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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

EOS, Stellar, Cardano, and TRON are showing signs of the next altseason

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Bitcoin’s surge above $9,000 diverted investor attention away from altcoins with most coins relative to BTC experiencing single-digit losses. This technical analysis will explore whether EOS, Stellar, Cardano, and TRON are preparing for an upswing when interest returns to the market.

EOS

Support and resistance levels use historical data to identify the price points that act as barriers in a bearish or bullish moves, pausing the continuation of a trend due to unusually high supply or demand.

On the 1-week chart, EOS is trading above the $6.92 support level. A break below this price could take the cryptocurrency down to $6.00 while a bullish impulse could reach the next resistance levels at $7.75, $9.00, $10.50, or $12.50.

Source: TradingView

EOS is trading inside an ascending parallel channel that has contained the price action since Dec. 18, 2018, on the 3-day chart. The coin has been making higher highs and higher lows, which characterize this technical pattern.

Now, that it has reached the bottom of the channel and bounced off, it could be on its way back to the middle of the channel where it could find some resistance. If the buying pressure increases, EOS could reach the top of the channel to make a new yearly high.

Source: TradingView

On the 1-day chart, this cryptocurrency looks bullish since the 50-day moving average was able to hold it from a further decline. And, the crypto managed to get back on top of the 7-day moving average for the last 5 days.

A golden cross could happen in the next couple of days, when, and if, the 7-day MA moves above the 30-day MA. Since this is a bullish breakout pattern it will add credibility to the bullishness seen on this timeframe, if validated.

Source: TradingView

Stellar

Stellar could soon experience a strong upswing since most long to mid-term time frames are showing bullish patterns.

On the 1-week chart, for instance, a golden cross between the 7 and 30-week moving average developed two weeks ago, and XLM is currently trading above the 7-week moving average, both bullish signals. A push up to the 50-week MA could be expected.

Nonetheless, if selling pressures rises and XLM moves below the 7-week MA, then it would probably try to test the 30-week moving average.

Source: TradingView

An inverse head-and-shoulder pattern formed on the 3-day chart predicting a bearish to bullish trend reversal. A move above resistance, also known as the neckline, could signal a sharp upswing which will need to be confirmed by a large spike in volume that will help validate that the pattern is actually a break out.

This technical formation projects a 47 percent profit target that is obtained by measuring the distance between the head and the neckline and adding it to the breakout point. A move below $0.120 could give the first signs that the head-and-shoulders pattern will be invalidated and breaking below the right shoulder will confirm it.

Source: TradingView

A bull pennant formed on the 1-day chart and could be in its breakout stage. This is considered a continuation pattern that developed after a strong upward movement, known as the flagpole, and was preceded by a consolidation period, known as the pennant. This bullish formation predicts a 45 percent target to the upside that was determined by measuring the height of the flagpole.

Now that XLM seems to be breaking out of the pattern, it could be on its way to reach the target mentioned before. But, if instead, it reverses and moves below $0.116, the bull pennant will be invalidated.

Source: TradingView

Cardano

Since the beginning of April, Cardano has been consolidating, mostly between the $0.07 support and the $0.10 resistance level, despite a move down to $0.06 in early May.

Now, ADA is trading around $0.09 indicating that it could soon try to test the $0.10 level of resistance once again. Breaking above this price point could take it up to the next supply barrier sitting at $0.13.

Source: TradingView

An ascending triangle could be forming on the 3-day chart, based on the price movements that allow for a horizontal line to be drawn along the swing highs, at $0.10, and a rising trendline to be drawn along the swing lows. Although this is a continuation pattern, since the price usually goes in the same direction as the trend before the triangle formed, a breakout can occur to the upside or downside.

If Cardano breaks the $0.10 resistance level with enough volume, it could go as high as $0.135, which is the target given by the bullish formation.

Conversely, a move below the 7-three-day moving average could indicate that ADA is about to fall to around $0.06 depending on the strength of the support provided by the 30 and 50-three day moving averages.

Source: TradingView

TRON

TRON spent most of the year trading within a $0.006 range, between $0.023 and $0.029. Around mid-May, it finally broke out of that trading range to reach the $0.038 resistance level, which rejected the price of TRX and precipitated a retrace to $0.029.

Based on TRON price action on the 1-week chart, it can be presumed that it will trade between $0.029 and $0.038. Therefore, this cryptocurrency could be on its way up to test the $0.038 level of resistance once again, but breaking above this price point could take it up to $0.049.

Source: TradingView

On the 3-day chart, TRX is trying to move above the 7-three-day moving average, which will confirm the continuation of the bullish trend and a possible test of the $0.038 resistance level.

Failing to trade above the 7-three-day MA could take this cryptocurrency down to the 30 or 50-three day MA.

Source: TradingView

Overall Sentiment

Despite the reduced price action that the cryptocurrencies previously mentioned have had in respect to Bitcoin, it seems like they are just about to continue the bullish trend and potentially make new yearly highs. It seems like it is just a matter of time before a breakout occurs, and patience will play a key role in profiting from the next upswing.

