The classification of Ethereum by American Regulators as a security or not is gaining importance day by day as it will affect the crypto world to a large extent.
In order to shift to more regulatory friendly nations, Japan and Hong Kong are continuously forcing the cryptocurrency exchanges. The governor of South Korea’s Financial Supervisory Service (FSS) also sees some positive aspects in using the cryptocurrencies in the country.
But we, on the other hand, believe that cryptocurrencies are forming bottoms. Let us have a look at the status of some of the top cryptocurrencies in the world today:
Bitcoin was unsuccessful in breaking out the $10,000 on May 5 and 6. Thereafter, the prices turned around and it came below the support line of the ascending channel. It is expected that BTC/USD pair can fall to the 50-day SMA at $8,500. Therefore, it is suggested to retain the stops at $8,900.
Bitcoin / USD Price Chart
On May 6, Ethereum was close to the breakout levels. However, the condition today is bearish as the prices have even gone below the breakout level of $75. The prices have bounced off the 20-day EMA, and that could be a relief. It is believed that it can attain its target of $1,130 in spite of facing the resistance at $900 and $1,000.
Ethereum / USD Price Chart
On May 5, the Bitcoin Cash broke out above $1,600 which resulted in the stop loss of $1,400. Here, the trade is losing its grip, therefore it is suggested to stop at the half position to $1,500 and retain the rest at $1,400.
Bitcoin Cash / USD Price Chart
Once again, ripple failed to break out of the upper range. It will ultimately reach down to 50-day SMA if the XPR/USD pair breaks below the range. All we need to do is to turn the Bullish on the breakout of the range.
Ripple / USD Price Chart
It is expected that its slide can extend to 50 days EMA from 20 Day EMA if both the levels break.
The 38.2% Fibonacci retracement level of the recent rally has strengthened EOS/USD. If the breakdown of $16 happens, it will result in a slide of $14.495, whereas the breakout of $19.63 will give the pair the lifetime highs. We are not able to spot any buy setups, thus recommend not trading on it.