Bitcoin and Ethereum: Price Analysis, May 18
BTC/USD
Bitcoin has failed to attract buyers. It has continued to slide and is now at the critical support of $7,941.68. If this level breaks down, the digital currency will plunge to $7,000. The 50-day SMA is flat and the 20-day EMA is turning down, moving towards a bearish crossover. This is a negative development.
BTC
If the support at $7,941.68 holds, the bulls will attempt a pullback, which will face resistance at the moving averages.
We can confirm that the BTC/USD pair is range bound once the price breaks out of the 20-day EMA. As it is yet to bounce off the supports, we are avoiding any buy recommendations.
ETH/USD
Ethereum continues to outperform the other top cryptocurrencies. It is well above the 50-day SMA and just below the 20-day EMA. It is trying to hold the neckline of the bearish head and shoulders pattern. The pattern will complete on a breakdown and close (UTC) below the neckline, which has a lower target of $418.
ETH
As the 50-day SMA is still rising and the 20-day EMA is flat, we don’t expect the ETH/USD pair to sink to $418 in a hurry.
We anticipate a strong support at the 50-day SMA, which is close to the 50 percent retracement levels of the rally from $363 to $838.
The first bullish sign will be a breakout of $745 levels. Until then, every pullback attempt will be met with a strong selling pressure.
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