It is worth noting that since the beginning of the year most of the cryptocurrencies in the space have surged more than 100 percent in value, so there is a nontrivial chance for a major correction. At this point, to minimize risk and exposure, it is wise to wait for confirmation before entering a trade.

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Alex Krüger Warns Bitcoin Approaching Major Line of Resistance – Plus Ethereum, Ripple and XRP, Litecoin, Stellar, Tron, Cardano

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From analysis on the potential path ahead for Bitcoin to the rollout of a new developer site for the XRP ledger, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

Economist and crypto analyst Alex Krüger is mapping out the lines of resistance and support for Bitcoin. According to Kruger, the $10,000 mark is a crucial psychological line on the horizon.

“I use Bitmex for levels (and charting), as that’s where most of the bitcoin-USD liquidity is. The first level is a fib, not as meaningful IMO as prior highs and key psychological levels (e.g. 10K).”

Before $10,000, Krüger says he’s eyeing $9,600 as the most immediate technical hurdle for the bulls and $9,000 as the first line of support.

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Looming ‘Supply Shock’ Behind Bitcoin’s 138% Rally, Says VC Executive – Plus Ethereum, Ripple XRP, Litecoin, Tron, Augur, VeChain

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From new analysis on Bitcoin’s big rally to a new potential launch date for Ethereum 2.0’s genesis block, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

Anticipation of a supply shock in 2020 is likely driving Bitcoin’s 138% rally in 2019, according to Alyse Killeen, a partner at the investment group StillMark.

Killeen, a fellow at the Singapore University of Social Sciences, told Bloomberg Technology that she believes Bitcoin’s upcoming halvening is the number one reason for the surge.

“What I think might be happening is an anticipation of a coming supply shock in 2020. So what we’re looking ahead to is a halvening event. The way that new Bitcoin is introduced to the market is through a process called mining and the mining reward decreases by half every few years. And so in 2020 we’ll have much less of a daily supply of Bitcoin that we do now…

“While we’re looking ahead to the halvening and the supply shock, we’re also seeing a greater demand for Bitcoin and new on-ramps for familiar and conventional sources, so there’s an anticipation that there will be a broader group of consumers that have access and appetite for Bitcoin.”

Killeen says there have recently been “exciting progressions” in terms of scaling the currency up to a level where it can be used for more purchases.

“In 2019 we’re actually seeing higher layer infrastructure development rapidly progressing and so by that, what I mean is, the development of Lightning Network and the quick adoption from an early-user set of Lightning Network, as well as entrepreneurs building on top of Lighting Network, and so that will provide scale and has already. We’re looking at the introduction of sidechain technology including Blockstream’s Liquid network which gives us a new breadth and depth of use cases of the blockchain.”

The StillMark partner also believes Bitcoin stands alone among cryptocurrencies in terms of “stability, security and dependability,” and that it will serve as the main store of value in the crypto ecosystem going forward.

Ethereum

Justin Drake, a researcher at the Ethereum Foundation, says ETH 2.0 genesis block could launch at the beginning of next year.

“Looking at a target Genesis date toward the end of 2019 could be realistic. One thing that could work well is the third of January 2020, so… that comes after the December holidays, which are generally quieter, and it would be the 11th anniversary of the Bitcoin genesis.” 

Ripple and XRP

In a new interview, Ripple’s general counsel Stuart Alderoty talks about Ripple’s efforts to work with regulators.

Alderoty told Law.com that Ripple is constantly engaging with representatives around the world to teach them about blockchain and cryptocurrency.

“We have government affairs, full-time representatives in the U.S., in Europe, in Asia Pacific. We regularly meet with regulators to educate them, to get them more comfortable with what we’re doing and trying to do, which is to solve for the very real-world problem of being able to move money cross-border without a lot of friction and expense.

We’ve also sat on the Federal Reserve Faster Payments Task Force. We’ve hosted a summit for central banks to learn more about blockchain. We regularly speak on panels. We’re often invited by regulatory organizations to come speak or serve on panels. I would say we’ve engaged with more than 50 regulators and policymakers worldwide on this issue.”

Litecoin

Litecoin’s halving is now 50 days away, according to a countdown clock from CoinGecko.

The Litecoin block reward for miners will decrease from 25 to 12.5 coins, a difference in value from about $3,542 to $1,726, according to current market prices.

Tron

Tron founder Justin Sun is moving the location of his much-publicized $4.6 million lunch with famed investor Warren Buffett to the “heartland of tech.”

Sun says the meeting will happen in San Francisco for the first time in its history.

“We decided to move this year’s lunch to a restaurant in the Bay Area to further shine the spotlight on GLIDE’s amazing charitable efforts. I’ve also said we want to bridge the gap between the world of blockchain and institutional investors. Nowhere is that goal more apt than in the heartland of tech.”

Augur

Augur is working to explain how and why prediction markets work.

The company has released a thought experiment explaining the mechanics. It also plans to publish a future post on how decentralized prediction markets operate.

VeChain

OceanEx has released an alpha version of its crypto exchange and asset management platform on iOS, built on the VeChainThor blockchain.

Features include trading pair recommendation for new users and fast tracks for deposits and withdrawals.

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