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Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 15

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

As the Bitcoin rally picked up momentum, the volume also spiked higher. Bitcoin futures on CME made a new record as the number of traded contracts reached 33,700 on May 13, which was way higher than the previous record of 22,500 contracts that exchanged hands on April 4. While increasing volume is a positive sign, a huge spike in volume can, at times, signal panic buying for the fear of missing out on the gains.

This is also a time when a number of rumors will crop up that can result in short-term spikes. One such rumor was that eBay will start accepting cryptocurrencies, but the same was denied by the company.

United States crypto exchange and wallet service Coinbase has expanded operations in 50 more countries and has introduced USD Coin (USDC) trading in 85 more countries. While this increases the reach of cryptocurrencies. It also provides an opportunity to the people living in inflation-hit nations to escape devaluation of their fiat currencies. Meanwhile, the U.S. Securities and Exchange Commission has postponed its decision on the Bitcoin exchange-traded fund application by Bitwise Asset Management.

Shark Tank’s Kevin O’Leary, based on his personal experience in using Bitcoin for a real estate transaction, has termed the coin as a useless form of currency. We believe that as the markets mature, these troubles will be a thing of the past. Hence, people should look into the future rather than dwell in the past.

BTC/USD

After the sharp run-up of the past few days, Bitcoin (BTC) is taking a breather. It is facing some profit booking close to the overhead resistance of $8,496.53. The digital currency can either enter into a consolidation or a correction from these levels.  

The first support on the downside is at $7,413.46 and if this level breaks, the slide can extend to the 20-day EMA. We expect one of these supports to stall the pullback. Both the moving averages are trending up, which shows that the BTC/USD pair is in a bullish grip. However, the RSI is deep in overbought territory, which suggests that buying has been overdone in the short term.

Traders can keep the stop loss on the remaining long positions at $7,100. We will watch for the next two days and if the bulls fail to push the price above $8,496.53, we will suggest booking profits on the complete position. On the other hand, if the pair breaks out of $8,496.53, it can move up to $10,000.

ETH/USD

Ethereum (ETH) has picked up momentum in the past two days and has risen above our first target objective of $225. Though we like the way it has rallied, still we suggest traders book profits on 30% of their long positions at the current levels to pocket some gains and raise the stop loss on the remaining to $175, just below the 20-day EMA. If the price sustains above $225.49, the stops can again be raised to break even. The next level to watch is the pattern target of $256. If the momentum continues, a rally to $300 is also possible.

Both the moving averages are sloping up and the RSI is in the overbought zone. This shows that the bulls are in the driver’s seat. Any dip is likely to find support at $200 and below it at the 20-day EMA. Our bullish view will be invalidated if the ETH/USD pair plummets below the 20-day EMA.

XRP/USD

Ripple (XRP) soared on May 14 and broke out of the overhead resistance of $0.33108 and $0.37835. This is a positive sign. It might face some profit booking close to $0.450 from where it might enter into a minor correction or a consolidation.

Any dip will find buyers close to $0.37835. We expect this level to hold and the XRP/USD pair to provide traders an opportunity to enter long positions. However, we will wait for a confirmation that the level is holding before proposing a trade in it.

On the upside, a breakout of $0.45 can clear the path for a rally to $0.60, with minor resistances at $0.50 and $0.55. At times, trades are missed because of large unexpected moves. It is a good trading strategy to wait for a low-risk entry point with a suitable stop loss and not chase the price higher.

BCH/USD

Bitcoin Cash (BCH) is currently facing selling close to the resistance line of the ascending channel. A pullback to the 20-day EMA is a possibility. With both the moving averages sloping up and the RSI in the overbought zone, the bulls have the upper hand.

A breakout and close (UTC time frame) above the channel will be a positive sign and can result in a quick move to $500, followed by a rally to $638.99. The BCH/USD pair has a history of vertical rallies, hence, these targets are achievable.

