Analysts at JPMorgan Chase have said that, after the rally, Bitcoin is trading above its intrinsic value.
Traders can keep the stop loss on the long positions at $0.2750.Conversely, if the pair bounces off the 20-day EMA and scales above $0.45, it is likely to pick up momentum and move up to $0.60.
If the bulls fail to break out of the channel, the digital currency might still move up gradually as long as it stays above the 20-day EMA.The first sign of weakness will be a break below the 20-day EMA. After that, a drop to the support line of the channel is probable.
They are currently finding it difficult to push the price above $6.8299.A failure to scale above $6.8299 will result in a consolidation for a few days.
Contrary to our assumption, if the XLM/USD pair fails to climb above the overhead resistance, it might remain range-bound between $0.1150 and $0.14861760 for a few days.
ADA/USDThe bulls are finding it difficult to propel Cardano above the overhead resistance of $0.094256.
If the ADA/USD pair rebounds off the moving averages and climbs above the overhead resistance of $0.094256, it will complete a reversal pattern that has a target objective of $0.161275.
TRX/USDThough Tron rose above $0.02815521 on May 19, the bulls could not sustain the highs.
If the TRX/USD pair sustains above $0.02815521 for 3 days, it is likely to start a new uptrend that can easily carry it to $0.40 where it might face some resistance.
Above $0.40, the rally can extend to $0.50.Our bullish view will be invalidated if the cryptocurrency fails to sustain above the range.
Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 20
Published on May 20, 2019
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.