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The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Cointelegraph.com. Every movement of investment and exchange carries a risk, you must conduct your own investigation when you make a decision.
Market data is provided by HitBTC.
When the Bitcoin rally gained momentum, the volume also increased. Bitcoin futures in CMEs set a new record, with the number of contracts traded reaching 33,700 on May 13, which was much higher than the previous record of 22,500 contracts traded on April 4. While increasing volume is a positive signal, a huge volume increase can sometimes indicate a panic buying for fear of losing profits.
This is also a time when there will be a series of rumors that can lead to short-term spikes. One of those rumors was that eBay would start accepting cryptocurrencies, but the company denied it.
In the United States, the Coinbase cryptocurrency and coin purse service has been extended to an additional 50 countries and has introduced US dollar (USDC) trading in 85 other countries. Although this increases the scope of crypto-currencies. It also offers people living in inflation-affected countries the opportunity to escape the devaluation of their fiat money. Meanwhile, the US Securities and Exchange Commission has postponed its decision regarding the demand for a fund traded on the Bitcoin stock market by Bitwise Asset Management.
Kevin O 'Leary of Shark Tank, based on his personal experience in using Bitcoin for a real estate transaction, described the currency as a useless currency. We believe that as the markets mature, these problems will disappear. Therefore, people should look to the future rather than living in the past.
BTC / USD
After the strong acceleration of recent days, Bitcoin (BTC) takes a break. It faces a reserve of benefits close to the higher resistance of 8,496.53 USD. The digital currency can enter into a consolidation or correction of these levels.
The first downside support is $ 7,413.46 and if this level is broken, the downside can extend to the 20-day EMA. We hope that one of these media will stop the decline. Both moving averages show an upward trend, indicating that the pair BTC / USD is on the rise. However, the RSI is in overbought territory, suggesting that the purchase has been excessive in the short term.
Traders can maintain the stop loss in the remaining long positions at $ 7,100. We will be vigilant over the next two days and if prices do not exceed USD 8,496.53, we suggest that you book the winnings in full. On the other hand, if the pair exceeds 8,496.53 USD, it can reach 10,000 USD.
ETH / USD
Ethereum (ETH) has grown in the past two days and has exceeded our first target of $ 225. Although we like the way it has recovered, we still suggest that traders reduce their profits in 30% of their long positions at current levels to pocket some gains and increase the remaining stop loss to 175 USD within 20 days from the EMA. If the price remains above 225.49 USD, stops may increase again to break even. The next level to follow is the target of the USD 256 model. If momentum continues, an increase to USD 300 is also possible.
Both moving averages are on the rise and the RSI is in the overbought zone. This shows that the bulls are in the driver's seat. Any decline is likely to find support at $ 200 and below that at the 20-day EMA. Our bullish outlook will be invalidated if the ETH / USD pair falls below the EMA at 20 days.
XRP / USD
Ripple (XRP) soared on May 14 and broke the resistance of 0.33108 USD and 0.37835 USD. This is a positive signal. It could face a reserve of benefits close to $ 0.450, from which it could introduce a minor correction or consolidation.
Any decline will find buyers who are close to 0.37835 USD. We expect this level to be maintained and the XRP / USD pair will provide traders the opportunity to enter long positions. However, we will wait for confirmation of the maintenance of the level before proposing an operation on it.
On the upside, a breakout of $ 0.45 could allow a $ 0.60 rise, with a lower resistance of $ 0.50 and $ 0.55. Sometimes, operations are lost due to significant unplanned movements. It is a good trading strategy to wait for a low-risk entry point with an adequate stop-loss and not to look for a higher price.
BCH / USD
Bitcoin Cash (BCH) is currently on sale near the rising channel resistance line. A return to the 20-day EMA is a possibility. With rising moving averages and RSI in the overbought area, bulls have the advantage.
A break and close (UTC time) above the channel will be a positive signal and could result in a quick move to $ 500, followed by a rise to $ 638.99. The BCH / USD pair has a history of vertical peaks, so these goals are achievable.