However, if the pair fails to break out of the channel, it might gradually continue to climb higher. It will weaken and slide to the support line of the channel on a breakdown of the 20-day EMA.

LTC/USD

Litecoin (LTC) closed (UTC time frame) above the overhead resistance of $91 on May 14. This completed a cup and handle pattern that triggered our buy recommendation given in the previous analysis.

The target level to watch on the upside is $158.91, with a minor resistance at $127.6180. The moving averages have turned up and the RSI is in the overbought zone. This shows that the bulls are in command. For now, the stop loss can be kept at $70.

We will watch for the LTC/USD pair to pick up momentum and quickly rally above $102, else the bears will again try to sink the pair back below the breakout level of $91. If the price slips back below $91, it will weaken the breakout. We may close the position if the price sustains below $91.

EOS/USD

EOS is looking strong as it has broken out of the overhead resistance at $6.0726. It can now climb to the next overhead resistance at $6.8299. If this level is also crossed, the digital currency is likely to pick up momentum. The 20-day EMA has started to slope up and the RSI has reached the overbought zone. This suggests that the bulls have the upper hand.

If the EOS/USD pair fails to ascend $6.8299 in the first attempt, it might consolidate near the resistance for a few days or correct toward the 20-day EMA. The trend will turn in favor of the bears if the price slides below the strong support zone of $4.4930–$3.8723.

BNB/USD

Binance Coin (BNB) made a new lifetime high on May 13, which failed to sustain. But it has again risen to new highs today. A cryptocurrency that breaks out to new highs with a strong move signals that there is more to come.

The BNB/USD pair can now move up to the resistance line where it is likely to face some selling. The pair had turned down thrice from this resistance line, hence, it is an important level to watch out for. Any dip will find support at the 20-day EMA.

Both the moving averages are sloping up and the RSI has climbed into the overbought zone. This shows that the path of least resistance is to the upside. However, as we do not find a setup with a good risk to reward ratio, we are not proposing a trade in it.

XLM/USD

Stellar (XLM) has broken out of both the moving averages and the resistance at the long-term downtrend line. This points to an end of the downtrend. There is a minor resistance at $0.13250273 and if this level is crossed, the rally can extend to $0.14861760.

We find a developing inverted head and shoulders pattern on the XLM/USD pair. The pattern will complete on a breakout and close (UTC time frame) above $0.14861760. This gives the pair a target objective of $0.22466773, with a minor resistance at $0.17759016. We will wait for the price to sustain above $0.14861760 before suggesting a trade in it. However, if the bulls fail to push the price above $0.14861760, it might dip to the 20-day EMA once again.

ADA/USD

Cardano (ADA) has been gradually inching higher towards the overhead resistance of $0.094256 for the past few days. If the price breaks out and closes (UTC time frame) above $0.094256, it will complete a rounding bottom pattern that has a target objective of $0.161275.

The 20-day EMA has started to turn up and the RSI has also climbed into the bullish territory. This suggests that bulls have a minor advantage. The traders can buy on a close (UTC time frame) above $0.094256. We will suggest a stop loss after the trade triggers.

On the other hand, if the bulls fail to ascend the overhead resistance of $0.094256, the ADA/USD pair might remain range bound for a few more days. It will turn negative on a break below the recent lows of $0.057898.

TRX/USD

Tron (TRX) has finally broken out of the range. If the bulls sustain the breakout, it will indicate the start of a new uptrend. Therefore, we retain our buy recommendation given in an earlier analysis. As the digital currency had been consolidating for a very long time, we expect the next rally to last long and reach $0.050, with a minor resistance at $0.040.

Contrary to our assumption, if the TRX/USD pair fails to sustain above the range, it will extend its consolidation for a few more days. It will weaken on a breakdown of $0.02094452. The trend will turn negative if the bottom of the range at $0.0183 breaks down.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Bitcoin News

As bitcoin smashes past $8,000 retail interest begins surging, new momentum?

