Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 29
If Bitcoin resumes its rally, a few altcoins might tag along as well.
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Market data is provided by the HitBTC exchange.
The chief commercial officer of cryptocurrency payments processor BitPay believes that Bitcoin will only rise higher, led by business interest and real use cases for cryptocurrencies around the world. Contrary to this opinion, a report by the United States think tank, the Congressional Research Service, claims that cryptocurrencies are being used for investment purposes and not as money.
Jens Weidmann, president of Germany’s central bank and chairman of the board of the Bank for International Settlements warned that adoption of digital currencies could destabilize the financial system during a crisis.
A recent survey shows that 94% of the 150 university endowments had some kind of exposure in crypto-related projects. Another interesting observation was that 49% of the respondents said that allocation to crypto investments by endowments, in general, is likely to increase over the next 12 months. But how should individual traders approach the crypto markets now? Let us analyze the charts and find out.
Bitcoin (BTC) dipped to the breakout level of $8,496.53 and held it. This is a bullish sign as it shows buying on every minor dip. Now, the bulls will attempt to propel the cryptocurrency above the minor resistance at $8,904.92. If successful, a rally to $10,000 is probable. The moving averages are trending up and the RSI is