Price Analysis for Bitcoin, Ethereum and Ripple – May 9

The crypto market’s capitalization has dipped after legendary investors Charlie Munger, and Warren Buffett criticized the system. Microsoft founder, Bill Gates also said he would short BTC if he could. However, despite Gates views about Bitcoin, Microsoft continues to support the Blockchain initiative and virtual currency. While statements like these can scare some investors away from investing in digital currencies, it likely won’t have any differences in the long-term. The dips won’t even be noticeable after a few months.

Price Analysis for Bitcoin

Bitcoin dipped below the 20-day EMA as well as the small trendline support. Currently, the virtual token has pulled back beyond the 9,000 USD levels. The bulls may initiate a rally to 10,000 USD levels. Although the chances of the digital currency gaining strength are peaking above the 10,000 USD mark. A confirmed break beneath the 9,000 USD levels on the downside will cause a drop in the 50-day SMA. Hence we suggest maintaining stops at 8,900 USD.

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Price Analysis for Ethereum

Ethereum has clawed back to the predicted purchase price and should break out above the 745 USD levels. Failing to do so will cause a retest of the 20-day EMA, at 693 USD. A breakout beyond 745 USD can carry prices to 838 USD. Above this mark, a rally near 900 USD is possible. Although target objective here is 1,130 USD, we will take it step by step. A slide below 685.18 USD on the downside, will signal weakness. Thus it is recommended that you raise the stops from 640 USD to 680 USD.

Price Analysis for Ripple

Ripple is still trading inside the 0.76 USD to 0.93777 USD range. Prices are currently bouncing off the back of the spectrum. Should this support hold, we should see a backward move towards the higher end of the range. We have a few open positions already, which are near our buy levels. Thus, we should wait for several days before giving an extended position regarding it. A breakdown of each range gives Ethereum/USD a target of 0.58223 USD via the downside.

 

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