Bitcoin Struggles to Regain $8,000 and that Could Mean Trouble

Bitcoin 1

Bitcoin slid by 3.93% on Wednesday. Following on from a 0.67% loss on Tuesday, Bitcoin ended the day at $7,620.

Bearish through the morning, Bitcoin fell from a morning high $7,998.5 to a late morning low $7,750 before finding support.

Falling through the first major support level at $7,799.67, Bitcoin recovered to an early afternoon intraday high $8,039.9.

Falling short of the first major resistance level at $8,078.87, Bitcoin slide to a late intraday low $7,500.

The late sell-off saw Bitcoin slide back through the first major support level at $7,799.67 and second major support level at $7,667.63.

A 3rd consecutive day in the red left Bitcoin down by 6.9% for the current week.

Elsewhere,

Across the top 10 cryptos, it was a sea of red on Wednesday.

Leading the way down on the day were Stellar’s Lumen and Cardano’s ADA, which fell by 9.12% and by 8.09% respectively.

Bitcoin Cash ABC (-6.82%), Ripple’s XRP (-6.36%) and Binance Coin (-5.32%) also saw heavy losses.

For Litecoin and Ethereum, 3.87% and 4.45% losses were minor relative to the broader market.

While it was a particularly bearish day on Wednesday, Binance Coin managed to hold onto positive territory for the current week. Bucking the trend from the broader market, Binance Coin was up by 5.3% to the end of Tuesday.

Elsewhere, Stellar’s Lumen, Ripple’s XRP and Cardano’s ADA saw double-digit losses. Leading the way down was Stellar’s Lumen with a 14.4% slide. Ripple’s XRP and Cardano’s ADA were down by 11.2% and 10.5%.

As a result of the pullback, the total crypto market cap is down to $239bn levels, with the 24-hour trading volumes easing back further to $72bn levels.

The current week reversal coincided with news of the SEC further delaying the Bitcoin ETF decisions. A lack of a near-term catalyst left Bitcoin struggling at $8,000, ultimately weighing on the broader market.

This Morning,

At the time of writing, Bitcoin was up by 0.13% to $7,630.0.

Moves through the early morning saw Bitcoin rise from a morning low $7,525.0 to a morning high $7,701.6 before easing back.

Bitcoin left the major support and resistance levels untested early on and more significantly continued to fall short of $8,000 levels.

Elsewhere, Stellar’s Lumen and Ripple’s XRP joined Bitcoin in the green, with gains of $0.07% and 0.35% respectively.

The rest of the pack were in the red, at the time of writing, led by Bitcoin Cash ABC, which was down by 0.97%.

BTC/USD 23/05/19 Daily Chart

For the day ahead

Bitcoin would need to move back through to $7,720 levels to support a rally later in the day. A move through $7,780 would bring the first major resistance level at $7,939.93 into play.

For the broader market, Bitcoin would need to break back through to $8,000 levels and Wednesday’s high $8,039.9 to provide support.

Failure to move back through to $7,720 levels could see Bitcoin hit reverse. A slide back through to $7,500 levels would bring the first major support level at $7,400.03 into play.

Barring a crypto meltdown, Bitcoin would likely steer clear of sub-$7,400 levels in the event of a reversal.

Binance Coin Analysis – Resistance Levels in Play – 22/05/19

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Binance Coin Price Resistance

It’s been a particularly bullish start to the week for Binance Coin. Following on from a 38.2% surge last week, Sunday through Saturday, Binance Coin has seen green for 3-consecutive days.

Binance Coin is up by 12.62% to $32.48 for the current week, Sunday through Tuesday.

Following a new swing hi $32.99 on Sunday, a 10.21% rally on Tuesday saw Binance Coin strike a new swing hi $33.58 before easing back to $32 levels.

The bullish start to the week saw Binance Coin steer well clear of the week’s first major support level at $21.97. Of greater significance was a move away from the 23.6% FIB following a Sunday current week low $25.39.

3 consecutive days and a double-digit rally on Tuesday saw Binance Coin break through the first major resistance level at $32.89.

Following a 30.3% gain in April, it’s been a particularly bullish month for Binance Coin. For the current month to the end of Tuesday, Binance Coin was up by 40.1%.

