There is two news today– both bad and good. The bad one is that Bitcoin, Ethereum, Ripple are still going down without any sign of a reversal. The good one is that they have slowed down their downside tendencies. However, no one can say for how long.
Psychologically, the crypto industry is still bearish. There is no a single event to help bulls to break this negative tendency. Bears continue to dig themselves deeper into the ground, establishing new lows almost every day.
As for crypto news, there are some interesting events to mention. The South Korean Bithumb exchange has banned traders from 11 Non-Cooperative Countries and Territories including Iraq, Iran, Bosnia and Herzegovina, Tunisia, Trinidad and Tobago, Vanuatu, Yemen and others. The other interesting event for the cryptocurrency community is that six companies in Japan have opened crypto exchanges on the Tokyo Stock Exchange.
The fundamental outlook, however, is still negative. Hodlers and buyers are still waiting for some good news to come.
Bitcoin (BTC/USD) Price Analysis, May 29
Bitcoin is still going along the red midterm descending trend line and shows no sign of recovery. The currency pair established new lows on Monday meaning sellers still have control over the market. BTC/USD seem to aim at $6,510 in midterm.
Let’s have a closer look at what is going on the hourly chart. BTC price has jumped below the $7,199 support area and is trading there currently. Bitcoin has chosen the red scenario (bearish) on Monday. BTC/USD slides down along the red midterm descending trend line.
Possible paths for Bitcoin are the following:
- Red scenario (bearish). BTC/USD will continue to fall without any significant correction or after a correction towards the closest resistance area at $7,199. The closest targets for BTC/USD are 2.618 retracement level and the support area at $6,943.
- Orange scenario (neutral). Bitcoin will jump over the closest resistance area at $7,199 and move higher targeting the next resistance area at $7,565, which coincides with 1.618 retracement level. Once those targets are reached, BTC/USD will reverse towards $7,199.
- Green scenario (bullish correction). There are still chances that buyers will be able to make a kind of a correction. BTC price will reach $7,565 and move higher targeting the $7,949 resistance area, which coincides with one retracement level.
Ethereum has lost nearly two percent in the past 24 hours, meaning the currency pair slows down its downside tendency. There is a possibility of a bullish correction. However, ETH price still stays below the descending trend line and we have a general downside tendency. Midterm outlooks still negative. The price is able to reach $453.24 support area at least.
Let’s have a closer look at ETH/USD’s hourly chart situation. The currency pair has reached the support area at 3.618 retracement level and has fallen back from there. It seems that Ethereum goes towards the closest resistance area at $566.90, which coincides with 2.618 retracement level.
The possible scenarios for ETH/USD are the following:
- Red scenario (bearish). The currency pair will fall from the current levels or from $566.90 towards 3.618 retracement level and then lower, towards 4.236 retracement level, which coincides with $473.39 support area.
- Orange scenario (neutral). This one is similar to a red variation, but ETH price will not break through 3.618 retracement level and jump off it.
- Green scenario (bullish correction). ETH price will follow the orange scenario until $566.90 resistance area and then will break it through targeting $596.08 resistance area.
Ripple (XRP/USD) Price Analysis, May 29
Ripple has left the midterm descending trend line, but we have drawn another short-term one as the currency pair still follows a downside tendency. XRP/USD has lost over two percent in the past 24 hours. Ripple’s downtrend slows down, but it is still in place meaning bears control the market. Midterm outlook still negative. The currency pair is able to reach $0.5000.
Let’s have a closer look at the hourly chart situation. XRP/USD has reached new lows on Monday and touched $0.5444 support area. The currency pair jumps off this level later and crossed 2.618 retracement level as a part of the bullish correction. The possible scenarios for XRP/USD are the following:
- Red scenario (bearish). The currency pair will jump off $0.5914 resistance area and move lower aiming at 2.618 retracement level. The second target for the bears lies at $0.5444 support area.
- Orange scenario (neutral). XRP/USD will rise towards $0.6216 and reverse towards the current support area at $0.5914.
- Green scenario (bullish correction). The currency pair will move towards $0.6216 and cross this resistance area aiming the next one, which lies at $0.6515.
The currency pair still follows the downtrend as it is close to descending trend line. EOS has lost over than two percent in the past 24 hours. This downside tendency seems to slow down but sellers are still in controlling the market. The next midterm target for the sellers lies at $10.00 area.
Let’s have a closer look at what is going on the Hourly chart in the short term. EOS price is between 0.382 and 0.5 retracement levels. EOS/USD has almost reached one retracement level on Monday, but jumped off it, starting an upside correction. The possible scenarios for EOS are the following:
- Red scenario (bearish). The currency pair will break through 0.5 retracement level and move to the lower targeting 0.618 and 0.786 retracement levels.
- Orange scenario (neutral). The currency pair will rise towards 0.236 retracement level and reverse downwards there targeting 0.5 retracement level.
- Green scenario (bullish correction). The currency pair will reach 0.236 retracement level and move higher towards the zero retracement level, which coincides with $12.80.
Cardano (ADA/USD) Price Analysis, May 29
The currency pair added more than eight percent in the past 24 hours, which is surprising as the other coins declined mostly. However, ADA/USD is still unable to make a complete reverse. This upside rush is nothing more than a bullish correction, which seems to come to an end in the nearest future. Midterm targets for bears lie at $0.1544.
Cardano has reached $0.1719 support area before starting a luminous bullish correction to $0.2002 resistance area. ADA/USD is currently close to this resistance. This correction is sharp, but we still think that bears will take control in the midterm. The possible scenarios for ADA/USD are the following:
- Red scenario (bearish). Cardano will break through 0.236 and 0.382 retracement levels targeting 0.5. Once done, the currency pair is able to develop its downside progress.
- Orange scenario (neutral). ADA/USD will move towards $0.2002 and reverse downwards targeting 0.236 FIBO retracement level.
- Green scenario (bullish). The currency pair will leave the FIBO retracement and move higher towards $0.2081.