Price Analysis 5/13: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, XLM

History suggests that Bitcoin (BTC) halvings have led to massive balderdash runs. After the first halving in November 2022, the pinnacle-ranked cryptocurrency on CoinMarketCap surged 10,000% from tardily 2022 to 2022. The second halving that took place in July 2022 produced a rally of about 2,500% from mid-2016 to Dec. 2022. On May 11, Bitcoin completed its tertiary halving and the expectations are for some other huge upwardly movement.

Other than history, current fundamental factors are setting the stage for a huge rally in Bitcoin'southward future. The earth is currently in the midst of a fiscal crisis due to the coronavirus outbreak and this dwarfs the previous financial crunch that led to the birth of Bitcoin.

In response to the current crisis, governments and key banks have gone to new extremes with their stimulus measures. For the first time ever, the U.S. Federal Reserve plans to invest in exchange-traded funds and the Trump Administration has started pressurizing the Fed for negative rates.

Daily cryptocurrency marketplace performance. Source: Coin360

For more than a decade, the central banks accept only resorted to cutting rates and printing more money in response to every financial problem. As a result, the Fed'southward balance sheet has ballooned to over $6.72 trillion and the U.S. government's debt is over $25 trillion.

The fear of inflation and currency crisis is likely to drive some investors towards cryptocurrencies, according to Anthony "Pomp" Pompliano, the co-founder of Morgan Creek Digital.

Fundamentally, the phase is set up for the next balderdash run in cryptocurrencies but timing information technology would be difficult. Therefore, long-term investors can gradually build their portfolios on precipitous corrections.

BTC/USD

Bitcoin (BTC) nosedived on May 10 and fell to a low of $8,130.58. This sharp fall triggered the end loss on the remaining long position that was proposed to exist kept at $9,000 in a previous analysis.

BTC–USD daily chart. Source: Tradingview

On May 10 and eleven, the bulls aggressively defended the uptrend line. This could have led to short covering by the aggressive bears. The breakout above the 20-day EMA ($8,662) further strengthened the instance for a possible retest of $ten,000 levels.

The twenty-day exponential moving average has started to slope upwards once again and the relative strength index has bounced off from close to the midpoint. This suggests that the bulls are in command and the path of least resistance is to the upside.

Above $9,200, a move to $10,000 is possible. The bears are likely to mount a stiff resistance between $10,000 and the downtrend line of the symmetrical triangle at $x,700. This zone is likely to be the existent test of this upward move.

The bullish view will be invalidated if the BTC/USD pair turns downward and plummets below the uptrend line and the recent lows of $8,130.58. If that happens, a deeper correction to $6,471.71 is possible.

ETH/USD

The sharp fall in Ether (ETH) on May ten bankrupt below the back up line of the channel, which triggered the suggested stop-loss on the long positions at $185. All the same, buying well-nigh the lows helped the biggest altcoin recover and shut (UTC time) inside the channel.

ETH–USD daily chart. Source: Tradingview

On May 11, the bears again attempted to break the uptrend by dragging the 2nd-ranked cryptocurrency on CoinMarketCap below the support line of the channel. However, the bulls again bought the dip.

This could have led to short roofing by the aggressive bears and follow up buying by the ambitious bulls. This has propped the ETH/USD pair in a higher place the 20-solar day EMA ($196). The downtrend line might offer potent resistance only if this level is scaled, the up motion can retest $227.097.

Conversely, if the pair turns down from the downtrend line, the bears are likely to make another try to sink the price below the aqueduct and the recent low of $176.112. If successful, a deeper correction is likely.

XRP/USD

XRP plunged to a low of $0.17898 on May 10. This sharp decline triggered our proposed stop-loss on the long positions at $0.20. However, the positive thing is that the bulls bought the dips aggressively.

XRP–USD daily chart. Source: Tradingview

Currently, the bulls are attempting to button the 3rd-ranked cryptocurrency on CoinMarketCap above the 20-mean solar day EMA ($0.xx).

If successful, an up move to the downtrend line is possible. A breakout of the downtrend line will point strength and can result in a rally to the $0.23612-$0.24770 resistance zone.

On the other hand, if the XRP/USD pair turns downward from the downtrend line, the bears volition make another effort to pause the $0.17372 support. If that happens, a drib to $0.xiv is possible.

BCH/USD

Bitcoin Greenbacks (BCH) has been consolidating betwixt $200 and $280.47 for more than a calendar month. When the cost is stuck in such a large range, traders tin purchase near the support and sell almost the resistance.

BCH–USD daily nautical chart. Source: Tradingview

The 5th-ranked cryptocurrency on CoinMarketCap turned downwards from the resistance of the range on May nine and plunged to a depression of $217.55 on May 11. Although the bulls purchased this dip, they have not been able to propel the price above the twenty-day EMA ($243), which suggests a lack of momentum.

If the BCH/USD pair turns down from the current levels, a drib to $200 is possible. Conversely, if the bulls can push the toll to a higher place the 20-twenty-four hours EMA, a move to $280.47 is likely.