The near-term bullish trend formed at 7th December’s swing lo $4.17 remained firmly intact. Binance Coin is up by 413% year-to-date, with Tuesday’s new swing hi $33.58 supporting further upside near-term.

For the bulls, steering clear of the 23.6% FIB of $27 will be key to maintaining the upward momentum.

At the time of writing, Binance Coin was down by 2.4% to $31.704.

BNB/USD 22/05/19 Weekly Chart

For the remainder of the week

A move back through to $32 levels and the first major resistance level at $32.89 would support a bullish 2nd half of the week.

Binance Coin would need support from the broader market, however, to break out from $32 levels on the week.

Following Tuesday’s rally, where Binance Coin outperformed the broader market, a lack of momentum across the majors would likely limit the upside in the coming days.

In the event of a pre-weekend crypto rally, Binance Coin would take a run at the second major resistance level at $36.94 before any pullback.

A lack of support from the broader market would likely leave Binance Coin at $30 levels by the weekend.

Failure to move back through the first major resistance level at $32.89 could see Binance Coin give up some of the current week gains.

A pullback through to sub-$30 levels could see Binance Coin test the 23.6% FIB of $27 before any recovery.

Barring a crypto meltdown, Binance Coin will likely steer well clear of the first major support level at $21.97.

For the bears, a slide back through to $25 levels would be the signal for a more material sell-off.

Looking at the Technical Indicators

 

Major Support Level: $29.0

Major Resistance Level: $34.8

23.6% FIB Retracement Level: $27

38.2% FIB Retracement Level: $22

62% FIB Retracement Level: $15

Bitcoin and the Clan See Red as Investors Lock in Gains

Bitcoin coin on white keyboard

Bitcoin fell by 2.41% on Monday. Partially reversing a 12.8% rally from Sunday, Bitcoin ended the day at $7,990.6.

A bearish start to the day saw Bitcoin slide from an intraday high $8,188 to an early afternoon intraday low $7,600.1.

In spite of the bearish morning, Bitcoin steered clear of the first major support level at $7,535.33.

Finding support from the broader market, Bitcoin managed to strike a 2nd half of a day high $8,112.0 before easing back.

Falling well short of the day’s major resistance levels, Bitcoin gave up $8,000 by the day end.

Elsewhere,

Across the top 10 cryptos, it was mostly red for the majors. Leading the way down were Stellar’s Lumen and Ripple’s XRP, which fell by 5.65% and by 4.49% respectively.

Having trailed the broader market through most of April and May, the pair had played catch up in last week’s crypto rally.

The heavier losses on the day were a reflection of the size of the gains made in the rebound rather than a shift in sentiment towards the pair.

EOS (-3.42%), Ethereum (-3.16%), and Litecoin (-3.51) also saw relatively heavy losses on the day.

Bucking the trend was Binance Coin, which was the only major to close out the day in the green with a 1.31% gain.

The latest broad-market reversal came from a delayed market reaction to the news that the SEC once again delayed its decision on the Bitcoin ETF applications.

Expectations had been for the SEC to finally deliver. As we had covered previously, however, a crypto regulatory environment would need to be in place before the SEC is likely to consider any approvals.

The G20 rules and regulations are due out this summer, assuming there are no delays. It may well be a while before the SEC will can comfortable to approving the ETFs.

This Morning

At the time of writing, Bitcoin was down by 1.13% to $7,900.5. Bearish through the early hours, Bitcoin fell from a morning high $8,034.0 to a low $7,836.8 before finding support.

Bitcoin moved within relatively tight ranges to leave the major support and resistance levels untested.

Elsewhere, it was a sea of red across the crypto top 10. Leading the way down was Binance Coin, which was down by 3.26% at the time of writing.

BTC/USD 21/05/19 Daily Chart

For the day ahead

Bitcoin would need to move back through to $7,930 levels to support a rebound later in the day. A move through $7,930 would bring $8,000 levels back into play.

Support from the broader market would be needed, however, for Bitcoin to take a run at the first major resistance level at $8,252.37.

Barring a broad-based crypto rebound, Monday’s high $8,188 would likely cap any upside in the event of a recovery.

Failure to move through to $7,930 levels could see Bitcoin fall deeper into the red. A pullback through the morning low $7,836.8 would bring $7,700 levels into play before any recovery.

