Despite expectations, Bitcoin’s prices failed to improve after the New York crypto conference Consensys. Instead, prices started to decline when the meeting held. In this challenging market to call let’s see if there are any low-risk buying options.
BTC/USD Price Prediction
Bitcoin has continued sliding down and is now trading at 7,941.68 USD. If this level breaks, the digital token will plunge to 7,000 USD. The 50-day SMA stays flat while the 20-day EMA has turned down, moving to a bearish crossover. Should the 7,941.68 USD support hold, the bulls will try to pull back but will face resistance on the moving averages. The BTC/USD pair will be range bound should prices break out of 20 EMA. Since it hasn’t bounced off it is best you avoid any trades.
ETH/USD Price Prediction
Ethereum has so far outperformed other top digital currencies after trading above the 50-day SMA but just beneath the 20-day EMA. The digital currency is trying to maintain the neck pattern of the bearish head and shoulders trendline. This will complete on a break below the neckline, with a lower target of 418 USD. Since the 50-day SMA is rising, but the 20-day EMA is flat, the ETH/USD pair isn’t expected to sink to 418 USD in a hurry. Strong support is anticipated on the 50-day SMA, close to the 50% retracement level of the 363 USD to 838 USD rally. The first bullish sign is a breakout of 745 USD level. Until then, every pullback will be met with a strong sales pressure.
XRP/USD Price Predictions
Ripple is looking to hold the low of 0.632 USD from May 12, but it seems weak because the cryptocurrency isn’t finding buyers at these levels. However, break to the support level of 0.56270 USD looks likely. Looking at the upside, the bulls have to cut from the resistance between 0.76 USD and the 50-day SMA to show strength. It will be wise to wait for the pair to show power before initiating long positions.