Top 5 Crypto Coins - May 15
Bulls and bears fight for dominance. Bitcoin struggles to break key resistance
Note: Open/Close in UTC time
On Monday the bears and the bulls clashed over the direction of Bitcoin (BTC). The bears pushed it down to USD 8274 in the morning and then the buyers reacted bringing it up to USD 8884 – the highest trading price for May 14.
At the end of the day, BTC closed at USD 8667, after opening at USD 8724. The main obstacle for BTC to continue higher has been the resistance from the short-term downtrend and the longer-term line, touching the highs from early March and April.
At press time, Bitcoin price is hovering around the resistance area, trading at USD 8699. If it breaks this zone BTC could head towards the well-established resistance at USD 10 000.
On the downside, if the bulls don‘t hold the resistance at around USD 7900 the price could dip to the next support and the bottom of the triangle at USD 6700. It is still unclear where BTC will find most buyers.
On May 14 Ethereum (ETH) tested the support from the short-term uptrend line and luckily for the bulls it held as ETH closed above it at USD 726. While writing this, the pair looks strong, trading at USD 731 and as long as ETH price stays above USD 700 the possibility of a break out of USD 745 level is on the table.
On the downside, if ETH breaks through this bull trend line it could reach the 61.8% Fib retracement level at USD 677.
On Monday US financial market company CME Group and British digital asset trading service Crypto Facilities announced that they had launched an Ethereum (ETH) reference rate and a real-time Ethereum-dollar index.
This announcement came just a few days after Crypto Facilities introduced Ethereum futures contracts on its platform. This news may affect ETH price because large institutional players might first push the prices down to accumulate more coins at the lower levels. Just as it happened with Bitcoin in January.
So, be patient when you make your buy orders and make sure you stagger them instead of going all-in.
Monday was a really volatile day for Ripple (XRP) as well, bouncing from USD 0.747 in the early morning down to USD 0.687 at noon and up to USD 0.749 once again in the evening.
XRP is trying to find its way up or down and currently, the coin is changing hands at USD 0.74. As long as the price is right in the middle between the resistance at USD 0.80 and the support at USD 0.65, holding tight and doing nothing might be the right decision.
Once the resistance at USD 0.80 is broken the probability of a climb to USD 0.93 significantly increases. If the support area around USD 0.65 is crossed a slide to USD 0.56 is likely.
There was a lot of action around Bitcoin Cash (BCH) on Monday. The pair opened at USD 1474 and just several hours later dipped more than 10% to USD 1328 – the lowest price for the day. Before closing at USD 1411, BCH made an impressive jump up to USD 1497, however the re-test of this resistance area was unsuccessful once again.
As seen on the daily chart, Bitcoin Cash is forming a short-term downtrend pattern and in order for the price to rally back to the USD 1800 levels, BCH should close above the bear line. At the moment of writing the coin is trading under it at USD 1424.
On the downside, if the bulls lose the control over the current support the next base is sitting around USD 1150.
On Monday Litecoin (LTC) broke the resistance at USD 145 making a run from USD 134 – the lowest trading price for the day to USD 153 – the highest paid one.
This was the third green day in a row for LTC after a week of losses and if the bulls keep the price above USD 150 a new rally to USD 180 might be on the horizon.
However, make no mistake – Litecoin is still in a bear trend, so any move up is likely to face resistance at previous conflict zones.
On the upside, this is a move to USD 160-167.
On the downside, if LTC closes below the USD 150 the bears may push the price to USD 132, where last week Litecoin faced strong support from the buyers.
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