Crypto Frontline

Weekly Crypto Analysis May 7-13, 2018

Weekly Crypto Analysis May 7-13, 2018

Weekly Crypto Analysis May 7-13, 2018
May 13
09:39 2018

 

Bitcoin

Bitcoin analysis

Source: dailyfx.com

In our last weekly crypto analysis, we’ve warned against a new selloff in Bitcoin and as you can see we were right. Despite the short-term break above the descending trend line, the price had resumed the downside and continues to be under pressure. The main reason why this happened was linked to an investigation taking place at one of South Korea’s biggest exchanges.

Technically speaking, if the price action will remain below the trend line, we should see further weakness. The first support is located around the 7,700 level, followed by 6,500. The last one had already held twice recently, but what we can see is a weaker response from the bulls, which could add pressure on the coin.

On the upside, above the trend line 9,800 should follow as resistance. There two touches off that level, so there was selling interest around it. Only a strong break above it could open more room towards 11,500 key resistance.

Ethereum

Ethereum analysis

Source: dailyfx.com

In line with the Bitcoin performance, Ethereum had also been losing ground for the past week. In fact, the whole market had underperformed, following a better-than-expected month of April. In the case of Ethereum, the resistance area located around 830-850 levels had proved to be a strong one, since the price dipped by 15%. However, we expect the downside to be capped by the 610 key support level. Buyers are expected to become active there, and maybe they will be able to push the price impulsively again.

For the following week, we expect the price of Ethereum to fluctuate inside the range formed by 610 and 830, as long as no news with high impact will flood the market. After the performance we saw in April, the market could take a break in the short-term.

Ripple

Ripple analysis

Source: dailyfx.com

Ripple had also been under pressure for the past week since buyers were unable to overcome the resistance level located around 0.91. That proved to be a strong barrier since we are seeing three rejections around it. Next, support is expected around the 0.62 area, a key level which had been mentioned in the past in our weekly analysis. The next significant level below that point is located around 0.45.

On the upside, we believe the 0.91 won’t be breached anytime soon since the cryptocurrency market is again under pressure. The performance we saw for the past week is not encouraging at all.

Briefings about ICOs

In terms of ICOs that are still active, the XYO Network ICO will run for 7 more days and you can still be involved. Another interesting that we have found is Tripbit and it claims to be an all-in-one platform solution for the travel industry.

In terms of upcoming ICOs, Kodak is supposed to its ICO at the end of this month. Another interesting ICO which will start on May 23rd is Fox Trading, a platform that wants to improve algorithmic trading using blockchain.