BTC, ETH, XRP – The market for cryptocurrencies has had an interesting weekend, as the corrective scenario anticipated by many before the big bull run at the end of the month has been fully met. The Bitcoin (BTC) maintains its dominance with over 54% and the market is on the psychological edge of the $ 170 billion dollars of stock market capitalization.
For many the present situation is normal as it was projected. Week 18 was intensifying for the ecosystem, and was of great importance to what BTC can achieve or break in the short term, which would allow it to catapult itself towards the level of six thousand .
At the time of writing BTC is quoted at a spot price of $ 5311 per unit with a correction of +0.41% in the last 24 hours and a capitalization market of $ 93.8 billion, which has fallen by approximately 3% in the last week.
The 4H chart of BTC indicates that we are at the lower limit of an isosceles triangle that if the cryptocurrency succeeds in breaking it, we could witness the next bullish rally in the next few hours.
Even though the average band of $ 5471 has not yet been touched and despite a big red candle, the upward sentiment is still possible as indicated by Aroon Uptrend at the top of the graph.
An oscillating movement between the bands of $ 5370 and $ 5570 is expected in the next few days before BTC breaks the upper limit of the projected triangle.
If we look at this scenario in the 1D chart for BTC, the bullish trajectory is evident from the beginning of April and there seems to be no apparent reason to indicate otherwise for Q2 2019. Our forecast is that BTC will at least achieve a 3.68% increase in the next few days of May to occupy the position of R1 @ $ 5665.
In the previous graph we can see the breakage of the SMA 200 pattern for BTC coinciding with the level of immediate support which would not reached by the cryptocurrency for the projected date of the first day in Q2 2019, unless a catalytic event occurs that forces it to descend untimely at that level.
RSI is quite bullish and its projected tangent is totally positive, affirming the good moment of Bitcoin, therefore we see no problems in the cryptocurrency reaching the resistance line of $5,600 again to be able to catapult its prices at a higher price.
However, as mentioned above, if undesired events occur in the next few days, we could foresee the worst unlikely scenario, that will drop to $ 4500 in the first week of May as projected by the MACD indicator at this time, forming descending levels more frequently.
However, Elliot Waves projects the opposite and reaffirms the opposite thesis of MACD, projecting BTC to levels of R1 above $ 5600 for the next month.
ETHEREUM (ETH) Price Prediction for May
The second cryptocurrency per market and the most important altcoin, Ethereum (ETH), presents a scenario equal to that of BTC, and the price of quotation for the pair ETH / USD is $ 157.42 with a decrease of up to -1.56% in the last 24 hours. Its stock market capitalization volume has dropped to just over 16 trillion dollars.
In the short term, it is expected that the cryptocurrency will remain above the lower level of the bollinger band projected for 200 days and that its price will be pushed up to the value of $ 160 for the beginnings of Maj, with + 4.00% in relation to to your current quote.
Even the Chaikin Money Flow indicator (CMF) tells us that the bet to enter the ETH ecosystem is greater than the sentiment of capital outflow, with a positive CMF that has made a last minute turn, projecting tgood feeling about ETH for the investors.
In the long term, the picture is not different. Although ETH suffered a fall in its prices a couple of days ago, its bullish pattern does not change for the medium-long term and the altcoin will continue with the first wave of Elliot Waves, according to what we can see in the following chart.
Even the RSI indicator has made a change and has started leaving the selling area, a bullish sentiment for the investors, will push the price of the asset again to levels of R1 ($ 192), a profit of just over 22 % relative to the current entry.
Ripple (XRP) Price Prediction for May
The third cryptocurrency by market capitalization presents a spot price of $ 0.2963 with a correction of +0.40% in the last 24 hours and a market capitalization of just over $ 12 billion.
The token presents an interesting panorama, with a pattern that is expected to simulate a previous scenario, given the pattern that the cryptocurrency is currently projecting.
If yes, we could see XRP grow to levels of R1 ($ 0.335) and R2 ($ 0.348) for the following month. This would represent a range of up to 23.8% increase in its current prices.
The Parabolic SAR indicator is already drawing up the trajectory of XRP and the Aroon continuse to affirm the trend with its bearish indicator at the bottom of the chart without any sign of reborn in the short term.