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Weekly Cryptocurrency Price Analysis: Bitcoin, Ethereum, Bitcoin Cash, NEO and Ripple

Weekly Cryptocurrency Price Analysis: Bitcoin, Ethereum, Bitcoin Cash, NEO and Ripple

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Prices are turning for the better for Bitcoin and altcoin owners. After a period of incessant bear pressure in last week, we are seeing greens as coins appreciate. In my view, Bitcoin and Ethereum hold the key for better altcoin pricing. Because of this, any addition of value will likely haul the likes of NEO, Bitcoin Cash and Ripple out of the bear dredges.

Let’s look at these charts:

BTC/USD (Bitcoin)

Initially, Bitcoin was meant to act as a medium of exchange facilitating this cool cross-border movement of value in a cheap and efficient manner. However, with the value of Bitcoin spiraling against all odds, it is quickly shifting its role and acting as a shield, a safe haven when the economy is tumultuous. Bitcoin now acts as a store of value and we are seeing how it is shifting things in Iran.

After Iran’s deal to discontinue nuclear activities, the Iranian Rial collapsed, shedding 50 percent in the process. The collapse happened in Zimbabwe and Venezuela drawing demand for BTC. Going forward, I expect investors to replay the same move and shift their capital to Bitcoin. Plus, it won’t matter if Bitcoin is illegal or not within that jurisdiction. Bitcoin is borderless and no one controls it so it got an edge.

Nothing is perfect and so even though prices didn’t test $7,800, there is a tad bit of Bitcoin demand rejection of lower lows if price action is anything to go by. In our previous forecast, $7,800 was our first take profit target but considering the recent moves, it’s safe for sellers to exit their longs following that double bar bull reversal pattern at $7,800.

Now, on May 18 prices didn’t slide despite relatively high volumes. The next day prices moved within a tight price range but did close around May 18 highs of $8,200, this means buy pressure is high and searching for Bitcoin undervaluation can be a good move. To better trade this, conservatives can wait for surges past $9,000 while risk off traders can long today with stops at May 18 lows at $7,900.

 

ETH/USD (Ethereum)

So, according to the Chinese Rating department, the China Center for Information Industry Development (CCID), Ethereum is the best cryptocurrency outperforming the likes of Bitcoin and EOS. Revealing their ratings methodology, CCID said Ethereum is excellent in technology, innovation and its application in solving real-world problems. Of course, being the first cryptocurrency rating index coming less than a month since it came to birth, we expected it to stir crypto waters. On the flip side, it’s ironical because trading Bitcoin or even using it to settle transactions is illegal in China.

Like Bitcoin, Ethereum is making an upward turn. In doing so, rejecting lower lows and rendering our official sell triggers at $620 invalid. Because of this technical set up and considering the positive correlation between Bitcoin and Ethereum, the top two valuable currencies under our radar are likely to appreciate today.

For safe trading I recommend buys whenever Ethereum bulls push prices past our mid-range resistance line at $750. In that case, stops shall be at $700 and bull targets-especially if we see heighten market participation at $840, $980 and $1260. Notwithstanding, aggressive bulls can buy at current prices and place safe stops at $620.

 

XRP/USD (Ripple)

To some people and more so Ripple hodlers, RippleNet is miles ahead in cross-border money remittance. In fact, they say if Bitcoin is in the 1950s, Ripple speed is in the new millennium. This is funny because if that was the case then we would like to see its valuation close to that of Bitcoin’s.  Anyway, despite our difference of opinion, we all agree that blockchain is disrupting some industries and especially traditional companies in the money remittance sector. The speed of evolution is high and with Ripple spearheading this, International Monetary Fund (IMF) now has their eyes set on blockchain.

The good thing is that most coins are in the green and Ripple is no exception. In the last 24 hours, for example, it’s up two percent and almost reversing weekly losses. Now, in my view, odds of Ripple appreciation is high but considering current technical setups, patience is a keyword.

Because of this, I recommend staying on the sidelines as we observe what would happen after that double bottom at 60 cents. Do you see how prices are rejecting bear pressure? May 12 and 18 candlesticks can help provide better perspectives.

 

BCH/USD (Bitcoin Cash)

The aftermath of the hard fork is literally pouring cold water on Bitcoin Cash holder’s expectation. Remember, just before their 8MB to 32MB upgrade, many said Bitcoin Cash would have enough impetus to replace Ripple as the third most valuable currency in the world.

Of course, for that to happen we need strong market participation and a “gold” status explanation of why Bitcoin Cash is better than Bitcoin Legacy or even Ethereum. After all, prior and even after the hard fork, many didn’t see the need of forking and increasing their block size to 32MB. Bitcoin Cash average daily transactions read 40,000 with an average block size of 48kbs. Maybe it shall scale better and on board demand more than Ethereum or Bitcoin’s Lightning Network but what I guarantee for sure is that it shall be hard because of stiff competition.

We cannot underestimate the significance of May 18 candlestick. While BCH bears were shifting gears, we had an abrupt support as the market participation levels show. There, despite high volumes, prices didn’t sink but instead, we are in a consolidation with yesterday printing higher highs testing $1200. In my view, I expect buyers to inch higher and bulls close higher-above $1200, I recommend buys with stops at $1100 or May 18 lows.

 

NEO/USD (NEO)

Unlike many coins, every time there is a slight dip in prices, NEO finds itself out of the top 10. At the moment, it is down seven percent in the last week and all it needs is a $1 billion market cap increment to usurp Tron and reclaim its spot in the top 10. For that to happen, we must see market participation showing demand for the coin.

Technically, May 17 bear candlestick holds the key for price action. These higher highs we are seeing and rejection of lower prices mean nothing if there is a failure of bulls to push prices $65. Otherwise, we can conclude a short covering with a retest of May 17 highs and trade with the trend as we aim for April 6 lows at $45. Ideally, I would like to see prices moving higher with volumes reflecting increasing demand. Thereafter we can be comfortable to initiate longs at $70 with stops at $65. Targets would be at $100.

Dalmas is a Cryptocurrency News Writer and Analyst. He’s passionate about blockchain technology and the potential of cryptocurrencies.

About The Author

Dalmas is a Cryptocurrency News Writer and Analyst. He's passionate about blockchain technology and the potential of cryptocurrencies.

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