BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX: Price Analysis 05/06
Most major cryptocurrencies have broken down of their first support. Has the recovery from the lows come to an end?
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Market data is provided by the HitBTC exchange.
There is a large disconnect between traditional investors and crypto investors on how they approach cryptocurrencies. Billionaire investor Stanley Druckenmiller said that he would neither buy nor sell Bitcoin because he does not find inherent value in it. He also said that due to its sharp volatility, Bitcoin can never be a medium of exchange.
Another investor, Peter Boockvar, chief investment officer at Bleakley’s believes that Bitcoin can be used as a leading indicator to forecast the directional movement in the stock markets or gold. But he prefers to own gold over Bitcoin.
Compare this with analytical firm Delphi Digital recently terming Bitcoin as the “King of the Assets Class Hill” because of its huge outperformance in May, compared to traditional asset classes. It is worth noting the uncorrelated performance of Bitcoin, which makes it a valuable addition to any portfolio. Should traders buy now or wait for lower levels? Let’s take a look at the charts.
We had projected that the Bitcoin (