Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS: Price Analysis, May 18

Latest technical analysis on top 9 cryptocurrencies from an expert trader.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Despite the expectations, Bitcoin prices failed to go higher after the NYC crypto conference Consensys. In fact, prices started to decline during the very conference.

Therefore, it is better if the digital currencies consolidate the huge gains of 2017 and allow the fundamentals to catch up. The longer time spent in the range, the stronger will be the breakout.

Apple’s co-founder Steve Wozniak believes that the blockchain technology and Bitcoin will reach its full potential in about a decade. However, with many crypto enthusiasts trying to bring the technology to mainstream use, acceptance might come much earlier.

As this is a new asset class, there might be a danger of potential scams. According to a study by The Wall Street Journal, about 18.6 percent initial coin offerings (ICOs) were using “deceptive or even fraudulent tactics.” This is why investors should not allow greed to blur their judgment while doing the due diligence.

Let’s see if we find any low-risk buying opportunity today?

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.

BCH/USD

Bitcoin Cash has completed the head and shoulders pattern, which gives it a lower target objective of $650. Currently, it is close to the 50-day SMA, which might act as a support and a pullback to the neckline of the bearish H&S pattern is probable. If the bulls fail to scale above the neckline, chances of a breakdown increase.

BCH

As the BCH/USD pair had risen vertically from $777.5304 on April 18 to $1,590.7825 on April 24, there are no supports in between $800-$1,130. Below the 50-day SMA, the cryptocurrency can plunge to $800 levels where some buying can be expected.

We suggest waiting for prices to stabilize before buying. Catching a falling knife can be dangerous.

XRP/USD

Ripple is trying to hold the May 12 lows of $0.632 but it seems weak as it is not finding buyers even at these levels. A break and fall to the critical support level of $0.56270 looks probable.

XRP

On the upside, the bulls will have to break out of the resistance zone between the 50-day SMA and $0.76 to exhibit strength.

We suggest waiting for the XRP/USD pair to show some strength before initiating any long positions.

XLM/USD

Stellar has broken below some key support levels and is currently at the neckline of the head and shoulders pattern. A break and close (UTC) below the neckline will complete the pattern which has a lower target of $0.2.  

XLM

Even if the neckline support holds, it will be a tough climb for the bulls because the XLM/USD pair will face resistance at the 50-day SMA and the 20-day EMA.

The first sign of strength will be on a break out above the May 13 highs of $0.38692920. The longer the price sustains below the moving averages, the weaker it will get. Hence, we are not suggesting any trade on it.

LTC/USD

Litecoin has been trading below the 50-day SMA for the past three days, which shows a lack of buying even at these low levels. The bulls are trying to defend the $127 levels. If this level breaks, a slide to the $115 levels is possible.

LTC

On the upside, any bounce to the 50-day SMA or the 20-day EMA will attract selling. We remain bearish on the LTC/USD pair until it shows consistent buying.

The trend will change only on a breakout and close above the $170 levels. However, if the digital currency falls to $115 levels and holds, we shall risk a buy.

ADA/BTC

Cardano has broken below the trendline and the 50-day SMA. It has minor support at the May 12 lows of 0.00002870. If this level breaks, the next support on the downside is at 0.000025.

ADA

On the upside, the bulls will face stiff resistance at the 50-day SMA and the 20-day EMA. Once these two levels are crossed, the final hurdle will be the horizontal resistance at 0.00003445.

We shall turn positive once the ADA/BTC pair sustains above this level. Until then, it remains in a no-trade zone.   

IOTA/USD

IOTA is trying to hold the horizontal support at $1.63, which is just below the 50-day SMA. If the support holds, a move back to $2.2117 is possible but the up move will face resistance at the 20-day EMA and at $2 levels.

IOTA

If the support breaks, the IOTA/USD pair can slide to $1.28 levels. The 50-day SMA is rising while the 20-day EMA is declining.

Chances of a range bound action are high. We need to wait for a buy setup to emerge before suggesting any long positions on it.

EOS/USD

EOS has been attempting to hold on to the 50-day SMA for the past two days. The 61.8 percent Fibonacci retracement level of the recent rally is also close to the current levels. An attempt to rebound off the supports on May 17 met with selling pressure close to the 20-day EMA.  

