Market Review. Results of the Day. Reverse of the Trend

May 8, 2018

BTC $9351.00

ETH $727.35

XRP $0.8170

BCH $1,619.99

LTC $162.37

EOS $17.94


Technical analysis

Major cryptocurrencies continued to correct today. EOS looked better that the rest of the market, added 2.79%.

Over the weekend, prices of BTC, ETH, and XRP lowered by 3-8%, while BCH and EOS added 6.6-7.9% and the price of LTC remained the same.

If a short-term falling trend reverses, you can start buy actively.

BTC support level is $9,000, resistance level is $9,750. During the weekend, an attempt to break the resistance level was made, but it failed. The most likely scenario is an attempt to test the support level.

ETH support level is $680, resistance level is $800.

XRP support level is $0.80, resistance level is $0.95.

EOS support level is $17.00, resistance level is $19.25. A continuation pattern is forming on the chart. In case of breaking out from this pattern, a further growth to $36 is possible.


News review

Dubai announced the launch of blockchain-based business registry

Coinmarketcap removed Bitcoin.com from the Bitcoin page due to misleading information on the website. Bitcoin.com has been promoting BCH, not BTC.

A network of Twitter bots was discovered, that is responsible for hacking account of cryptocurrency companies and executives.

US Congress to discuss the use of blockchain technology in global supply chains.

Hong Kong refused to recognize cryptocurrency as criminal money

Ethiopia signed a memorandum of understanding with Cardano. The startup will help the country to implement blockchain in the agricultural technology industry.

Azerbaijan announced the taxation of cryptocurrency incomes and profits

UNICEF launched a website called The Hopepage, that will mine XMR on a voluntary basis. All mined cryptocurrency will be sent to help Rohingya refugee children

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