Market review, May 6, 2019

2019-05-06 14:01:41

According to data provided by DataLight, the United States leads by the number of cryptocurrency traders in the country.

The researchers analyzed the traffic of the 100 most popular cryptocurrency exchanges, and it turned out that in America the number of traders is greater than in the other four countries that are in the top five rankings.

The number of entries from America is 22 million. Japan ranked second with a result of 6 million users. Russia closes the top five – more than 3 million users.

Interestingly, China was not included in the rating. Despite the economic strength and interest in new technologies, the authorities of the Celestial Empire banned cryptocurrency trading in the country.

The study also notes that the number of traders from Turkey, Ukraine and Mexico stands out among other countries. In Turkey, this was affected by the volatility of the national currency and its depreciation – in August 2018, the lira lost 10% of its value in one day. As for Ukraine and Mexico, the residents of these countries believe that Bitcoin is more stable than fiat currencies.

According to researchers, the number of cryptocurrency traders in the United States is about 6.7% of the total population.

Earlier, DataLight representatives said that Bitcoin could become the main payment system in the next ten years.

Now, let's move to the technical analysis of Bitcoin (BTC):

Over the past weekend, Bitcoin dropped to the support level of $5,564, after which it again tried to grow, but unsuccessfully. Apparently, it will go to a deeper correction after such a rapid growth. If bitcoin breaks through the support level of $5,560, it will have the opportunity to fall down to the support level of $5,300. Now, the price is at around $5,664. The nearest resistance levels are $5,830, $5,726. The nearest support levels are $5,564, $5,430.

Technical analysis of Ethereum (ETH):

Over the past weekend, the price of ethereum broke through support level of $158 and reached $155. This fall can be defined as “removing stop orders for further growth.” Judging by the chart, a major player had to do it twice. We expect a global upward movement. The nearest resistance levels are $165, $170. The nearest support levels are $158, $156.

Technical analysis of Ripple (XRP):

Over the past weekend, ripple reached the support level of $0.2880. Now, ripple is traded at around $0.2930. We are expecting a reversal and the continuation of the global growth. The nearest resistance levels are $0.2940, $0.2980, $0.3080. The nearest support levels are $0.2910, $0.2890.

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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