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Price Watch: Bitcoin, Ethereum, Ripple and EOS Price Analysis 17th May

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Bitcoin price surged significantly this week towards $8,400 before starting a downside correction. BTC traded below the $8,000 support, but it is likely to find a strong buying interest near $7,000 and $6,880.

Similarly, there were solid gains in major altcoins such as binance coin (BNB), Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), stellar (XLM), ADA, EOS, and TRX. Recently, they corrected lower sharply (similar to bitcoin) and seems to be approaching important support zones.

Key Takeaways:

Contents [Show]

  • Bitcoin price traded to a new multi month high at $8,350 before correcting lower.
  • Ethereum price climbed more than 30% and tested the $280.00 resistance area.
  • Ripple price surged higher significantly towards $0.4780 and recently corrected below $0.4250.
  • EOS price jumped above $6.500 and $6.800 before correcting lower towards $6.000.
  • CCCX, SPEC and MATIC surged more than 250% in the past 7 days.

Bitcoin Price Analysis

This week, bitcoin price climbed significantly above the $7,000 and $7,500 resistance levels. BTC even broke the main $8,000 resistance level and traded to a new multi month high at $8,350. Recently, it started a strong downside correction below the $8,100 and $8,000 support levels.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price broke a short term ascending channel with support near $7,950 to start a major downside correction. It broke down below the $7,800 support and 21 simple moving average (4-hours).

The price even broke the $7,600 support level and the 50% Fib retracement level of the recent wave from the $6,872 low to $8,350 high.

It opened the doors for more losses and the price spiked below the $7,250 and $7,100 support levels. BTC tagged the $7,000 support level and the 76.4% Fib retracement level of the recent wave from the $6,872 low to $8,350 high.

There are many supports on the downside near the $7,000 level and a connecting crucial bullish trend line with currently support at $6,880 on the same chart.

If the price fails to stay above the trend line, it could decline further towards the $6,525 support level. The $6,525 level is a major support since it coincides with the 1.236 Fib extension level of the recent wave from the $6,872 low to $8,350 high.

As long as bitcoin price is above the $7,000 and $6,880 support levels, it is likely to bounce back. An immediate resistance is at $7,600, above which the price may struggle near the $7,880 and $8,000 resistance levels.

Ethereum Price Analysis

Ethereum price started a solid upward move after it broke the key $180.00 and $200.00 resistance levels. ETH surged above the $250.00 resistance level and even spiked above the $275.00 pivot level.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded close to the $280.00 level and settled above the 21 simple moving average (4-hours). A new 2019 high was formed near $279.33 and recently the price corrected lower sharply.

There was a break below the $260.00 support and the 23.6% Fib retracement level of the last wave from the $199.85 swing low to $179.33 high.

The price even spiked below the $250.00 support and the 50% Fib retracement level of the last wave from the $199.85 swing low to $179.33 high. However, the $235.00 level and the 21 simple moving average (4-hours) acted as strong supports.

It seems like there is a strong support forming near $230.00 level, the 21 simple moving average (4-hours), and the 61.8% Fib retracement level of the last wave from the $199.85 swing low to $179.33 high.

There is also a major bullish trend line forming with support at $225.00 on the same chart. As long as the price is above the trend line support, it is likely to rebound above $250.00 and $260.00 in the near term.

Conversely, if Ethereum price declines below the $230.00 support, there is a risk of an extended drop towards the $200.00 support area.

Ripple Price Analysis

Ripple price joined the party later, but it surged significantly after it broke the $0.3285 resistance level against the US Dollar. As a result, XRP/USD climbed higher and broke many resistances, including $0.3800, $0.4000 and $0.4200.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $0.4400 resistance and the 21 simple moving average (4-hours). It traded close to the $0.4800 level and formed a new 2019 high at $0.4758.

Recently, it started a strong downside correction below the $0.4400 support and the 23.6% Fib retracement level of the upward move from the $0.3147 low to $0.4785 high.

The decline was such that the price even broke the $0.4000 support and the 50% Fib retracement level of the upward move from the $0.3147 low to $0.4785 high. Besides, there was a break below the 21 simple moving average (4-hours) and a connecting bullish trend line with support at $0.4100 on the same chart.

