BLOG | May 02, 2018

Crypto Markets Stabilize and Consolidate: May 5

There has been a sense of calm and stability in the markets over the last week or so as Bitcoin BTC prices continue to trade in a buoyant and stable manner during this period. Bitcoin has been trading above the support region around $8800 during this entire period and this should give a lot of confidence for the bulls for the next bullish leg. Another good sign for the crypto market is the decreasing daily volatility that creates stability and confidence for investors.

We continue to believe that the cryptocurrency market direction still bullish with BTC prices expected to push through towards the $10,000 region in the next bullish leg and if that happens, we should see prices continue onwards towards the $11,500 region. A break below $8600 can signal a change of direction.

Bitcoin Dollar Chart

As Bitcoin and other cryptocurrencies prices move higher, we expect that to draw in more and more traders on the back of improved confidence in the markets. The crypto market is based on sentiments and psychology, more than other markets such as stocks and forex market that are also highly affected by macroeconomics fundamentals and geopolitical developments.

Ironically, the fundamentals of the market have been improving recently with more and more countries beginning to regulate the industry and embracing it as a vehicle of change,  which would only encourage other traders to also join in and would bring in larger investors and financial institutions to recognize the crypto market.

Other coins and tokens have also been doing well with Ethereum (ETH prices) also hovering around in the high 600s region over the past few days and looking for the next bullish leg to push through the $700 region in due course of time. At the time of writing, Ethereum was trading at $679.97.

Other smaller tokens continue to attract cryptos’ investor’s attention as they search for quick profits that can be achieved through altcoins. For those who are interested in some of the coins that provide high volatility, follow Bitcoin Private (BTCP), Verge, Steam, and Bitcoin Cash ahead of the upcoming fork.

This article was written by FXEmpire.

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