The week 22 of the year 2019 began as we had predicted in our previous post, a totally bullish Bitcoin has catapulted to higher levels than many expected. As a result, the market awoke on the first day of the week with high momentum, initiating a lot of buying pressure because the outlook of the rising parabola of the largest cryptocurrency has taken more shape.
At the time of writing, the price of BTC is in the order of $ 8784.97, a jump of + 10.46% in the last 24 hours, seeing growth of marketcap exceeding $ 155 billion dollars.
The market also presents fairly high levels of market capitalization, as a result of the growing interest for investors who do not want to lose the bullish wave. The BTC domain of course also increased and heads towards 60 percent.
In the short term, BTC formed a key triangular pattern that could see it heading to levels of $ 9,000 in a few hours if broken. Otherwise, its contraction will take it back to $ 8400 levels.
In the medium term, the outlook is totally bullish, with a strong ascending parabola that already alive towards the 10K levels.
BTC has already broken the July 2018 high and apparently remains cyclical as it moves towards breaking the May 2018 high at levels of R1 – $9884. If so, we would be talking about a long strategy that would offer benefit up to 11.24 %. For now, we have 32 days to achieve this price change that began at the beginning of this month, as it happened in 2018.
To confirm this thesis, we observe the 1D chart for BTC with the respective indicators.
The Bollinger Bands are divergent, with a wide cloud that supposes the volatility created by BTC today. We must wait if the sail breaks the upper band to be sure the current bullish trend is maintained at higher levels.
Aroon on the other hand shows its bullish indicator at the top of the chart, which shows that BTC will continue its bullish rally for now.
RSI is totally bullish, with overbought levels that drive the price of the asset to higher historical levels of the year. Its positive slope does not show the possibility of a change in trend.
ETHEREUM Price Prediction for May/June 2019
The most important altcoin of the entire crypto ecosystem has benefited from the BTC bull rally given its influence on the BTC/ETH pair that contributes the most to its market. However, ETH alone was testing levels of $ 260 and despite the hardness, did not faint in its attempt to pass it.
At the time of writing, ETH is quoted at a spot price of $ 270.54 with a profit of + 8.87% in the last 24 hours, also increased its daily volume to just over $ 11 billion to anchor in the second position with great advantage over the Ripple token, XRP.
Now that the altcoin has been able to cross the $267 market value, it is clear that it is on a relentless upward trend. This trend has already drawn a bullish pennant that we hope will hold for the remainder of the Q2 2019 period.
At the moment, the Ethereum is beginning to draw its new waves of Elliot that could take it again to touch levels of R1 @ $ 300, which implies a + 9.93% for the next month at the latest.
Ethereum’s key support remains at S1 @ $ 194.98 levels. Aroon remains uncertain, with both indicators going to the bottom of the graph. CMF in its own part remains at relatively high levels, with a capital inflow to the ETH ecosystem.
XRP Price Prediction for May/June 2019
The Ripple token has finally gotten out of the $ 0.30 level. It is another direct beneficiary of the BTC bullish rally and its price has managed to gain + 8.23% in the last 24 hours, which has led it to a level above the psychological barrier of forty cents, with a price of $ 0.413 per token.
In the medium term, the XRP strategy must be cautious, since a spin ball has been reversed thanks to the rise of BTC, so a solid floor by the altcoin itself has not yet been built. In addition, its daily volume remains low compared to its reported marketcap and compared to its two immediate competitors such as BTC and ETH.
For now, the token projects an Elliot wave level towards the levels of R1 that in the best of cases would bring it closer to half a dollar per unit, a profit of + 16.24% by the beginning of next month.
Sar Parabólico is still bearish, despite the good movement of XRP, the indicator RSI is at the limit of the buying and selling area, which has not yet defined its trend for the end of the period, so I recommend caution in trading of this token.
The key support to take into account for XRP is the 30-day moving average @ $ 0.355.
Disclaimer: This article is written for informational and educational purpose and nto for financial reasons. Cryptocurrency in general are volatile. Seek financial advice and follow due diligence before investing in any digital currency.