It tagged the $0.3770 support and the 61.8% Fib retracement level of the upward move from the $0.3147 low to $0.4785 high. However, the current price action suggests that there could be more losses below the $0.3770 support.

The next key support is near the $0.3550 level and another bullish trend line on the same chart. On the upside, the recent support near the $0.4100 level might act as a resistance.

If there is a successful close above $0.4100 and the 21 simple moving average (4-hours), ripple price could start a fresh increase in the near term.

EOS Price Analysis

EOS price formed a strong support above the $5.000 and $5.200 levels against the US Dollar. As a result, the price started a strong upward move and broke the $5.800, $6.200 and $6.500 resistance levels.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $6.800 resistance level and settled above the 21 simple moving average (4-hours). It traded as high as $6.880 and recently started a major downside correction.

It broke the key $6.300 support level and the 50% Fib retracement level of the last wave from the $5.242 low to $6.880 high.

There was a close below the $6.200 support and the 21 simple moving average (4-hours). The price tagged the $5.860 support area and the 61.8% Fib retracement level of the last wave from the $5.242 low to $6.880 high.

On the downside, there is a major bullish trend line with support at $5.850 on the same chart. As long as the price is trading above the trend line, it could bounce back above $6.200 and $6.400.

Overall, EOS price declined heavily below $6.200 and it is now trading close to a couple of important supports near $5.850 and $5.800.

Top Gainers

During the past 7 days, a few small cap altcoins rallied sharply and gained more than 120%, including CCCX, SPEC, MATIC, GMB, BQ, VNX, BTW, UCT and MFTU  (trading volume more than $50K). Out of these, CCCX rallied around 320% and SPEC gained nearly 260%.

Overall, bitcoin price is back in a strong uptrend above $6,500 and $7,000. The recent decline in BTC could be seen as a corrective decrease and it is likely to bounce back above $7,500 and $8,000 in the coming days. Similarly, there could be a fresh increase in Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, DASH, BNB, XMR, NEO, and IOTA.

The market data is provided by TradingView, Bitfinex.

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Cryptocurrencies

How to verify cryptocurrency transactions?

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This article will take you through the easy but crucial method of validating cryptocurrency transactions in the Blockchain. This is you achieving your complete claims from the technology that allows absolute transparency.

Blockchain explorers are tools that allow you to inspect any cryptocurrency transactions in real-time. They are web locations you can check and apply, and luckily, they are very user-friendly. Blockchain Explorer, for instance, allows you to only paste the drawing address into the search bar. This points immediately to the status page where you can confirm that the transaction went through, and the correct amount is proceeding to the correct address.

The two main elements in a block are the record of transactions and the Block Header. The Block Header comprises of the hash of the contemporary block, the hash of the prior block, timestamp of when the modern block was hashed, the objective complexity of the block, and the nonce.

How to Verify Cryptocurrency Transactions?

The Blockchain is a digital ledger of all transactions that can be accessed by anyone. The following are the steps:

Step 1: Note Your Transaction ID

After transferring coins from one exchange to another exchange you would get a transaction ID (or TxID) from the exchange. This TxID expresses a different footprint of your transaction and enables your transaction to be traced. Always save the TxID.

Step 2: Insert The Transaction ID into the Blockchain

Various cryptocurrencies have their individual blockchain, which can be obtained from a website. For Bitcoin, you can trace all transactions at https://blockchain.info/. Now you can view your transaction by entering your TxID into the search bar.

Step 3: Check the Status

All the details about your transactions will display up after you’ve inserted the TxID. You can check the details of your transactions and monitor its status. If you see the term “Confirmations” this tells the position of your transaction. The blockchain is a constant series of blocks piling up on top of each other, and each block includes numbers of transactions, which covers yours.

verify-cryptocurrency-transactions

A confirmation indicates your transaction has been recorded in the blockchain. Normally, a total of 6 confirmations is required before your coins are displayed at the receiving location.

Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.

