Crypto Frontline

Weekly Crypto Analysis May 13-19, 2019

Weekly Crypto Analysis May 13-19, 2019
May 12
06:46 2019


BTCUSD (Coinbase)

Bitcoin technical analysis


The Bitcoin impressive move higher continues to exceed our expectations, as the price recently reached the $7,400 key resistance level, which coincides with a swing high made back in September 2018.

Once again Bitcoin edges up impulsively during a weekend when the liquidity and daily volumes are very low. Still, a nice bullish parabolic structure continues to unfold and if the momentum will push the price action above the resistance level, there may be some further potential for a retest of the $8,000 area.

However, we believe buyers wanting to get long should wait for a pullback, and the first support level to watch is located around $6,800. If the price will weaken below it impulsively, we might see Bitcoin edging towards the floor mentioned in the past, located around the $5,900 area. We continue to remain cautious, despite the solid gains seen recently.

ETHUSD (Kraken)

Ether technical analysis


In line with the Bitcoin performance, Ether had continued to advance higher impulsively, breaking above the 4h chart 200 moving average and above the previous 2019 high, located around $187.7.

So far, we see sellers tried to drive the price action below that level and they failed as buyers treated it as support. As long as the price will stay above $187, we believe there more upside for Ether, as the next significant resistances are located around the $221 and the $250 area.

On the other hand, a strong break back below the $187 could mean sellers had regained control over the order flow and we could see a deeper retracement lower. The 20 EMA, the $177.7 level, as well as the 200 MA, should be watched since buyers could try to rejoin around them. The big picture points towards more gains in the long run, but we think the current levels are overbought and it will be wise to wait for a pullback at this point.

STRUSDT (Poloniex)

Stellar technical analysis


We’ve written about an inverted head and shoulders pattern on Stellar several weeks ago and since Friday, the price action started to rebound impulsively around the 9.16 cents, where the shoulders’ line is located.

The buyers already managed to break above the daily 20 EMA and we assume the move is headed towards 12.73 cents, where the daily 200 simple moving average is also located. A break above our highlighted resistance area will confirm the pattern is completed and Stellar continue to advance higher.

Interesting things happen in the market this year. If up until 2018 we saw synchronized moves, it seems like now investors are starting to focus on a bunch of tokens, while others underperform. Stellar is one of the examples which did not have Bitcoin’s performance up until now and as some tokens already reached overbought levels, we might witness a rotation going on towards cryptocurrencies that had poorer performance.

Briefings about ICOs

An interesting project currently active is Blueshare, which offers a security token (ST) as a tokenized equity capital participation share of Interprom Mining AG from Switzerland, a company with 23 years of experience in natural resources mining.

In terms of upcoming ICOs, NGC (New Generation Security) will start raising funds on May 20th, as it aims to build a platform for the future of funding on the Ethereum blockchain.


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