous lower points.

As regards seeing a downturn move in this market, the path that could bring about a bearish seems to be building up currently. Meanwhile, bears just have to back up their entries with active price action trading against an upward movement. But, at this point, the launching of sell position may not be technically sound well as price now appears experiencing a pause.

BTC/USD 4-hour Chart
It is as well featured on the medium-term 4-hour trading chart that the BTC/USD valuation now faces a reversal move against its recent relatively rebounding move embarked upon. The 14-day SMA trend-line and the 50-day SMA are closely located around the level of $56,000. The Stochastic oscillators are dipped into the oversold region trying to make an attempt of crossing back to the north. That simply suggests that the bulls are struggling to regain the momentum. Therefore, there may soon be strength regaining efforts on the part of the BTC/USD bulls.

Ethereum extended its rally and it traded to a new all-time high above $3,450 against the US Dollar. ETH price is correcting gains, but it is likely to remain well bid above $3,100.

• Ethereum remained in a strong uptrend and it broke the $3,400 level.
• The price is now trading well above $3,200 and the 100 hourly simple moving average.
• There is a major bullish trend line forming with support near $3,220 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could correct lower, but the bulls are likely to remain active near $3,100 and $3,000.

Ethereum Price Rallies Another 10%

Ethereum is following a strong bullish path above the $3,000 resistance. ETH outpaced bitcoin and it surged above the $3,200 level. There was a 10% rise and the price broke the $3,400 level.

It traded to a new all-time high near $3,456 and it settled nicely above the 100 hourly simple moving average. The price is now correcting gains and it traded below the $3,320 level. There was a break below the 50% Fib retracement level of the recent rally from the $3,088 swing low to $3,456 high.

An immediate support on the downside is near the $3,250 level. There is also a major bullish trend line forming with support near $3,220 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The trend line is close to the 61.8% Fib retracement level of the recent rally from the $3,088 swing low to $3,456 high. The next major support is near the $3,080 level, below which the price might extend losses. In the stated case, the price could revisit the $2,950 support and the 100 hourly simple moving average.

More Upsides in ETH?

If Ethereum remains stable above the trend line support and $3,100, it could continue to rise. An initial resistance on the upside is near the $3,320 level.

The first major resistance is near the $3,400 level. A clear upside break above the $3,400 level and could open the doors for a more upsides above the $3,456 high. The next major stop could be $3,550 or even $3,620 in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is still above the 50 level.

Major Support Level – $3,100

Major Resistance Level – $3,400