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As bitcoin initiated a powerful recovery to $8,000 over the weekend, the interest towards the dominant crypto asset on Google Trends spiked to April 2018 levels, demonstrating a noticeable increase in demand from retail or individual investors.

bitcoin popularity on google trends rising

Google Trends for the keyword “bitcoin” is spiking

Major markets in the likes of South Korea have also begun to show a clear rise in interest from individual investors.

Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

Related: Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

The rally of bitcoin and the rest of the crypto market in recent weeks has mainly been attributed to the increase in the inflow of capital from institutional investors as seen in the spike in the daily volumes of the CME bitcoin futures market and Grayscale’s Bitcoin Investment Trust (GBTC).

If retail interest in bitcoin rebounds in the weeks to come, it may establish the foundation for new momentum for the crypto market.

Will bitcoin rally lead to the recovery of alternative crypto assets?

Year-to-date, most major crypto assets such as litecoin, bitcoin cash, EOS, and BNB have recorded gains in the range of 140 percent to 400 percent against the U.S. dollar.

However, from their all-time highs, the majority of crypto assets have underperformed with many cryptocurrencies down by nearly 90 percent from 2017 highs. Against BTC, most crypto assets have also performed quite poorly in the past 16 months.

According to a cryptocurrency trader @SatoshiFlipper, with BTC recovering to $8,000 quickly after plunging to $6,400 on May 17, alternative crypto assets are likely to continue rising against the U.S. dollar in the near-term.

The trader said:

“The rest of this year will be characterized by rapid $BTC advances, healthy corrections and periods of sideways price action, when #altcoins will fly. Put that nonsense rhetoric about waiting for capitulation and still not making our bear market lows away. Wrong cycle. Full on degen alternative cryptocurrency season still on track for June. Next few weeks, as BTC finds a range, we’ll continue to see the popular altcoins bounce back 1st. In June, ALL altcoins across the board will bounce back hard. More disbelief on its way.”

Previous bull cycles of bitcoin have occurred around a year before its scheduled block reward halving. In May 2020, bitcoin is set to see its block reward halved, which would decrease the rate in which new BTC is produced.

As the scheduled block reward halving nears, based on fundamental factors, the momentum of BTC is likely to be sustained.

[embedded content]

One concern of investors is the rate in which bitcoin and the crypto market have been recovering and some have suggested that a gradual climb from the current point, having already recorded large gains, would be ideal.

David Tawil, the president of ProChain Capital, told Bloomberg in April:

“Certainly, an investor would much rather see a gradual rise with constant floors in terms of downside being established, as opposed to a very, very quick run-up. It could be easy come, easy go.”

Ethereum, XRP, and Others Up 8%+

On the day, Ethereum, XRP, and other major crypto assets have risen by at least eight percent against the U.S. dollar following bitcoin’s strong nine percent rally.

Bitcoin, currently ranked #1 by market cap, is up 9.33% over the past 24 hours. BTC has a market cap of $141.64B with a 24 hour volume of $23.24B.

Chart by CryptoCompare

Bitcoin is up 9.33% over the past 24 hours.

Filed Under: Bitcoin, Price Watch

Joseph Young

Joseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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original post…

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Bitcoin News

As bitcoin smashes past $8,000 retail interest begins surging, new momentum?

Published

on

As bitcoin initiated a powerful recovery to $8,000 over the weekend, the interest towards the dominant crypto asset on Google Trends spiked to April 2018 levels, demonstrating a noticeable increase in demand from retail or individual investors.

bitcoin popularity on google trends rising

Google Trends for the keyword “bitcoin” is spiking

Major markets in the likes of South Korea have also begun to show a clear rise in interest from individual investors.

Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

Related: Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

The rally of bitcoin and the rest of the crypto market in recent weeks has mainly been attributed to the increase in the inflow of capital from institutional investors as seen in the spike in the daily volumes of the CME bitcoin futures market and Grayscale’s Bitcoin Investment Trust (GBTC).

If retail interest in bitcoin rebounds in the weeks to come, it may establish the foundation for new momentum for the crypto market.