EOS

The EOS/USD pair might remain range bound between the 50-day SMA and the 20-day EMA for a few days before breaking out or breaking down from it.

The next support on the downside is at $10 levels, while the overhead resistance is at $14. We shall look for buying opportunities once the digital currency sustains above the descending channel.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Wallet To Accept Collectibles Such As Crypto Kitties And Fighters As Functionality Expands

The new service will use ERC-721 compliant tokens to ensure rare and desirable assets are sold as a whole rather than in parts.

An established crypto wallet provider is developing a service where users can store collectibles – ranging from rare digital pets to desirable fighters.

Lumi says its service will allow users to swipe through their collection at ease – and it is currently invited interested crypto holders to sign up via email.

The company says it wants to help crypto holders bring all of their “unique collectible characters in one place” – including CryptoKitties, CryptoCuties, CryptoAlpaca, CryptoFighters and CryptoCelebrities. It hopes to support thousands more upon launch.

Most of these assets drive from games where players can breed and collect rare characters. In the case of CryptoKitties, “adorable creatures” cannot be replicated, removed or destroyed – meaning that unique creations retain their value. Given the immense value in the collectibles market, blockchain also helps ensure that ownership of these prized animals is tracked securely.

ERC-721 compatible tokens are going to be used by the Lumi Wallet for collectibles. The company says this is because rare collectibles such as Crypto Kitty have attributes such as color, age or breed which make them extremely desirable. In one case, it claims a particularly rare cat was traded for $110,000 through the platform.

The company adds that these tokens also ensure that assets are sold as a whole, rather than in parts. Although ERC-20 compliant tokens enable assets to be divided into small amounts when a sale is taking place, Lumi argues that this approach is incompatible with the collectibles industry – and it would be absolutely unheard of in the real world.

A thriving app

Lumi already offers an ERC20 standard-compatible wallet which is available through Apple’s App Store and Google Play, the marketplace for Android devices. The company also has a web version of its interface, and says it “never sits still” and is always offering new services to customers.

Its crypto wallet allows Bitcoin and Ethereum to be sent and received securely, and any account can be recovered through a 12-word backup phrase in the event that devices are lost or stolen. At a glance, it provides a clear indicator of how much assets – such as cryptocurrencies and collectibles – are worth in BTC, ETH and US dollars, with price graphs indicating any fluctuation in value during recent trading sessions. PIN codes and Face ID technology also helps guarantee that funds are protected.

When funds are being transferred, Lumi offers four different tiers of fees based on how long transactions will take to complete – meaning there are options for crypto holders on all budgets.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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New ‘Snobbish’ Cryptojacking Malware Infected 500k Users in 3 Days, Report Says

WinstarNssmMiner, a new type of malware script used to mine Monero, has spread to half a million devices in 3 days, cyber researcher reports.

A new piece of so-called cryptojacking malware used half a million computers to mine 133 Monero (XMR) tokens (about $25,000) in three days, Finance Magnates reports today, May 18.

New research published by cyber security firm 360 Total Security May 16 found that the malware, referred to as WinstarNssmMiner, presents a fresh challenge to users, due to its ability to both mine and crash infected machines at will.

Malicious software that engages in cryptojacking – the use of another’s device to mine crypto without their knowledge – has become a common phenomenon in recent months.

As Cointelegraph reported, instances have risen dramatically in 2018.  A warning from Microsoft highlighted only 644,000 infected devices in the period September 2017 to January 2018 – only slightly more than WinstarNssmMiner’s three-day progress.

Commenting on the latest threat, 360 said it was “surprised” that in addition to mining Monero, the malware could also force a user’s PC to crash if it detected the presence of certain antivirus software, writing:

“This malware is very hard to remove since victims’ computers crash as soon as they found and terminate the malware.”

A twist comes in the form of what 360 describes as “snobbish” behavior regarding antivirus brands: the presence of well-known products from companies such as Kaspersky Lab and Avast! cause WinstarNssmMiner not to activate at all. Other brands are ignored, resulting in mining and crashes.

