CryptoCurrencies Are Under Pressure Regardless of Consensus 2018

CryptoCurrencies Are Under Pressure Regardless of Consensus 2018

May 19, 2018 Off By Steven Anderson

2018 Consensus, the largest meeting in the world of virtual currency, ended yesterday (May 17) and many traders and investors are disappointed. A lot of financial specialists predicted that the meeting took place in New York can spark a much wanted gathering in Bitcoin. But, there was no vital upward move in BTC and other virtual currencies.

Fundstrat Global Advisors managing partner Tom Lee stated that the past Consensus rallies have given up gains between ten and 70 percent. Before the meeting, Tom Lee anticipated the Consensus gathering to even bigger this year because this year attendance is up drastically and it is coming a time when crypto is down today.

Instead, ethereum, Bitcoin Cash, Ripple and Bitcoin were seen trading with a low value. A few possible reasons could be lack of volumes, low liquidity as well as over diversification by traders in small cap coins for fast returns.

The value of Bitcoin corrected higher during the previous two sessions, however gains were restricted by the $8,450 and $8,500 resistance levels. Bitcoin/USD is presently trading flat almost $8, 250. It looks like the price is trading in an extensive range between $8,200 and $8,500. It might continue to merge before making the next move either below $8,000 or towards $9,000.

Ethereum is struggling to hold gains. Ether/USD at present traded towards the $720 resistance that prevented gains. Currently it is up to 1.6 percent to $698, with direct resistance at $710 and $720. A push beyond $720 might open the gate for a run towards $750. On the contrary, break less than $690 can ignite a wave to $665.

Ripple and Bitcoin Cash

Bitcoin Cash was able to stay beyond the $1,200 support. It recovered over two percent to $1,280. Bitcoin Cash/USD at present struggling to move beyond $1,300 that is a main obstruction for buyers. However,, BTC supports are at $1,250 and $1,240.

Ripple on the other hand is still capped close to $ 0.70 resistance. At present XRP is traded up to 2.4 percent to $0.687, however buyers are facing a challenge to nearly $0.70. What is more, the value might move up to $0.75.

Other Altcoins Market

Lately, VERI and RLC gained traction and increase to 39 percent and 12 percent respectively. At present, the market of Altcoin is a little bit in the green zone with a gain between two to eight percent. Nonetheless,, there’s clearly a lack of power and buying response.