[ad_1]
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the opinions of Cointelegraph.com. Every investment and commercial movement involves risks; you should conduct your research when you make a decision.
Market data is provided by the HitBTC exchange.
The president of the St. Louis Fed, James Bullard, said that Bitcoin could emerge as a possible competitor for the US dollar in the future. Moreover, he did not rule out the prospects of the Fed that launched its cryptocurrency, although he said that at the time there was no plan.
The Mitsubishi UFJ Financial Group (MUFG), the world's fifth largest asset bank, is exploring options to launch its cryptocurrency, known as MUFG Coin. He plans to test it within the next year.
Existing cryptocurrencies are preparing for probable competition by introducing updates that can improve operations. Furthermore, cryptographic exchanges are launching new products aimed at institutional investors.
All this indicates the growing popularity of cryptocurrencies and the acceptance that blockchain technology can be a turning point.
Long-term investors should be happy with any price drop as it offers the opportunity to buy digital currencies at a discount.
Let's see if we find any purchase setup today.
BTC / USD
Bitcoin broke under the 50-day SMA after having held it over the last four days, which is a bearish development. The only main support is now $ 7,941.68. If this level breaks down, a $ 7,000 decline is likely.
If the $ 7,941.68 level is valid, the BTC / USD pair could enter a period of consolidation between $ 7.91 and $ 10,000. Once the range is confirmed, we will try to exchange it by buying near the support and covering the position at the resistance.
At the moment, there are no purchase configurations, so we suggest waiting until a reliable model is developed.
ETH / USD
Ethereum failed to come out of $ 745 on May 14th and from there he refused. Today it has fallen below the 20-day EMA. The small neckline of a possible head and shoulder model provides a strong level of support. Today prices have bounced off from it.
The ETH / USD pair could consolidate between the bearish neckline and $ 745. A break above the air resistance will be a positive move. Therefore, we suggest long positions over $ 750 with a near stop loss. The immediate goal is a shift to $ 838. This is a risky business, so we recommend that traders take a small position (around 30 percent of the usual).
If the bears manage to break and close under the neckline, the bearish pattern will complete, giving it a target of $ 418.
However, we believe that $ 600, which is the 50% retracement level of Fibonacci and the 50-day SMA, will represent strong downside support.
BCH / USD
Bitcoin's money broke from the neckline of the head and shoulders. If you close (UTC) under the neckline, it will have a model target of $ 650. However, it is unlikely that the bulls give up without a fight.
The levels to watch out for are the horizontal support at $ 1221 and the 50-day SMA. We anticipate a rebound from one of these two levels. However, it is difficult to predict if the rebound will be sustained or failed.
Although the 20-day EMA is declining, the 50-day SMA is still in trend. Therefore, we believe that the BCH / USD pair will not fall to $ 650. If the $ 1221 support is valid, it is likely that an action related to the interval has been determined.
It is not clear whether the digital currency will rise or fall from current levels. So, we would prefer to look from the sidelines.
XRP / USD
Ripple could not exceed the levels of $ 0.76 on May 14, resulting in a slip under the 50-day SMA. The next downside support is the May 12 minimum of $ 0.632. A break below this will sink the digital currency to the $ 0.562 level.
If the XRP / USD pair manages to remain above the $ 0.63 levels, the bulls will again attempt to exit the lead resistance at $ 0.76.
The 20-day EMA is shrinking while the 50-day SMA is running out. Given that prices are below both moving averages and some distance from the critical support of the wide range, we will not propose long positions.
XLM / USD
Stellar refused the 20-day EMA because buyers were missing at the highest levels. Currently, prices have returned to 50 days SMA, which is the fundamental support. If this level breaks, the neckline of the head and shoulders is the final support.
The bearish model will be completed in case of failure and closure (UTC time frame) under the neckline. The goal of the model of this interruption is much lower than $ 0.2.
If the XLM / USD pair holds the neckline or the 50-day SMA, this will result in an interval-related action. Any more above the environmental resistance of $ 0.47766719 will be very bullish because it will invalidate the bearish model. We will look for purchase opportunities above $ 0.373 levels.
LTC / USD
The resumption of Litecoin hit a brick wall at the 20-day EMA on May 14th. Currently prices are below the horizontal support at $ 141. A break below the May 12 $ 132.163 low will open a $ 115 downward target.
Both moving averages are lowering. This increases the likelihood of a fall to critical support levels of $ 115, which is expected to remain. If this support breaks, the LTC / USD pair will complete a bearish downtrend pattern on a breakdown below $ 107, which will be very negative.
The digital currency is showing weakness; therefore, we have no purchase recommendations. It will change our opinion if the bulls manage to keep the lows of May 12 and go out of $ 170.
ADA / BTC
Cardano is not able to find buyers at a higher level. The rebound of the 50-day trendline and SMA on May 12 did not even exceed the 20-day EMA. Prices are back to the media, increasing the chances of a breakdown.
The 0,000025 levels resisted well from April 13th to April 15th. So, if the ADA / BTC pair breaks the trend line, it can go down to this level.
The 20-day EMA will continue to act as a resistance to any move. The digital currency will increase the momentum after resizing the 0.00003445 levels.
IOTA / USD
IOTA has not done much in the last five days. It is stuck between the 20-day EMA and the 50-day SMA.
On the upside, immediate resistance is at 20-day EMA and once this level is exceeded, the next hurdle is $ 2,2117 levels.
On the downside, media exist in SMA 50 days and $ 1.63. Both moving averages are flattening, which increases the possibility of action related to the interval.
We do not find any purchase configuration on the IOTUSD pair, therefore, we are not suggesting any kind of exchange.
EOS / USD
EOS continues to correct. It is currently at the 50-day SMA, just below the Fibonacci retracement of 61.8 percent of the recent rally. This is a critical level and should be valid. The next rebound will have to face the 20-day EMA resistance and the upper trend line of the downtrend.
If the EOS / USD pair breaks under the 50-day SMA, it may decline until the next support in the trendline of less than $ 10.
The digital currency has lost momentum and is likely to remain limited within a few days before starting a new trend. We will review our opinion if it breaks out and will continue over the descending channel for a couple of days.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.
[ad_2]
Source link