Earlier this month, Cointelegraph also reported on how code for crypto-mining program Coinhive was found on over 300 governmental and university websites worldwide.

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World’s Fifth Largest Bank To Trial Own Cryptocurrency In 2019, Report Says

Mitsubishi UFJ Financial Group is planning a 100,000-user trial of its new cryptocurrency, local sources report.

The banking unit of Japan’s Mitsubishi UFJ Financial Group (MUFG) plans to trial its own cryptocurrency as early as 2019, Cointelegraph Japan reports today, May 15.

Cointelegraph Japan quotes local news media outlet NHK saying that a test phase of the cryptocurrency, known as MUFG Coin, could involve around 100,000 account holders.

Currently the fifth largest bank in the world by assets, MUFG originally signalled its intention to launch a token in January this year, in so doing becoming the first Japanese bank to issue one. Plans for the move stretch back further to 2016, Cointelegraph reported at the time.

MUFG Coin is designed to offer currency functionality first and foremost, with test customers to download an app that will automatically convert their deposits. According to NHK’s report, one MUFG will be equal in value to one yen.

According to NHK, users “will be able to use the currency to make payments at places like restaurants, convenience stores and other shops,” as well as “transfer the currency to the accounts of other participants.”

The bank joins a steadily increasing swathe of major Japanese entities preparing inroads into the cryptocurrency industry. The exchange sector has dominated the headlines in 2018, with names such as DMM and Yahoo! at various stages of involvement.

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Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS: Price Analysis, May 15

Latest technical analysis on top 9 cryptocurrencies from an expert trader.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

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.

Software developer Kx Systems has also launched cryptocurrency trading on its while label forex trading platform. The software supplier serves a few investment banks and hedge funds. Nasdaq is also not to be left behind. It is providing the technology to the new centralized crypto exchange, DX, which will offer trading in the market’s top six cryptocurrencies.

The stage is being set for the institutional players to take the plunge. So, should the retail investors buy and hodl? We believe that the large players might first push prices down, accumulate at lower levels and then boost prices. Hence, retail investors should stagger their purchases instead of buying all at once.

Let’s see if we find any buy setups on the charts.    

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.

BTC/USD

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.

ETH/USD

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.

BCH/USD

Bitcoin Cash bounced back sharply from the lows on May 12, but it is struggling to sustain above the 20-day EMA and break out of the small downtrend line.

BCH/USD

The BCH/USD pair may form a very short-term head and shoulders pattern, which will complete on a breakdown and close below $1,270 levels. This bearish pattern has a target of $650, but it is unlikely to be a straight fall because the digital currency has strong support at $1,221, then at the 50-day SMA at $1,100 and finally at $800.

If the neckline of the H&S pattern doesn’t break down and prices break above $1,520 levels, Bitcoin Cash can rally back to $1,800 levels. Traders should wait for prices to break and close (UTC) above the downtrend line before buying.

XRP/USD

Ripple broke below the 50-day SMA on May 11 but found strong buying support at $0.632 levels on May 12. Currently, it has climbed back above the 50-day SMA.

XRP/USD

On the upside, it will face a strong resistance at $0.76, which was previously the support of the range. The 20-day EMA is just above this level, which will also act as a resistance.

If both these levels are crossed, the XRP/USD pair will become positive, and the probability of a rally to $0.9377 levels increase.

If the bulls fail to scale above the overhead resistance, the cryptocurrency can slide to $0.56-$0.58 levels.

XLM/USD

Stellar bounced off the 50-day SMA on May 12, but the pullback is facing resistance at the 20-day EMA. If the bulls break above the 20-day EMA, a rally to $0.45 levels is possible.

XLM/USD

If the XLM/USD pair turns down from the moving average but takes support at the $0.334 levels, it will be a positive sign and we can expect a break out of the 20-day EMA within a couple of days.

However, a break below the 50-day SMA will increase the possibility of a head and shoulders pattern, which can sink the digital currency to the $0.20 levels. Therefore, traders should wait for buying to emerge before establishing long positions.

LTC/USD

Litecoin broke below the 50-day SMA and the horizontal support on May 11 but quickly rebounded from the lows on May 12. Currently, the bulls are trying to sustain above the $141 levels, which is a positive sign.  

