If prices slide below $7,900 momentarily but recover and sustain above $8,000 levels, traders can buy about 50 percent of their usual position size and keep a close stop loss, preferably below the recent lows.
There is minor support at $544.45, at the 61.8 percent Fibonacci retracement levels, below which a plunge to $418 is likely.
We suggest waiting for a few days to confirm that the decline has ended before buying because a fall below $0.56 can extend the decline to $0.45, below which the digital currency can plunge to $0.24.BCH/USDBitcoin Cash broke below the neckline of the head and shoulders pattern on May 16, and the retest of the breakdown levels held on May 20 and May 21.The BCH/USD pair subsequently broke below the 50-day SMA on May 22.
Traders can buy once the digital currency stabilizes near the key support levels.
There is minor support at $10 and below that at the 78.6 percent retracement levels of $9.6136.If both these levels break, the EOS/USD pair can decline to the bottom trendline of the channel at $8.With prices breaking down of both the moving averages and the 61.8 percent Fibonacci retracement levels of the latest rally, the virtual currency has become negative.
We suggest waiting until the digital currency takes support at levels mentioned above before initiating any long positions.
ADA/USDCardano has broken below the $0.23 levels, which had been acting as strong support for the past few days.
We suggest waiting for a few days before establishing long positions because if the ADA/USD pair breaks down of $0.13, it can sink to $0.08, a level last seen in December 2017.XLM/USDStellar has broken below the neckline of the head and shoulders pattern, which is a bearish sign.
Though the pattern targets are much lower, it should now decline to the strong support level of $0.184.
If the digital currency sinks below $0.056, long positions should be avoided because it opens the door for a further fall to $0.04 levels.
Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, TRON: Price Analysis, May 23
Published on May 23, 2018
by Cointele | Published on Coinage
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