Crypto Frontline

Crypto Analysis May 1st-6th 2018

Crypto Analysis May 1st-6th 2018

Crypto Analysis May 1st-6th 2018
May 06
10:37 2018

Bitcoin

Bitcoin analysis

Source: dailyfx.com

For the past week, the Bitcoin price had been consolidating higher and managed to break above the descending trend line, which was mentioned in our last weekly analysis. Despite positive news for Bitcoin, like the one from Goldman Sachs, the price did not have a strong reaction and even though the break above the trend line took place, the upside is still limited.

We have marked a rectangle on the chart, showing the range of consolidating. A break above that range can potentially open more room for buying and the next significant resistance level is located at 11,500 which is a key zone where sellers had resumed impulsively in the past.

If the price action will break back below the trend line, the 8,000 area is the first spot where buyers might want to get long again. If sellers will push the price below it, 6,500 should follow, then.

 

Ethereum

Ethereum analysis

Source: dailyfx.com

Ethereum did not have a consolidative performance for the past week and managed to gain more than 10%. However, selling interest can already be seen, after the price had reached a key resistance zone. We suspect sellers will be active around the 830-850 area and the current interest from the sellers can prove that. If the buyers will resume, they will need to break above it, in order to be able to push the price further, towards 980, where the next strong resistance is located.

If the bullish trend will weaken further, buyers are expected to react around the 700 level. Below it, this week’s low around 600 should follow. Ethereum had been one of the best performing altcoins since the beginning of April and thus far, buyers are the ones in control in the longer run.

 

Ripple

Ripple analysis

Source: dailyfx.com

The performance of Ripple is similar to the one of Bitcoin, the cryptocurrency consolidating for the entire week. What’s interesting is the fact the consolidation came after an impulsive selling move. Risks to the downside persist and the price action could head south in the following days.

Thus far, the 0.90 resistance level held successfully and no significant break above it took place. As long as the sellers will be able to cap the upside, we should see weakness driving the price towards 0.73 or 0.62, where bulls are expected to resume.

On the other hand, a break above the 0.90 resistance level will be needed, so the buyers will be able to push the price action further, towards 1.11.

 

Briefings about ICOs

In terms of ICOs that are currently active, we can mention XYO Network – a blockchain-based company which wants to enable smart contracts to interact with the real world, as if it were an API. For those passionate about gaming, Dreamteam is an ICO dedicated to them, being an E-sport and gaming recruitment management network.

In terms of ICOs that will start in the near future, we need to mention Gochain – a scalable high-performance blockchain that will support smart contracts and Dapps.