Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 17

Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 17

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

Market data is provided by the HitBTC exchange.

Bitcoin witnessed a flash crash on Bitstamp exchange when it plunged to a low of $6,178. The fall was triggered by a sell order of about 5,000 bitcoins at $6,200. Some people speculate that the order might have been mistyped $6,200 instead of $8,200. Bitstamp has launched an investigation into the $250 million trade.

Luckily, the damage was limited to one exchange. However, after the sharp rally of the past few days, profit booking can be seen across the board today, as prices on all the top 10 cryptocurrencies are down.

Does this put a stop to the recovery and will Bitcoin prices plummet below $6,000 levels once again? It is difficult to predict now. This will be clear in a few days time after the short-term correction ends.

A report by web intelligence platform Indexica suggests that the asset class has matured. Mark Mobius, the pioneer stock investor in emerging economies, believes that the world has the appetite for Bitcoin and other cryptocurrencies, hence, they are here to stay. However, he does not have any personal investments in the asset class yet as he is wary of the volatility and security.

Let us see how traders should approach the fall. Should they start buying or wait?

BTC/USD

The rally in Bitcoin (BTC) hit a wall close to the overhead resistance at $8,496.53. After trading above $8,000 for three days, profit booking set in that dragged the price to just under $7,000. We had planned to close the long position today but before that, the fall hit our recommended stop loss at $7,100.

The trend is positive as both the moving averages are sloping up and the RSI is still in positive territory. If the 20-day EMA holds, the bulls will again try to push the BTC/USD pair back above $8,500. If successful, the next target to watch on the upside is $10,000.

On the other hand, if the bears sink the pair below the 20-day E ...

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Tags: Price, Trade, Bitcoin, Bitstamp, Ethereum, The Rally, ETH Zurich, Mark Mobius, Bitcoin Cash, HarperCollins