Will bitcoin rally lead to the recovery of alternative crypto assets?

Year-to-date, most major crypto assets such as litecoin, bitcoin cash, EOS, and BNB have recorded gains in the range of 140 percent to 400 percent against the U.S. dollar.

However, from their all-time highs, the majority of crypto assets have underperformed with many cryptocurrencies down by nearly 90 percent from 2017 highs. Against BTC, most crypto assets have also performed quite poorly in the past 16 months.

According to a cryptocurrency trader @SatoshiFlipper, with BTC recovering to $8,000 quickly after plunging to $6,400 on May 17, alternative crypto assets are likely to continue rising against the U.S. dollar in the near-term.

The trader said:

“The rest of this year will be characterized by rapid $BTC advances, healthy corrections and periods of sideways price action, when #altcoins will fly. Put that nonsense rhetoric about waiting for capitulation and still not making our bear market lows away. Wrong cycle. Full on degen alternative cryptocurrency season still on track for June. Next few weeks, as BTC finds a range, we’ll continue to see the popular altcoins bounce back 1st. In June, ALL altcoins across the board will bounce back hard. More disbelief on its way.”

Previous bull cycles of bitcoin have occurred around a year before its scheduled block reward halving. In May 2020, bitcoin is set to see its block reward halved, which would decrease the rate in which new BTC is produced.

As the scheduled block reward halving nears, based on fundamental factors, the momentum of BTC is likely to be sustained.

[embedded content]

One concern of investors is the rate in which bitcoin and the crypto market have been recovering and some have suggested that a gradual climb from the current point, having already recorded large gains, would be ideal.

David Tawil, the president of ProChain Capital, told Bloomberg in April:

“Certainly, an investor would much rather see a gradual rise with constant floors in terms of downside being established, as opposed to a very, very quick run-up. It could be easy come, easy go.”

Ethereum, XRP, and Others Up 8%+

On the day, Ethereum, XRP, and other major crypto assets have risen by at least eight percent against the U.S. dollar following bitcoin’s strong nine percent rally.

Bitcoin, currently ranked #1 by market cap, is up 9.33% over the past 24 hours. BTC has a market cap of $141.64B with a 24 hour volume of $23.24B.

Chart by CryptoCompare

Bitcoin is up 9.33% over the past 24 hours.

Filed Under: Bitcoin, Price Watch

Joseph Young

Joseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Like what you read? Give us one like or share it to your friends
original post…

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Bitcoin News

As bitcoin smashes past $8,000 retail interest begins surging, new momentum?

Published

on

As bitcoin initiated a powerful recovery to $8,000 over the weekend, the interest towards the dominant crypto asset on Google Trends spiked to April 2018 levels, demonstrating a noticeable increase in demand from retail or individual investors.

bitcoin popularity on google trends rising

Google Trends for the keyword “bitcoin” is spiking

Major markets in the likes of South Korea have also begun to show a clear rise in interest from individual investors.

Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

Related: Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

The rally of bitcoin and the rest of the crypto market in recent weeks has mainly been attributed to the increase in the inflow of capital from institutional investors as seen in the spike in the daily volumes of the CME bitcoin futures market and Grayscale’s Bitcoin Investment Trust (GBTC).

If retail interest in bitcoin rebounds in the weeks to come, it may establish the foundation for new momentum for the crypto market.

Will bitcoin rally lead to the recovery of alternative crypto assets?

Year-to-date, most major crypto assets such as litecoin, bitcoin cash, EOS, and BNB have recorded gains in the range of 140 percent to 400 percent against the U.S. dollar.

However, from their all-time highs, the majority of crypto assets have underperformed with many cryptocurrencies down by nearly 90 percent from 2017 highs. Against BTC, most crypto assets have also performed quite poorly in the past 16 months.

According to a cryptocurrency trader @SatoshiFlipper, with BTC recovering to $8,000 quickly after plunging to $6,400 on May 17, alternative crypto assets are likely to continue rising against the U.S. dollar in the near-term.

