Crypto Market Starts the Week on a Positive Footing – BTC, ETH, LTC Price Analysis, 18 May, 2020
Entrepreneur and author of the bestseller "Rich dad, poor dad" Robert Kiyosaki believes that the US Federal Reserve System's (US Fed) incompetence is killing the US economy, so the price of Bitcoin will grow to $75,000 in three years. The businessman shared his point of view recently on Twitter:
As can be seen in the tweet above, Kiyosaki wrote that he increased his investments in gold, silver, and Bitcoin because of the intention of the US authorities to pour trillions of dollars into saving pension plans.
Another well-known entrepreneur - Elon Musk, the CEO of Tesla and SpaceX, also expressed positivity towards BTC, by writing that the massive currency issuance by central banks around the globe is making Bitcoin look solid:
The cryptocurrency market starts the week on a positive footing. At the time of writing, according to Coin360.com, one Bitcoin costs €9,049.78 +2.87%), one Ethereum – €199.05 (+6.82%), and one Litecoin – €42.24 (+3.82%):
Daily crypto market performance. Source: Coin360.com
Now let's dive into the price charts analysis of the major cryptocurrencies.
In the one-week time frame (1W), the bulls continue to support Bitcoin and BTC/EUR is starting to test the range of the previous local high:
However, we would like to outline that, although last week BTC/EUR formed a solid bullish candlestick immediately after the «Doji» candlestick, it has a local high below the local high of the «Doji». Thus, it is a signal that the previous local high in the price chart serves as a solid resistance for the further price increase of Bitcoin.
In the 1-week chart (1W), ETH/EUR is approaching the psychological level of €200 per one digital coin:
As can be seen in the chart above, the bullish candlestick from the last week and the current one are trying to cover the body of the bearish candlestick in the «Bearish Engulfing». Hence, this is an initial signal indicating that the bulls are trying to regain control over the market and to negate the bearish signal coming from the «Bearish Engulfing».
In the 1-day time frame (1D), last week LTC/EUR crossed the 30-day Moving Average (MA 30), but faced resistance at the 90-day Moving Average (MA 90):
If one wants to open a long position, it is preferable to wait for a «Moving Average Crossover» - a situation when the faster moving average (i.e. MA 30) crosses and surpasses the slower moving average (i.e. MA 90).
Stay updated on everything Bitcoin-related with Bitvalex. Bitvalex is a licensed digital wallet and cryptocurrency exchange; learn more about us and blockchain technology and sign up to use our services.
The analysis is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.