Barring a broad-based crypto sell-off, Bitcoin will likely steer clear of the first major support level at $7,664.47.

Altcoins Weekly Analysis – ADA, BNB and ETH – 19/05/19

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Cardano’s ADA

Cardano’s ADA rose by 6.1% in the week ending 18th May. Following on from a 6.25% gain from the previous week, Cardano’s ADA ended the week at $0.07885.

After a bearish start to the week, Cardano’s ADA recovered from a Monday intraday week low $0.062608 to strike a Thursday intraweek high $0.101313.

Holding above the major support levels, Cardano’s ADA broke through the first major resistance level at $0.0853 and second major resistance level at $0.0962.

A sell-off from the week high led to 3 consecutive days in the red and a pullback to sub-$0.080 levels.

For the week ahead,

A move through to $0.0810 levels would be needed to shake off the negative bias from late last week.

Cardano’s ADA would need the support of the broader market, however, to take a run at $0.090 levels. In the event of another crypto rally, Cardano’s ADA would likely test the first major resistance level a $0.0992 before any pullback.

Barring another crypto breakout, last week’s high $0.101313 would likely limit the upside for the week to leave the second major resistance level at $0.1196 out of reach.

Failure to move through to $0.0810 levels could see Cardano’s ADA continue the reversal.  A fall through to $0.074 levels would bring $0.065 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Cardano’s ADA will likely steer clear of the first major support level at $0.0605.

At the time of writing, Cardano’s ADA was down by 0.01% to $0.078839.

ADA/USD 19/05/19 Weekly Chart

Binance Coin

BNB rallied by 38.19% in the week ending 18th May. Reversing the previous week’s 12.6% slide with interest, Binance Coin ended the week at $28.84.

A bullish first half of the week saw Binance Coin rally from an intraweek low $19.15 to a Thursday high $28.95 before easing back.

Steering clear of the major support levels, Binance Coin broke through the first major resistance level at $24.38 and second major resistance level at $27.83.

The pullback saw Binance Coin fall to $22 levels before a trend-bucking rally on Saturday. Binance Coin rallied to an intraweek high and new swing hi $30.07 before easing back to $28 levels.

Binance Coin managed to break back through and hold above the second major resistance level at $27.83.

Of greater significance through the week was Binance Coin’s move through the 38.2% FIB of $18.08 and breakout from the 23.6% FIB of $21.36 to reaffirm the near-term bullish trend, formed at early December’s swing lo $4.1724.

For the week ahead,

A hold above $27 levels through the early part of the week would support another bullish week ahead.

Binance Coin would need to move through to $29 levels to bring last week’s high $30.07s back into play.

Support from the broader market would be needed, however, for Binance Coin to break through the first major resistance level at $32.74.

Failure to hold above $27 levels could see Binance Coin give up some of last weeks gains. A pullback through to $25 levels would bring $23 levels into play before any recovery.

Barring a broad-based crypto sell-off, Binance Coin would likely steer clear of the first major support level at $22.05.

In the event of a sell-off, expect a visit to $20 levels before any recovery.

At the time of writing, Binance Coin was down by 1.31% to $28.46.

BNB/USD 19/05/19 Weekly Chart

Ethereum

Ethereum surged by 21.52% in the week ending 18th May. Following on from an 18.9% rally from the previous week, Ethereum ended the week at $234.03.

After a bearish start to the week that saw Ethereum fall to an intraday week low $182.39, it was bullish through to a Thursday intraweek high $281.77.

Steering clear of the week’s major support levels, Ethereum broke through the first major resistance level at $213.92 and second major resistance level at $235.32.

Of greater significance was a break through the 23.6% FIB of $257 for the first time since last September.

A bearish end to the week saw Ethereum pullback through the 23.6% FIB to $222 levels before finding support.

For the week ahead,

A hold onto $230 levels through the early part of the week would support another run at the 23.6% FIB of $257.

Ethereum would need support from the broader market, however, to break out from $250 levels and take a run at the first major resistance level at $283.07.

Barring another broad-based crypto rally, last week’s high $281.77 would likely cap the upside on the week.