The trader said:

“The rest of this year will be characterized by rapid $BTC advances, healthy corrections and periods of sideways price action, when #altcoins will fly. Put that nonsense rhetoric about waiting for capitulation and still not making our bear market lows away. Wrong cycle. Full on degen alternative cryptocurrency season still on track for June. Next few weeks, as BTC finds a range, we’ll continue to see the popular altcoins bounce back 1st. In June, ALL altcoins across the board will bounce back hard. More disbelief on its way.”

Previous bull cycles of bitcoin have occurred around a year before its scheduled block reward halving. In May 2020, bitcoin is set to see its block reward halved, which would decrease the rate in which new BTC is produced.

As the scheduled block reward halving nears, based on fundamental factors, the momentum of BTC is likely to be sustained.

[embedded content]

One concern of investors is the rate in which bitcoin and the crypto market have been recovering and some have suggested that a gradual climb from the current point, having already recorded large gains, would be ideal.

David Tawil, the president of ProChain Capital, told Bloomberg in April:

“Certainly, an investor would much rather see a gradual rise with constant floors in terms of downside being established, as opposed to a very, very quick run-up. It could be easy come, easy go.”

Ethereum, XRP, and Others Up 8%+

On the day, Ethereum, XRP, and other major crypto assets have risen by at least eight percent against the U.S. dollar following bitcoin’s strong nine percent rally.

Bitcoin, currently ranked #1 by market cap, is up 9.33% over the past 24 hours. BTC has a market cap of $141.64B with a 24 hour volume of $23.24B.

Chart by CryptoCompare

Bitcoin is up 9.33% over the past 24 hours.

Filed Under: Bitcoin, Price Watch

Joseph Young

Joseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Top 5 Crypto Performers: XEM, XLM, XTZ, BNB, IOTA

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data provided by HitBTC exchange.

After the strong recovery of the past few weeks, this week saw some profit booking at the highs. However, unlike previous occasions, the dip has been shallow and some buying is visible close to support levels. This shows that the market sentiment is changing from sell on rallies to buy on dips. After the sharp move from the lows, a few weeks of consolidation is also possible.

In its report, the European Central Bank said that the impact of cryptocurrencies on the real economy is limited, as only a handful of merchants accept them due to their high volatility. However, they find some value in the stablecoins. We believe that the uses of cryptocurrencies have been increasing in the real world, and this is likely to penetrate further in the next few years. The launch of a cryptocurrency by Facebook will also speed up the adoption among the masses.

Though many people want to invest in cryptocurrencies, they are wary of the negative propaganda surrounding them. Some might even find the technology aspect of it a little difficult to understand in the beginning. To address this issue, Coinbase had started its Coinbase Earn program at the end of 2018, which was by invite only, but the exchange has now opened the program for the public.

XEM/USD

Nem (XEM) was the best performer among the major cryptocurrencies. Though it has given up some of its gains, it is still significantly higher for the week. While part of the gains would have come due to the positive sentiment across the asset class, the fundamental news also helped. The markets cheered the Catapult update, which will improve the overall NEM platform and make it more user-friendly and convenient to use. Another piece of positive news is that Zeux will add XEM on its digital payment wallet, after which its users can pay with the cryptocurrency at the merchants that accept Apple Pay and Samsung Pay. Can it continue its recovery?

XEM/USD

The XEM/USD pair is attempting to breakout of the overhead resistance of $0.085. If successful, it will complete an inverse head and shoulders pattern that has a target objective of $0.135946775. The digital currency has a horizontal resistance at $0.13125258. We expect a stiff resistance between these two levels.

A breakout of $0.14 is likely to start a new uptrend that can carry the digital currency to $0.45 with a minor resistance at $0.20. Our bullish view will be invalidated if the bears defend the overhead resistance. In such a case, a few more days of range bound action is likely. The bears will gain an upper hand on a breakdown of $0.045.

