Billionaire hedge fund manager Paul Tudor Jones has added Bitcoin (BTC) to his portfolio. In a letter of the alphabet to his clients, Jones said that the meridian-ranked cryptocurrency on CoinMarketCap was likely to play a similar role to the one that was played past gold in the 1970s.

Jones added that Bitcoin was the fastest horse, hence, he was placing a bet on it. This move could attract other hedge fund managers to cryptocurrencies as they look to hedge their portfolios against the incessant money printing by the Federal Reserve.

Bitcoin'due south contempo rally above $10,000 is a major sentiment booster. The dominance of the largest cryptocurrency has rallied from under 61% in mid-Feb. to over 68%. This shows that traders' interest has shifted from altcoins back to Bitcoin just earlier halving.

Daily cryptocurrency marketplace performance. Source: Coin360

The only negative is that as Bitcoin crosses above $ten,000 the sky-loftier target projections by analysts are again back on the table. Morgan Creek CEO Mark Yusko believes that Bitcoin could rally to over $100,000 between 2022 and 2022. Over the adjacent seven-10 years, Yusko expects the Bitcoin rally to reach $400,000 to $500,000. Global Macro Investor CEO Raoul Pal is even more than positive as he believes that Bitcoin has the potential to even reach $one million.

Though the long-term fundamentals paint a very bullish picture, Bitcoin'southward rally is likely to face up potent resistance at intermittent levels until it breaks out of its best highs. Therefore, traders should take it one step at a time instead of becoming too greedy.

BTC/USD

Bitcoin (BTC) surged on May seven and bankrupt in a higher place the $nine,456.77 resistance. The momentum carried the price above $10,000, which is a huge sentiment booster. Though the bears are defending the $ten,000 level, they have not been able to sink the price beneath the previous resistance turned back up of $nine,456.77.

BTC–USD daily chart. Source: Tradingview

This is a positive sign every bit it suggests that the bulls are in no hurry to book profits fifty-fifty at the current levels. Both moving averages are sloping up and the relative strength index has jumped in a higher place 80, which suggests that the bulls are in control but the BTC/USD pair looks overbought in the short-term.

However, during strong bull runs, the markets can remain overbought for extended periods of fourth dimension. Therefore, if the momentum sustains, the bulls might propel the pair to a higher place the symmetrical triangle. If successful, it would be a huge positive and could betoken the possible starting time of an extended bull run.

Alternatively, as the pair is overbought, a few days of consolidation or a minor correction cannot exist ruled out from the current levels. If the bulls can sustain the price higher up $ix,456.77 during the pullback, it will increase the possibility of a rally to $x,500 and then to the long-term downtrend line of the symmetrical triangle.

The bears are likely to aggressively defend the zone between $10,500 and the downtrend line. Therefore, traders can tighten their stops if the pair starts to turn down from this zone. The commencement sign of weakness would be a break beneath $9,000. Therefore, the traders can trail the stops on the remaining long position to $nine,000.

ETH/USD

Ether (ETH) bounced off the 20-day exponential moving average ($197) on May 7 and surged above the downtrend line. This is a positive sign every bit information technology shows ambitious buying at back up levels. If the bulls can sustain the price above the downtrend line, a rally to the resistance line of the ascending channel is likely.

ETH–USD daily nautical chart. Source: Tradingview

The upsloping moving averages and the RSI to a higher place 60 levels advise that bulls have the upper hand. The 2nd-ranked cryptocurrency on CoinMarketCap is likely to pick up momentum on a interruption to a higher place the aqueduct.

As long equally the cost remains within the upper half of the ascending aqueduct and the twenty-day EMA slopes up, the possibility of a breakout higher up the channel remains loftier.

A interruption below the xx-day EMA will be the first sign that the bulls are losing their grip. The trend will shift in favor of the bears if the ETH/USD pair plummets beneath the support line of the channel. The traders tin trail their stops on the long positions to $185.

XRP/USD

XRP has been trading between $0.20570-$0.22281 for the past four days. This shows a residue between buyers and sellers. However, this tight range trading is unlikely to continue for long.

XRP–USD daily chart. Source: Tradingview

A intermission in a higher place $0.22281 will be the first sign of force. Above this level, a rally to the overhead resistance zone of $0.23612-$0.24770 is probable.

Conversely, if the bears sink the 3rd-ranked cryptocurrency on CoinMarketCap below the support at $0.20570, a drop to $0.17372 will be on the cards. Therefore, traders tin protect their long positions with stops at $0.20.

BCH/USD

Bitcoin Greenbacks (BCH) dropped to an intraday low of $226.xc, which triggered the cease-loss on the long positions suggested in the previous analysis. However, the bears could not capitalize on this suspension and elevate the altcoin lower.

