Price analysis 5/2: BTC, ETH, BNB, SOL, XRP, LUNA, ADA, DOGE, AVAX, DOT

cointelegraph.com:

The U.S. equity markets opened on a tentative note on May 2 but a minor positive is that the crypto markets led by Bitcoin (BTC) are holding above their immediate support levels. The price action over the next few days will be dictated by the outcome of the Federal Open Markets Committee (FOMC) on May 4. 

If the Fed springs a negative surprise, the markets could react with a knee-jerk reaction to the downside. On the other hand, if the policy meets market expectations, the equity and the crypto markets could attempt a recovery.

If history were to repeat itself, Bitcoin could witness a large move in the month of May. According to data from on-chain analytics platform Coinglass, Bitcoin rose more than 50% in May on two occasions in the past nine years, once in 2019 and another in 2017.

In comparison, the worst fall was in 2021 when Bitcoin plunged by more than 35%. Considering the increased volatility since 2017, traders should be ready for a possible roller-coaster ride.

Could Bitcoin and altcoins sustain the recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin bounced off the support line of the ascending channel on May 1, indicating that the bulls are buying the dips to this level. The buyers will now attempt to push the price above the 20-day exponential moving average ($39,824).

If they manage to do that, it will suggest that the bears may be losing their grip. The positive divergence on the relative strength index (RSI) also suggests that the bearish momentum may be reducing.

Above the 20-day EMA, the BTC/USDT pair could rally to the 50-day simple moving average ($41,970). A break and close above this level could clear the path for a rally to the 200-day SMA ($47,154).

Conversely, if the