Price analysis 5/19: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
The United States stock market recovered sharply on May 17 and May 18 on hopes that the debt ceiling agreement could be reached, but the market gave back some of it gains on May 19 on reports of a temporary halt in the talks.
The U.S. dollar index (DXY), which had been rising for the past three days turned down on May 19 after Federal Reserve Chair Jerome Powell hinted at an end to the rate hikes. While speaking at a conference in Washington, D.C., Powell said that stresses in the banking system may restrict the need to raise rates as high as they “would have otherwise to achieve our goals.”
Although Bitcoin’s (BTC) short-term picture is uncertain, analysts remain bullish about the long term. Blockstream CEO and co-founder Adam Back recently said that “hyperbitcoinization” could soon come. That would boost the demand for Bitcoin, sending its price soaring. Back made a case that the number of “wholesalers” has been steadily rising and if the trend continues, it could happen that 10 million people try to buy one Bitcoin over a few years, and that “would push the price out of reach.”
Do the charts signal a possible recovery in Bitcoin and the altcoins in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.
The bulls again tried to drive the price into the symmetrical triangle pattern on May 17 but the bears fiercely guarded the level and pulled Bitcoin lower on May 18.
The BTC/USDT pair will continue to witness a tough tussle between the bulls and the bears in the area between the support line and $25,250.
The downsloping 20-day exponential moving average ($27,590) and the relative strength index (RSI) in the negative territory indicate that bears have a slight edge. However, the failure of the bears
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