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Cryptocurrencies

Bitcoin (BTC) Drags Ethereum (ETH) and Ripple (XRP) into the Price Rally

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Bitcoin (BTC/USD) Price Analysis:

Bitcoin price chart - Aug 23
Bitcoin Chart By TradingView

Bitcoin (BTC) is dealing with the bulls. The current scenario seems to embark price rally soon. However, the upsurge can still take some time, as the recent price drop has affected the coin at large. The coin touched $13000 in the last month is now at $10000. The difference is of $3000, which is a hard task to achieve. Let’s have a look in the intraday movement.

The intraday chart of Bitcoin is indicating an upsurge in price. The coin opened with $10158 and immediately dropped to $9812. The fall was of 3.08%. The coin escalated from $9812 to $10067 by 2.16%. Further, the coin jumped from $10068 to $10227 by 1.59%. Despite the escalation, the coin closed with a loss of 0.42% and closed at $10111. Today, the coin opened with an escalation of 1.56% from $10111 to $10269. The coin inclined by 0.67% from the opening time. Bitcoin (BTC) is currently dealing at $10180.

The coin would be best suited for long term traders. The same would bring a colossal profit for the traders.

Ethereum (ETH/USD) Price Analysis:

Ethereum price chart - Aug 23
Ethereum Chart By TradingView

Ethereum is the second-largest coin in the market. The market cap of the coin is marked as $20,696,437,065 at 09:09 UTC. The coin is anticipated to bring the price rally in the market soon. Let’s have a look at the price chart. Yesterday, the coin opened at $189. The currency fell from $189 to $183 by 3.49%. The coin started moving up. The coin jumped from $183 to $188 by 2.80%. Further, the coin jumped from $188 to $195 by 3.69%. The coin closed at $190. The intraday loss was of 0.55%. Today, the coin opened with a slight fall of 0.60%. The price counters changed from $190 to $189. Further, the coin improved from $189 to $192 by 1.62%.

Ethereum (ETH) is among the most promising coins in the market. The currency has always resulted positively for the traders. We are quite positive about the upsurge in the coin. We would recommend to dig in for long term investment for high dividends.

Ripple (XRP/USD) Price Analysis:

Ripple price chart - Aug 23
Ripple Chart By TradingView

Ripple (XRP) had a roller-coaster week. The improvement in the price started from yesterday. The coin has been through a lot lately. Hopefully, the storm has passed and left us with repairable damage. We are anticipating that the coin would soon start moving up on the price chart. The said inclination would last in the coin. To understand the movement more precisely, let’s have a look at the price chart.

Today, the coin opened with an escalation of $0.274 from $0.272 by 0.69%. Yesterday, the coin slipped from $0.267 to $0.0261 by 2.20%. Further, the coin escalated from $0.26 to $0.27 by 3.67%. The intraday movement in price booked an escalation of 1.90%. The coin closed at $0.27.

For better result in the future, we would recommend going with long term investment plan.

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BoE’s Mark Carney: Digital currency “could dampen the domineering influence of the U.S. dollar”

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  • The world economy is being reordered and the US dollar effect cannot be ignored.
  • Mark Carney believes that a central bank-backed digital currency could displace the US dollar as the domineering currency.

The influence of the US dollar has been felt for over a century. A looming recession in the United States economy is sending jitters around the world. In his latest comments at the Economic Policy Symposium, the Bank of England governor Mark Carney believes that a central bank-backed digital currency could displace the US dollar as the domineering currency in the world.

“While the world economy is being reordered, the U.S. dollar remains as important as when Bretton Woods collapsed,” Carney stated.

The governor is open to suggestions that would replace the US dollar. In fact, he went ahead to suggest a digital currency supported by an association of central banks. Carney said:

“It is an open question whether such a new Synthetic Hegemonic Currency (SHC) would be best provided by the public sector, perhaps through a network of central bank digital currencies.”

He added:

“An SHC could dampen the domineering influence of the U.S. dollar on global trade.”

Although Carney did not directly mention cryptocurrencies, he admitted that new technologies offering efficiency and lower transaction costs are coming into play to disrupt the traditional system.

“The relatively high costs of domestic and cross border electronic payments are encouraging innovation, with new entrants applying new technologies to offer lower cost, more convenient retail payment services,” Carney explained.

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