Market review, May 16, 2019

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2019-05-16 15:03:00

Let's move to the technical analysis of Bitcoin (BTC):

Over the past day, bitcoin tried to grow again. It reached the mark of $8,290, then it dropped to the support level of $7,730, as we predicted in our yesterday's forecast. We expect further technical correction downwards, the nearest target is $7,150. This calculation is made using the Fibonacci grid. The nearest resistance levels are $8,290, $8,500. The nearest support levels are $7,730, $7,450, $7,150.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum increased, breaking through the resistance levels of $236, $255, and reached $271. This movement fully confirmed our yesterday's forecast. Now, we are expecting technical correction downwards. The nearest resistance levels are $271, $280. The nearest support levels are $242, $223.

Technical analysis of Ripple (XRP):

Over the past day, ripple grew, reaching the support level of $0.47. This growth coincided with our yesterday's forecast. Now, the price of ripple is $0.4150. In the future, we expect a deeper technical correction downwards to the support level of $0.36. The nearest resistance levels are $0.43, $0.47. The nearest support levels are $0.3830, $0.36.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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