BSV/USD

Bitcoin SV (BSV) roughshod from shut to the resistance of the range to the support of the range inside 2 days. The bulls purchased the drop to the support of the range at $170 on May 10 and 11, which is a positive sign.

BSV–USD daily nautical chart. Source: Tradingview

This increases the possibility of a range-bound movement in the sixth-ranked cryptocurrency on CoinMarketCap. A break in a higher place the twenty-mean solar day EMA ($197) can carry the price to the top of the range at $227. Above this level, a new uptrend is likely.

Conversely, if the BSV/USD pair turns down from the current levels, the bears might make one more attempt to sink the price below $170. If successful, a downtrend will begin.

LTC/USD

Litecoin (LTC) turned downward from the downtrend line and nosedived below the moving averages and fabricated an intraday depression of $39.3920 on May 10. This triggered the recommended stop-loss on the long positions at $42.

LTC–USD daily nautical chart. Source: Tradingview

Although the bears attempted to sink the seventh-ranked cryptocurrency on CoinMarketCap beneath $39 on May 10 and xi, they could non practise so. This suggests that buyers stepped in closer to this level.

Nevertheless, the bounciness off the $39 levels has not been able to sustain above the 50-day simple moving average ($43). This suggests that demand dries up at college levels. If the LTC/USD pair turns downwards from the current levels, a retest of $39 is possible. A break beneath this level will start a downtrend.

Conversely, if the bulls can drive the price above the downtrend line, a rally to the $fifty.7864-$52.2803 range is possible.

BNB/USD

The precipitous autumn in Binance Money (BNB) on May 10 triggered the terminate-loss on the long positions as suggested in the previous analysis. The bulls aggressively defended the disquisitional back up at $13.65 on May 10 and 11.

BNB–USD daily nautical chart. Source: Tradingview

This suggests that the 8th-ranked crypto-asset on CoinMarketCap is likely to exist range-spring for the adjacent few days.

Currently, the bulls are facing a strong resistance at the 20-twenty-four hours EMA ($16.21). If the BNB/USD pair turns down from this level, the boundaries of the range are probable to be $sixteen.30-$13.65.

Merely if the bulls tin can propel the pair above the 20-day EMA and the downtrend line, a rally to $xviii.1377 is possible. A new uptrend is likely to begin if the bulls propel the pair above this resistance.

EOS/USD

The failure of the bulls to break in a higher place the downtrend line attracted profit booking that dragged EOS below the uptrend line and the moving averages on May ten. That triggered the suggested terminate loss on the long positions at $ii.50.

EOS–USD daily chart. Source: Tradingview

Currently, the bulls are struggling to push the 9th-ranked cryptocurrency on CoinMarketCap above the moving averages. This suggests a lack of demand at higher levels.

If the EOS/USD pair does non rise above the downtrend line within the next few days, the bears will make another endeavor to resume the downtrend.

The 20-twenty-four hour period EMA ($2.64) has started to reject and the RSI has plunged into the negative territory. This suggests that the bears are in command. If the pair sustains below $2.3314, the downtrend is likely to resume.

XTZ/USD

Tezos (XTZ) plunged below the disquisitional $2.55900337 support on May 10, which triggered the finish loss on the remaining long positions at $2.55 as suggested in the previous analysis.

XTZ–USD daily nautical chart. Source: Tradingview

Although the bears broke below the support line of the ascending aqueduct on May 10 and eleven, they could sustain the price below it. This suggests that the bulls are attempting to go on the 10th-ranked cryptocurrency on CoinMarketCap within the aqueduct.

If the bulls can break out and sustain the cost above the 20-day EMA ($2.59), it will increment the possibility of a move back to $3.07369598. Hence, this can offer a buying opportunity.

This bullish view will be invalidated if the XTZ/USD pair turns around from the 20-day EMA and breaks beneath the 50-24-hour interval SMA ($2.23). Such a motion might signal the start of a new downtrend.

XLM/USD

Stellar Lumens (XLM) has been in an uptrend for the by few weeks. With the abrupt selloff on May ten and 11, the bears attempted to change the trend but they could non sustain the price beneath $0.060.

XLM–USD daily chart. Source: Tradingview

This showed that the bulls were buying the dips to $0.060. On May 12, the 11th-ranked cryptocurrency on CoinMarketCap surged, which suggested that more than buyers came onboard equally the confidence picked up.

Currently, the up move is facing resistance at the uptrend line but the bulls have not given up much ground. This increases the possibility of a breakout of the uptrend line. If successful, the XLM/USD pair can rally to $0.076994.

The pair remains positive equally long as it sustains above the $0.060 levels. A trend change will be signaled if the bears sink the pair below this support.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves chance. You lot should deport your own research when making a decision.

Market place data is provided past HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-5-13-btc-eth-xrp-bch-bsv-ltc-bnb-eos-xtz-xlm

Posted by: robinsongropen.blogspot.com

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