XLM/USD

On May 15, the Stellar (XLM) network briefly stopped: during the period of downtime, the network did not process any transaction. Though no one lost any money, it shows that the network needs some improvements. In separate news, the Stellar Development Foundation announced the release of a new ticker API that will provide the latest data about markets and assets on the network.

XLM/USD

The XLM/USD pair broke out of the long-term downtrend line this week, which is a bullish sign —iIt signals the end of the downtrend. The pair has also formed an inverse head and shoulders pattern, which will complete on a breakout and close above the overhead resistance of $0.14861760.

Though the bulls had scaled this level during the week, they could not sustain the breakout as sellers stepped in close to the 50-week SMA. The price has again retreated back below $0.14861760. If the bulls fail to ascend the overhead resistance, the pair might enter into a consolidation for a few weeks.

But if the price breaks out and closes (UTC time frame) above $0.14861760, it will complete the bullish reversal pattern that has a target objective of $0.22466773. Above this level, it can move to $0.2885. Our positive view will be invalidated if the digital currency plunges below the right shoulder.

XTZ/USDT

The Tezos (XTZ) community is currently voting to accept or reject the Athens A Upgrade. The voting process will close on May 29. If the upgrade is accepted, will the price move higher? Let’s see what charts project.

XTZ/USDT

The XTZ/USDT pair has broken out of the 50-week SMA, which is a positive sign. It is currently close to the overhead resistance at $1.85. A breakout and close (UTC time frame) above this level will complete a rounding bottom pattern that has a target objective of $3.37. Both the moving averages are close to completing a bullish crossover that will indicate the start of a new uptrend. The next level to watch on the upside is $4.2424.

On the other hand, if the bulls fail to ascend the resistance, the pair might consolidate between $1.85 and $1.295480 for a few weeks. A break below the moving averages will break the positive momentum that is building up.

BNB/USD

Withdrawals and deposits that had been temporarily suspended after this month’s hack of more than 7,000 BTC restarted this week. A major system upgrade was also completed during the week. Sports blockchain venture Chiliz has also announced a partnership with Binance Chain, and Binance Launchpad announced the sale of the harmony token via the lottery format on May 28. Can binance coin (BNB) extend its up move? Let’s find out.

BNB/USD

The BNB/USD pair continues to be in a strong uptrend. The 20-week EMA is sloping up and the RSI is in the overbought zone: this shows that the bulls have the upper hand. The buyers aggressively purchased the dip and propelled the price to new lifetime highs again this week, which shows that every dip is being bought.

The next level to watch on the upside is $33, which is close to the resistance line that has acted as a stiff resistance on previous occasions. If this level is also crossed, the rally can extend to $40.2919564. A drop below the recent low of $17.7997862 will turn the pair negative.

IOTA/USDT

Iota (IOTA) wants to make the ecosystem easy to use and safe for organizations, large token holders and liquidity providers. It is exploring various measures by which these players, who form an important part of the ecosystem, can be supported adequately. Iota will sponsor the first inaugural Texas Smart Cities Summit that aims to bring various visionaries to discuss the actions needed to accelerate smart city efforts across the state. Luxury fashion brand Alyx will also partner with IOTA to improve the transparency of its supply chain.

IOTA/USDT

The IOTA/USDT pair has been range bound between $0.244553 and $0.385033 for the past few weeks. The bulls had broken out of the range during the week, but failed to sustain the higher levels. If the price fails to close (UTC time frame) above the range, the consolidation will extend for a few more weeks.

On the other hand, if the price ascends the overhead resistance, it is likely to start a new uptrend that can carry the price to $0.50 and above it to $0.80. The pair will weaken if the bears sink the price below the support of the range.

Market data provided by HitBTC exchange. Charts for analysis provided by TradingView.

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My Bank Account Was Frozen for Bitcoin – And It Only Made Me Love Crypto More

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Mike the HODL Guy describes his first experience buying Bitcoin and the resulting freeze on his bank account.

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