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Bitcoin (BTC/USD) and Ethereum(ETH/USD) Price Analysis – May 31, 2019

  • Bearish Indicator for Bitcoin, can drop to $7300 or even $6400 if support at $8200 fails.
  • Bearish Divergence on Ethereum, can drop to $170 if support at $230 breaks. Can hit $400 if market breaks $300.

Pranjal Sharma’s technical analysis for BTC and ETH is already live on our youtube channel, and the video is in Hindi. Hence this article is pretty much a translation of the same.

BTC/USD – Bearish

After a massive fall from $9000, BTC seems to have held on to its support levels and slowly rising up. But, if the support at $8200 breaks, it is likely that we will see price drop to $7300 or even $6400.

The indicators seems to be calling for a bearish market, however RSI has seen a positive momentum and if it holds, there may be an upward momentum taking Bitcoin to $9500 or even $10000.

BTCUSD Chart by Pranjal Sharma

ETH/USD – Bearish

A similar to Bitcoin fall was witnessed on ETH/USD market as well on Thursday. The indicators seem to be pointing towards a bearish divergence.

If the price falls below $230, we may see it going further down to $174.

However, if the support holds, and the momentum takes ETH to over $300, then $400 is not hard to hit.

ETHUSD chart by Pranjal Sharma

Cryptocurrency price is India is trading at various premium rates across multiple exchanges. Currently only a handful of exchanges offer INR based trading service, you can find the list here.

To get more insights into the price analysis, please watch our video below:

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