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It seems that the cryptocurrency boom in 2017 is back. Last week, Bitcoin and many other altcoins went to new heights.
Traditionally, the development of growth momentum is supported by positive information, for example on the willingness of stakeholders to introduce uniform cryptographic standards and by the long-debated issue of SEC and CFTC market regulation. , that the corresponding statement was made to the US Congress.
The new week began with the correction of the cryptocurrency market. The reason is clear: traders and investors take profits.
We currently have the following events that may affect the market:
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On May 13, the 2019 consensus begins – the largest annual cryptographic conference.
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On May 14, Binance is about to resume deposits / withdrawals.
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Opening of CME futures trading.
BTC / USD
Bitcoin has increased in the last four months. As a result, since the beginning of the year, the growth of Bitcoin has been 75%.
The following fundamental factors can lead to growth of BTC:
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The consensus conference that every year (except the previous one) gave a strong reason for growth.
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BTC reduces by half.
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Global Fundamental Events – ETF, Bakkt and Fidelity.
The attractiveness of BTC's investments is also confirmed by Binance research.
Let's move on to technical analysis.
Our previous prediction of the BTC was not realized because the main crypto had jumped to $ 7,000 and could even reach the $ 7,500 mark.
However, anything more than $ 7,000 confirms the strength of Bitcoin, but taking a long position is now very risky and could be compared to a Bitcoin purchase of more than $ 15,000 in 2017.
On the 4-hour chart, the RSI indicator is close to the overbought area, while the MACD is at high levels. In terms of the short-term scenario, BTC should be corrected to the support area at $ 6,800 due to lower trading volumes.
BTC's price is trading at $ 7,068 at the time of writing.
ETH / USD
The most popular altcoin is not far behind Bitcoin. Last week, a testnet launch for Ethereum 2.0 took place, which contributed to the growth of cryptocurrency.
The price of Ethereum has reached the $ 180 mark, as we had expected last week. Respectively, new levels of support and resistance have been created, at $ 184 and $ 200 respectively.
Currently, the asset is located near the red zone according to the Fibonacci retracement. As the ETH is still bullish, one should expect a level of $ 196 (61.8%) in the coming days.
The ETH price is trading at 190.28 USD at the time of writing this article.
BCH / USD
Bitcoin Cash has recorded one of the most significant growths over the last few weekends; its price has risen by more than 30%, as shown in the hourly chart. The highest peak was $ 386 at the Bitstamp exchange.
BCH is one of the best coins for handling because its prices are extremely volatile during any market move. As far as price forecasting is concerned, Bitcoin Cash is expected to reach its support level at $ 340, which is supported by the MACD indicator and by the decrease in transaction volumes.
The price of BCH is trading at $ 358.60 at the time of writing this article.
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