2018 15 May Bitcoin & Ethereum vs USD Price Analysis।। Post By ~ GPA (Steemlog#57)
After listing Bitcoin futures in December of last year, CME launched two indexes tracking Ethereum on Monday. Though the company has denied plans of adding another new product, speculation is rife that Ethereum futures may be added in the future.
Ethereum futures will offer the institutional players an opportunity to diversify their trading into the top two cryptocurrencies by market capitalization.
BTC/USD
For the past three days, Bitcoin has been taking support at the 50-day SMA. The bulls will strongly defend the support zone between $7,900 to $8,400 because if this cracks, a fall to $7,000 will be on the cards.
If the support zone holds, the cryptocurrency will stay range bound between $7,900-$10,000.
The 50-day SMA has been flat for the past few days while the 20-day EMA has become flat in the past week. This shows that the BTC/USD pair will soon enter a period of consolidation.
The resistance of the range is well established at $10,000, but the supports are still unclear. It will either be $7,900 or $6,700.
Hence, we suggest waiting for a couple of days before clarity emerges.
ETH/USD
The dip in Ethereum below the 20-day EMA was aggressively purchased on May 14, resulting in a move back to the overhead resistance of $745.
Currently, the ETH/USD pair is looking strong as it is holding above the $700 levels. This increases the possibility of a break out of $745 levels once again.
Aggressive traders can take a very short-term long position above $750 with a close stop loss. The target is $838, but this is a very risky trade, hence, should be attempted with only about 30 percent of the usual position size.
On the downside, the critical support levels are $637, $600 and the 50-day SMA at $570.