However, if the pair fails to leave the channel, it may continue to increase gradually. This will weaken and slide towards the channel support line after 20 days of falling EMA.
LTC / USD
Litecoin (LTC) closed (UTC) above resistance USD91 on May 14. This completed a mug and mango model that triggered our recommendation of purchase given in the previous badysis.
The objective level to rise is 158.91 USD, with resistance below 127.6180 USD. Moving averages have risen and the RSI is in the overbought zone. This shows that the bulls are in charge. For the moment, the stop loss can be maintained at 70 USD.
We will be looking for the LTC / USD to gain ground and rise rapidly above 102 USD. If not, the bear will try to drop it below the starting level, set at $ 91. from USD 91, will weaken the beginning. We can close the position if the price remains below 91 USD.
EOS / USD
The EOS looks strong, since it has left the summit's resistance with 6.0726 USD. You can now switch to the next overload resistor at USD 6.8299. If this level is also exceeded, the digital currency should grow. The 20-day EMA began to rise and the RSI reached the overbought zone. This suggests that bulls have the advantage.
If the EOS / USD pair does not rise to $ 6.8299 on the first attempt, it could consolidate near resistance for a few days or comply with the 20-day EMA. The trend will be in favor of bearish if the price falls below the solid support zone of 4.4930 to 3.8723 USD.
BNB / USD
Binance Coin (BNB) achieved a new historical record on May 13, which it could not maintain. But today, it has reached new heights. A cryptocurrency that reaches new heights with a strong movement indicates that there is more to come.
The BNB / USD pair can now reach the resistance line, where it is expected to face sales. The pair has fallen three times from this resistance line, so this is an important level to consider. Any download will find support in the 20-day EMA.
Both moving averages are on the rise and the RSI is overbought. This shows that the path of least resistance is that of the ascent. However, as we do not find a configuration with a good risk / benefit ratio, we do not offer any exchange in this configuration.
XLM / USD
Stellar (XLM) outperformed moving averages and resistance on the long-term downtrend line. This indicates the end of the downtrend. There is a small resistance of 0.13250273 USD and if you cross this level, the rise can reach 0.14861760 USD.
We found a reverse head / shoulders pattern in the XLM / USD pair. The model will be finished at break time (UTC time) above USD 0.14861760. In this way, it is estimated that the pair will reach 0.22466773 USD, with a low resistance at 0.17759016 USD. We will wait for the price to remain above 0.14861760 USD before proposing an operation. However, if the bulls fail to overcome the USD 0.14861760 area, they may fall back to the 20-day EMA.
ADA / USD
Cardano (ADA) has gradually increased to a resistance of 0.094256 USD over the past few days. If the price triggers and closes above 0.094256 USD, a lower rounding with a target of 0.161275 USD will be completed.
The 20-day EMA began to appear and the RSI also entered bullish territory. This suggests that bulls have a smaller advantage. Operators can buy at closing (UTC time) above 0.094256 USD. We will propose a stop loss after the triggers of the operation.
On the other hand, if the bulls fail to increase the resistance by 0.094256 USD, the ADA / USD pair could stay in a limited range for a few extra days. It will be negative when it is below the lows of the last USD 0.057898.
TRX / USD
Tron (TRX) has finally left the lineup. If the bulls keep flying, this will indicate the beginning of a new upward trend. Therefore, we maintain our recommendation of purchase given in a previous badysis. As the digital currency has been consolidated for a long time, we anticipate that the next increase will last a long time and will reach 0.050 USD, with a small resistance at 0.040 USD.
Contrary to what we badume, if the TRX / USD pair fails to stay above the range, it will continue consolidation for a few more days. It will weaken with a spread of 0.02094452 USD. The trend will become negative if the lower end of the 0.0183 USD range breaks.
Market data is provided by HitBTC. Charts for badysis are provided by TradingView.
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