BTCUSD (Coinbase)
Source: tradingview.com
Same as April, the month of May started with an upbeat tone for Bitcoin, which had broken above the last month high and reached our key $5,790 – $5,890 resistance area standing around a previously broken floor.
Thus far the buyers were unable to push the price action towards the upper area of the resistance, which means there were considerable selling orders parked there. However, we still can’t see significant selling emerging, which might lead to another attempt by the bulls to break above the area.
The price action is trading inside a nice ascending channel, and in case selling will emerge impulsively, we expect the Bitcoin price to move towards the lower line, where the 4h chart 200 moving average is also located.
We do not believe the move will continue impulsively above the broken floor and if buyers manage to break above in the short-term, we suspect choppy activity will follow then.
ETHUSD (Kraken)
Source: tradingview.com
After ending the month of April with more than 50% of the gains erased, Ether was not able to generate a new 2019 high. Even though the price moved higher, in line with the Bitcoin performance, we see it continues to trade below the 4h chart 200 moving average.
Also, we are inside an ascending price channel, which is expected to be breached in the short to the mid-term horizon. The breakout could be a good indication of the next move. A downside break will mean the $149 support level might be revisited again.
On the other hand, a breakout above the channel and above the 200 MA will mean buyers gained momentum again and the next target could be around the $178 level, where we already see several rejections this year. It’s worth to mention that Ether’s momentum is not as strong as the one we saw in Bitcoin.
TRXUSD (Bitfinex)
Source: tradingview.com
Since the beginning of 2019, Tron had been trading in a range between 2.13 cents and 3.08 cents. The move comes after a massive rally which started in December and led the price higher by more than 200%.
For the past few days, the price had been mildly going higher after testing the daily 200 MA. Given that the move had been weak, we suspect the sellers will attempt again to break below the moving average, which will expose the lower level of our range.
If the range gets broken on the downside, the 1.83 cents support will follow and that could be a signal for further weakness. However, at the present time, we don’t believe the downside is the most favored direction. We expect Tron to test the bottom of the range and then gradually move higher towards the 3 cents area in the following weeks.
Briefings about ICOs
On May 16th, Gainfy will end its STO launched on September 24th, 2018, for building a healthcare ecosystem powered by blockchain, AI, and IoT, in order to help people save money for medical costs.
In terms of upcoming ICOs, Contentos, a project invested by Binance Labs, will start its ICO on May 25th, in order to build a decentralized content ecosystem, where assets can be freely produced, authenticated, and distributed.
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