According to Bloomberg Law, Goldman Sachs has begun giving its customers access to Bitcoin (BTC) trading through non-deliverable futures contracts. “Institutional demand in this area continues to grow significantly,” said Max Minton, head of Asia Pacific Digital Assets at Goldman.

Even Citigroup plans to offer cryptocurrency-related services in response to the growing demand from asset managers and hedge funds. Despite the increase in bitcoin requests in August 2020, the investment bank was in no hurry to enter the cryptocurrency market. Itai Tuchman, head of foreign exchange at Citigroup, told the Financial Times that “cryptocurrencies are not coming any way and we are just at the beginning of the market.”

Daily indicators in the cryptocurrency market. Source: Coin360
Long-term investors see downturns as an opportunity to build their portfolios at competitive prices. These investors seem to be using the current bitcoin correction to go a long way. Glassnode data shows that 12,354 bitcoins were withdrawn from Coinbase with the intention of keeping them in cold wallets for an extended period of time.

While Bitcoin appears to be in accumulation mode, cryptocurrencies continue their amazing growth. Let’s analyze charts of the top 10 digital currencies to see if there is room to launch altcoins or if the solution is just around the corner.

BTC / USDT
Bitcoin is facing stiff resistance near its downward line, but in a positive sign, the bulls did not allow the price to stay below the 20-day exponential moving average ($ 56,036). This indicates that traders are buying for every weak fall.

Daily chart BTC / USDT. Source: TradingView
If the bulls push the price down the down line and the resistance is $ 58966.53, the BTC / USDT pair can gain momentum and challenge a full-time $ 64,849.27. A break and proximity above this level signals the start of the next uptrend segment.

On the contrary, if the price reverses from the current level and falls below the 20-day moving average, the pair may fall to $ 52,323.21. A bounce from this support could mean that the pair can consolidate between $ 52,323.21 and $ 58966.53 over several days.

The flat moving averages and the relative strength index (RSI) just above the midpoint indicate the potential for short-term reach. The probability of a deeper correction will increase if the bears push the price below $ 52,323.21.

ETH / USDT
ETH is still in a strong bullish trend. The correction on 4 May was short-lived as the bulls pushed the price to a full-time high on 5 May, followed by another bullish move on 6 May. This indicates that progress is still strong and that traders are buying every time. Little refuge.

ETH / USDT daily chart. Source: TradingView
If buyers push the price above $ 3607.14, the ETH / USDT may continue north toward the next target of $ 4528.97.

However, after the last rally, the price is trading well above the 50-day simple moving average ($ 2289), which means that the pair has expanded too much in the short term. A break below the support level of $ 3,165.30 will be the first sign of a correction against the 20-day EMA ($ 2886).

The strong return from this support indicates that sentiment remains bullish and that traders are buying into deflationary periods in anticipation of the rally continuing. On the contrary, a break below 20-day SMA will indicate fatigue and lead to a fall to 50-day SMA.

BNB / USDT
Binance (BNB) is still on an upward trend, but negative RSI deviation indicates weak momentum. The May 5 recovery ended with a $ 656 error, indicating that higher levels are attracting sales from traders.

BNB / USDT daily chart. Source: TradingView
If the bears fall and continue below the 20-day moving average ($ 579), short-term traders may rush out. This could increase sales and push the price down to the 50-day moving average ($ 451).

Contrary to this assumption, the bulls will try to resume the trend if the price bounces off the 20-day moving average. A break of over $ 680 could pave the way for a meeting for $ 808.57.

DOGE / USDT
Dogecoin (DOGE) is in a strong bullish trend. The Bears failed to pull the price to the 38.2% Fibonacci retracement level of $ 0.49, which means that the bulls are not waiting for a deeper correction to buy.

Source: CoinTelegraph

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