BCH–USD daily chart. Source: Tradingview

The fifth-ranked cryptocurrency on CoinMarketCap bounced from the lows and closed (UTC time) in a higher place $250. This suggests strong need at lower levels. If the bulls sustain the toll above the downtrend line, a move to $280.47 is possible.

Conversely, if the BCH/USD pair turns down from the current levels and breaks beneath $226.90, a driblet to $200 is likely.

BSV/USD

Bitcoin SV (BSV) again bounced from but beneath the 20-day EMA (201) on May seven. This is a positive sign as information technology shows that the bulls are defending this support.

BSV–USD daily chart. Source: Tradingview

Currently, the 6th-ranked cryptocurrency on CoinMarketCap is range-bound between $227-$187.16. Both moving averages are gradually sloping up and the RSI is in the positive territory, which suggests that the bulls have a slight edge.

A suspension above $227 volition betoken strength. This can present a buying opportunity for the traders. Above this level, a rally to $268.842 and then to $319.424 is likely.

On the other hand, if the bears sink the BSV/USD pair below $187.16, a drop to $170 is possible. This is a potent back up, hence if the pair bounces off this level, it can also offer a buying opportunity.

LTC/USD

Litecoin (LTC) bounced off the $43.67 back up on May vii and climbed back above the 20-day EMA. This is a positive sign as it shows demand at lower levels. The bulls will now try to push the price above the downtrend line.

LTC–USD daily chart. Source: Tradingview

If successful, a rally to the $50-$52.2803 resistance zone is possible. Above this zone, the momentum is likely to option up.

On the other mitt, if the 7th-ranked cryptocurrency on CoinMarketCap turns down from the downtrend line and plummets below the 50-day unproblematic moving boilerplate ($42.5), a drop to $36 is possible. The traders can retain the stops on the long positions at $42.

BNB/USD

Binance Money (BNB) bounced off the 20-twenty-four hour period EMA ($sixteen.47) on May 7, which suggests that the bulls are defending this support. Withal, the bulls are facing stiff resistance at the downtrend line.

BNB–USD daily nautical chart. Source: Tradingview

A pause above the downtrend line volition be the first sign of strength. Above this level, the 8th-ranked crypto-nugget on CoinMarketCap can rise to $18.1377. If this level is crossed, the momentum is likely to pick up, which tin can outcome in a rally to $21.l.

Conversely, if the BNB/USD pair turns down from the downtrend line and breaks below $16.xxx, it can slide to $13.65. The stop-loss on the long positions tin can be kept at $15.50.

EOS/USD

EOS airtight (UTC time) below the uptrend line on May half-dozen, which was a negative sign. However, the bulls purchased the dip close to the 50-day SMA ($2.53) on May 7 and pushed the altcoin back to a higher place the uptrend line.

EOS–USD daily chart. Source: Tradingview

The ninth-ranked cryptocurrency on CoinMarketCap is currently facing stiff resistance at $2.8319. If the bears sink the cost below the 50-day SMA, a drib to $2.3314 is possible.

Conversely, if the bulls tin push the price higher up the $2.8319, a rally to $3.1104-$3.1802 is probable. Above this level, the EOS/USD pair could selection up momentum and run towards $3.8811. The stop-loss on the long positions can be kept at $2.50.

XTZ/USD

Tezos (XTZ) has failed to intermission in a higher place the $ii.8424 resistance for the by few days. This suggests that the bears are aggressively defending this resistance. On the downside, the bulls are attempting to keep the altcoin above the $2.55900337 back up.

XTZ–USD daily chart. Source: Tradingview

This tight range trading is unlikely to continue for long. Soon, the 10th-ranked cryptocurrency on CoinMarketCap will either breakout or breakdown of the tight $ii.8424-$2.55900337 range.

If the bulls tin can push the price above $two.8424, a rally to $iii.07369598 then to $3.2712 is likely. Conversely, if the bears sink the price below $2.55900337, it will complete a head and shoulders blueprint, which has a target objective of $2.04131076. The stop-loss on the remaining long positions tin be kept at $2.55.

XLM/USD

Stellar Lumens (XLM) bounced off the uptrend line on May 7, which suggests buying on dips. Currently, the bulls are attempting to sustain the toll above the overhead resistance at $0.073434.

XLM–USD daily chart. Source: Tradingview

If successful, the 11th-ranked cryptocurrency on CoinMarketCap tin rally to $0.088311. This level is a major resistance, hence, a few days of consolidation or a minor correction is possible from this level.

Conversely, if the XLM/USD pair turns down from the current level and breaks below the downtrend line, a drop to the twenty-day EMA ($0.066) is possible. This is likely to act as a strong back up. If the pair bounces off the 20-day EMA, the bulls will make one more try to resume the upwardly move.

Still, if the bears sink the pair below the 20-day EMA, a driblet to $0.062805 is likely. Below this level, the trend volition turn in favor of the bears.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Marketplace information is provided by HitBTC exchange.