Investment Bank, Goldman Sachs, announced that it would engage in cryptocurrency trading. The decision was reached after overwhelming requests from clients. This move is a good sign for crypto markets. Other positives in crypto trading like the frothy levels decline have given investors a unique opportunity to enter the market. Volatility has declined in recent weeks as well. Let us see if a price analysis will present new buying options?
Bitcoin moved past the small symmetrical triangle and shifted into the ascending channel as of May 03. If it breaks from the support line in the ascending link, it increases the chances of a shift above the 9,800 to 10,000 USD marks. 11,000 USD and 12,000 USD are the first and second targets after the breakout. There will likely be firm resistance at the 12,17.43 USD point. The upward shift won’t be guaranteed if it only breaks below 9,000 USD. Hence raising the stop from 8,600 USD to 8,900 is predicted.
Ethereum moved past the 745 USD level on May 03. Hence a ‘V’ shaped bottom formation was completed. This set up has a target of 1,130, USD and faces minor resistance at the 900 USD and 1,000 USD levels. On the downside, 745 USD will be the first support. Should this break, the trendline close to the 700 USD mark and 20-day EMA at 645 USD will be defended. The trend will be range bound if the pair breaks below 700 USD. Traders should buy if the 745 USD level holds after a retest of the breakout levels. No trade should be carried out should Ether close below the 700 USD mark.
Ripple sustained trade inside the 0.76 USD to 0.93777 USD ranges. A break beyond this range will mean bullishness, hence making a rally to 1.229 USD likely. If the pair fails to break beyond the 0.9377 USD mark, more range-bound trading days should be anticipated. On the downside, there is support at the 20-day EMA as well as below at the end of the range. The more the digital coin trades inside this range, the better the ensuing breakout. So it will be wise to wait before moving into any long positions.