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BTC, ETH, BCH Price Analysis — A Market Bull Run Is Replaced by a Correction

Price Predictions
Mon, 05/13/2019 - 07:22
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Denys Serhiichuk
?Bearish tendencies have been quickly replaced by the bullish ones. ?Our price analysis helps you to make a profit on the falling market as well.
BTC, ETH, BCH Price Analysis — A Market Bull Run Is Replaced by a Correction
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Contents

It looks like cryptocurrency boom of 2017 is back. Last week, Bitcoin and many other altcoins went to conquer new peaks.

Traditionally, the development of growth dynamics is supported by positive news, for example, about the players' readiness to introduce uniform crypto standards and the long-discussed issue of SEC and CFTC market regulation, which the corresponding statement was made to the US Congress.

Related
‘Ban All Cryptos’ Call Rings Out in US Congress: Reasons Why It Will Never Work

The new week has started with the correction of the cryptocurrency market. The reason for this is clear - traders and investors take profits.

Top 10 cryptocurrency
Cryptocurrencies by CoinMarketCap

At the moment we have the following events that may affect the market:

  • On May, 13, Consensus 2019 is starting -  the annual largest crypto-conference.

  • On May, 14, Binance is about to resume deposits/withdrawals of funds.

  • Opening CME futures trading.

BTC/USD

Bitcoin has been growing over the past four months. As a result, since the beginning of the year, Bitcoin growth was 75%.

The following fundamental factors can cause BTC’s growth:

  • The Consensus conference that all years (except the previous one) gave a strong reason for the growth.

  • BTC halving.

  • Global fundamental events - ETF, Bakkt, and Fidelity.

The investment attractiveness of BTC is also confirmed by the Binance research.

Assets comparison
Assets comparison by Binance Research

Now, let’s switch to the technical analysis.

BTC/USD 4-hour chart
BTC/USD chart by TradingView

Our previous BTC prediction did not come true, as the leading crypto jumped to $7,000 and could reach even the $7,500 mark.

However, everything that is more the $7,000 is confirmation of Bitcoin strength but catching long position now is very risky and could be compared to buying Bitcoin above $15,000 in 2017.

Related
Bitcoin Reaching $6,000 is Massive for the Market - Experts e Explain What Future Holds

On the 4-hour chart, the RSI indicator is near the overbought zone, while the MACD is at high levels. In terms of the short-term scenario, BTC is likely to be corrected to the support zone at $6,800, due to the decrease of the trading volumes.

The price of BTC is trading at $7,068 at the time of writing.

ETH/USD

The most popular altcoin is not far behind Bitcoin. Last week, a testnet launch for Ethereum 2.0 took place, which contributed to the growth of cryptocurrency.

ETH/USD 1-hour chart
ETH/USD chart by TradingView

The price of Ethereum achieved the $180 mark, as we forecast last week. Respectively, new support and resistance levels have been created, at $184 and $200 accordingly.

Related
ETH Price Can Rise to $280 if It Breaks Resistance. A Sneak Peek at Technical Indicators on ETH Price Chart

Currently, the asset is located near the red zone according to the Fibonacci retracement. As ETH is still bullish, one should expect a level at $196 (61.8%) within the next few days.

The price of ETH is trading at $190.28 at the time of writing.

BCH/USD

Bitcoin Cash showed one of the most significant growth over the last weekends; its price soared by more than 30%, as it is outlined on the hourly graph. The highest peak was at $386 at the Bitstamp exchange.

BCH/USD hourly chart
BCH/USD chart by TradingView

BCH is one of the best coins for manipulation, as its quotes are extremely volatile during any market movements. Regarding the possible price prediction, Bitcoin Cash is supposed to reach its support level at $340, which is backed by the MACD indicator and decreasing trading volumes.

The price of BCH is trading at $358.60 at the time of writing.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.