LTC/USD

Any up move in the LTC/USD pair will face resistance between $167 and $173 levels. The 50-day SMA has still not turned up and the 20-day EMA is also turning down. Hence, we don’t anticipate a break out above the downtrend line.

On the downside, a break below the $132.163 level opens up a downside target of $115. As we don’t find any buy setups, we are not recommending any trade on it.

ADA/BTC

Cardano plunged below our second stop loss on May 12 but took support at the 50-day SMA and the trendline. The ensuing up move is facing resistance close to the 20-day EMA. Currently, prices are again sliding towards the trendline support.

ADA/BTC

If the ADA/BTC pair breaks the trendline support, it can decline to 0.000025 levels, which is a strong support. On the other hand, if the trendline holds, Cardano will again try to scale above the 0.00003445 levels.

There are no reliable buy setups, hence, we are not proposing any trade on it.  

IOTA/USD

IOTA is currently sandwiched between the 20-day EMA and the 50-day SMA. The bulls are defending the horizontal support at $1.63 while the bears are defending the 20-day EMA.   

IOTA/USD

If the IOTA/USD pair climbs above the 20-day EMA and the overhead resistance at $2.2117, it will become positive.

Though there is a minor resistance at $2.6977, we believe that it will be crossed if the digital currency closes (UTC) above $2.2117.

We should wait for the breakout before suggesting any long position.

EOS/USD

On May 12, EOS bounced off the 61.8 percent Fibonacci retracement and the bottom trendline of the descending channel. For the past three days, it has been facing resistance at the $15.1390 levels.

EOS/USD

On the upside, the EOS/USD pair will face resistance at the 20-day EMA and the top trendline of the descending channel. A breakout and close (UTC) of the channel will be a bullish sign and can be purchased by keeping a stop loss below the May 12 lows.

If the price fails to rally above the overhead resistance it can again decline to the 50-day SMA. A sustained move below $12.4810 will weaken the digital currency.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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CME Group Launches Ethereum Price Indexes In Partnership With Ethereum Futures Exchange

CME Group And Crypto Facilities have introduced Ethereum indexes, which “will provide a standardized reference rate and spot price index” to the market.

The Chicago Mercantile Exchange (CME Group) in partnership with Crypto Facilities, a UK-based digital asset exchange specializing in crypto futures, have launched the CME CF Ether-Dollar Reference Rate and Real Time Index, according to an announcement May 14. The indexes will provide users access to a real-time Ether (ETH) price in US dollars.

According to a press release, the CME CF Ether-Dollar rates will “provide a standardized reference rate and spot price index”. Both rates will reportedly be calculated by Crypto Facilities, and will be based on transactions and order book activity from crypto exchanges Bitstamp and Kraken. CME Group further states that “the oversight of the products is managed by an independent committee that sets forth a code of conduct and meet to review the practice standards.” According to CME:

“The products include a spot price index called the CME CF Ether Dollar Real Time Index, known as ETH_RTI_USD, and a reference rate called the CME CF Ether Dollar Reference Rate, known as ETH_RR_USD… ETH_RTI_USD is a real time index of the US dollar price of one Ether published once per second 24 hours a day 365 days per year. This index provides real time transparency to the US dollar price of Ether. ETH_RR_USD is a daily reference rate of the US dollar price of one Ether as of 4 p.m. London time…”

Tim McCourt, Managing Director and Global Head of Equity Products and Alternative Instruments at GME Group said:

“The Ether Reference Rate and Real Time Index are designed to meet the evolving needs of the marketplace. Providing price transparency and a credible price reference source is a key development for users of Ethereum.”

Bitcoin (BTC) futures trading was launched in December 2017 by the Chicago Board Options Exchange and Chicago Mercantile Exchange. Recently, Crypto Facilities, which is regulated by the Financial Conduct Authority in the UK, introduced the “first regulated” futures contracts for ETH. The products reportedly will enable investors to take a long or short position on the cryptocurrency.

Earlier in May, the Federal Reserve Bank of San Francisco released an Economic Letter, suggesting that the BTC price decline following its $20,000 peak was the result of the launch of BTC futures trading.

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