Failure to hold onto $230 levels could see Ethereum continue late last week’s reversal. A fall through to $210 levels would bring the $190 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Ethereum would likely steer clear of the first major support level at $183.69.

At the time of writing, Ethereum was down by 0.04% to $233.94.

ETH/USD 19/05/19 Daily Chart

Bitcoin and the Majors See Red after another Bullish Start

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Bitcoin gained 2.32% on Wednesday. Following on from a 2.33% rise from Tuesday, Bitcoin ended the day at $8,136.6.

For the Bitcoin bulls, it was the first time since late July that Bitcoin managed to hold onto $8,000 levels by the day end.

On the day, a relatively range-bound start to the day saw Bitcoin fall to a late morning intraday low $7,832.5.

Steering well clear of the first major support level at $7,670.57, Bitcoin rallied to a late intraday high and new swing hi $8,209.0.

The late rally saw Bitcoin come within range of the first major resistance level at $8,213.67 before easing back.

The moves through the day reaffirmed the near-term bullish trend formed back at mid-December’s swing lo $3,215.2.

Elsewhere,

Across the top 10 cryptos, it was another sea of green for the majors. Leading the charge on the day was Stellar’s Lumen, which rallied by 22.97% on the day.

A number of the top 10 saw double-digit gains on the day, with Ethereum up by 14.4% to come a distant second to Stellar’s Lumen.

Binance Coin found much-needed support to gain 12.6%, with Ripple’s XRP (12.27%) and Litecoin (11.61%) also making solid gains.

Trailing the pack for a 2nd consecutive day was Bitcoin Cash ABC, which gained just 3.38% on the day.

A 3rd consecutive day of gains across the majors led to the market cap rising by $14bn to $255bn over the day.

This Morning,

At the time of writing, Bitcoin was down by 3% to $7,892.3. A choppy start to the day saw Bitcoin rise to a morning high and new swing hi $8,352.3 before hitting reverse.

An early rally saw Bitcoin break through the first major resistance level at $8,286.23 to hit $8,300 levels for the 1st time since 30th July.

The reversal saw Bitcoin fall through the first major support level at $7,909.73 to a morning low $7,800 before finding support.

Elsewhere, Litecoin and Ripple’s XRP also slid back into the red, with losses of 3.8% and 2.92% at the time of writing.

Leading the back through the early hours were Ethereum and Binance Coin, with gains of 2.63% and 2.05% respectively.

BTC/USD 16/05/19 Daily Chart

For the day ahead

Bitcoin would need to move back through to $8,060 levels to resume the upward trend seen through the week.

A move back through to $8,180 levels would support another run at $8,300 levels before any pullback.

Barring another crypto rally, Bitcoin will likely come up short of the second major resistance level at $8,435.87.

The first major resistance level at $8,296.23 and morning high $8,352.3 could cap the upside on the day.

Failure to move back through to $8,060 levels could see Bitcoin struggle through the day. A pullback through $7,860 could bring the morning low $7,800 back into play.

Barring a crypto meltdown, however, Bitcoin will likely steer well clear of sub-$7,700 support levels on the day.

Ethereum Analysis – Resistance Levels in Play – 15/05/19

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Ethereum Price Resistance

It’s been a bullish start to the week for Ethereum. Following on from last week’s 18.9% rally, Ethereum is up by 12.9%, Sunday through Tuesday. After a bearish Sunday that saw Ethereum fall to a current week low $183.39, it’s been in the hands of the bulls all the way.

A 2.23% loss from Sunday was reversed with interest with Ethereum rallying to a Tuesday and current week high $219.49.

Following Saturday’s first visit to $200 levels since last November, a 4.4% gain on Monday and a 10.7% rally on Tuesday left Ethereum well above the $200 mark.

“The Rally” saw Ethereum break through and hold above the week’s first major resistance level at $213.92.

At the start of the week, Ethereum managed to steer well clear of the week’s first major support level at $164.2 in spite of Sunday’s reversal.

Following a 13.6% gain in April, it’s been a bullish month for Ethereum. The latest rally through to the end of Tuesday gave Ethereum a 35.6% gain for the current month.

The extended bearish trend, formed at last May’s swing hi $828.97, remained firmly intact, however. Ethereum continued to fall short of the 23.6% FIB Retracement Level of $257, following December’s swing lo $80.6.

