Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 24
Select major cryptocurrencies are showing signs of resuming their uptrend.
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Market data is provided by the HitBTC exchange.
Cryptocurrency fund manager Brian Kelly expects Bitcoin to rally further in the next few months on the back of its “halvening,” due in 2020. He proposes investors to buy around the current levels and keep 1% to 5% of their portfolio in Bitcoin.
Similarly, CEO of Morgan Creek Capital Mark Yusko believes that Bitcoin investments will outperform the S&P 500 investment fund over the next 10 years. According to him, the low correlation of the cryptocurrency with other asset classes is also a reason why it should be in every investors portfolio.
Other than Bitcoin, the altcoins are also putting forth their use cases in various fields. The Enterprise Ethereum Alliance has outlined various use cases for the real estate sector. Not only crypto and blockchain companies that are looking at various opportunities where the technology can be of help. Elvira Nabiullina, the head of the Bank of Russia is interested in a gold-backed cryptocurrency as she believes it will improve mutual settlements with global jurisdictions.
Facebook is in talks with the major cryptocurrency exchanges on the issue of its rumored cryptocurrency. The social media giant wants to ensure that its cryptocurrency is liquid, tradeable and secure. With fundamental factors supportive, how do the technicals look? Let’s find out.
The trend in Bitcoin (BTC) is up. It held its first support of $7,413.46 on May 23, which is a positive sign. Both the moving averages are trending up and the RSI is in positive territory. This suggests that the bulls have the upper hand.
A breakdown of $7,413.46 and the 20-day EMA will be the first indication that the momentum has weakened. If the 20-day EMA breaks down, the BTC/USD pair can drop to the next support of the 50-day SMA and below it to $5,900. We anticipate this level to hold.