When it comes to cryptocurrencies, larger players typically have an advantage over small scale players as they have what it takes to manipulate prices to their benefits. If there is a way to identify the culprits and stop the price manipulation, the cryptocurrency market will be more stable and fair. Until then, let’s see how some of the top coins are doing.
Price Analysis for Bitcoin
The leader of all cryptocurrencies, Bitcoin, is moving lower towards is $7,000 target objective. The Bulls could not go higher on the 24th of May and the prices have taken a downturn again. Traders should not buy when the BTC/USD pair is in the process of rising or falling. Rather, they are encouraged to buy when the price is showing signs of stability.
Price Analysis for Ethereum
The second leading cryptocurrency, Ethereum also failed to have a breakthrough during the May 24th trading session. If the bears break below May 24th intraday low, Ethereum may fall as low as $464. Traders can attempt to trade now but it’s always better to wait for a new buy setup to form.
Price Analysis for Ripple
Ripple is struggling and it’s support is around $0.56. Just like Bitcoin and Ethereum, Ripple tried to bounce off this support on May 24th but it was faced with aggressive selling pressure. Traders can attempt a purchase when there are signs of a rebound.
Price Analysis for Bitcoin Cash
Bitcoin Cash was able to complete a breakdown from the head and shoulders pattern it faced which has a target of $650. The bulls have been trying to provide support for two days now at $1,000. If they can hold, Bitcoin Cash may be able to go back to the $1,200 level. Wait for the decline to come to an end before initiating any long position.
The next few trading sessions are crucial to the success of all coins.