For the bulls, a breakout from the 23.6% FIB of $257 to test the 38.2% FIB of $367 would be needed to form a near-term bullish trend. Based on the current trend, Ethereum could be looking at $300 levels before the end of the current month.

At the time of writing, Ethereum was up by 0.42% to $218.36.

ETH/USD 15/05/19 Weekly Chart

For the remainder of the week

A move through to $225 levels would support a run at the second major resistance level at $235.32.

With the current sentiment reminiscent of late 2017, momentum could support a run at the 23.6% FIB of $257 later in the week.

Support from the broader market would be needed, however, for Ethereum to breakout from any move through to $230 levels.

A lack of support from the broader market could see Ethereum’s upside capped by the second major resistance level at $235.32.

Failure to move through to $225 levels could see Ethereum come under pressure. A lack of forward momentum would likely lead to some profit taking later in the week.

A fall through the first major resistance level at $213.92 would bring sub-$210 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Ethereum will likely steer well clear of the week’s first major support level at $164.2.

In the event of a reversal, holding above $185 levels will be considered key through the week.

Looking at the Technical Indicators

 

Major Support Level: $164.2

Major Resistance Level: $213.92

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Bubble? The Latest Moves Affirm the Bears’ Worst Fears. Bitcoin is here to Stay

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin rallied by 11.32% on Monday. Reversing a 1.99% fall from Sunday, Bitcoin ended the day at $7.770.7.

Monday’s rally delivered a 2nd double-digit gain in just 3-days, with Bitcoin seeing green in 5 of the last 7-days.

On the day, Bitcoin had a relatively range-bound start to the day before making a move in the late morning.

On the rise from a start of a day intraday low $6,880, Bitcoin rallied to a late intraday high $8,021.8.

Whilst steering clear of the major support levels, sub-$7,000 support delivered once more on the day. Bitcoin broke through the first major resistance level at $7.334.93 and second major resistance level at $7,686.47 to strike $8,000 for the first time this year.

A late pullback saw Bitcoin ease back to $7,600 levels, but the damage to the bears had already been done.

Of greater significance on the day was Bitcoin’s breakout from the 62% FIB of $7,408. The move marked the beginning of a bullish trend formation as the bulls look to reverse a bearish trend formed back at May of last year’s swing hi $9,999.

Elsewhere,

Across the top 10 cryptos, while it was a sea of green across the majors, some certainly performed better than others.

Leading the majors on the day was Binance Coin, which found buying interest after last week’s 12.7% slide. Binance Coin gained 12.07% on the day.

Other notables were Bitcoin Cash ABC, which rallied by 7.6% and Ethereum, Binance Coin’s nemesis, which gained 4.4% on the day.

Trailing the majors was Stellar’s Lumen, which rose by just 0.8%.

In spite of Stellar Lumen’s lackluster performance, it remains within the top 10, for now at least.

The broad-based crypto rally on Saturday and Monday led the total crypto market cap through to $236.5bn, with 24-hour trading volumes sitting at $91bn levels.

Unsurprisingly, Bitcoin’s dominance has jumped to 59.5% following its recent run of form. The historical downward trend in the dominance figures in bullish environments appears to be broken for now. This could change should the likes of Ripple’s XRP and Stellar’s Lumen begin to catch up with the pack.

On the news front, perhaps China’s retaliation in the extended trade war between the U.S and China contributed to a visit to $8,000 levels.

The combined effect of a sell-off in the more matured markets and news of $1bn in capital raised by Bitfinex from institutional clients were certainly positives.

Institutional money is the next key step in Bitcoin and the cryptomarket’s evolution. The timing of the fundraising couldn’t have been better. The level of buying interests suggests there would be a sizeable inflow should the SEC approve the pending Bitcoin ETF reviews. Increased interest would also incentivize the rollout of other ETFs and investment vehicles targeting institutional clients.

This Morning,

At the time of writing, Bitcoin was up by 2.31% to $7,949.9. A relatively bullish start to the day saw Bitcoin rise from a morning low $7,731.3 to a morning high $7,970.9.

Moves through the early hours saw Bitcoin leave the major support and resistance levels untested.

Elsewhere, Ripple’s XRP joined to crypto party after trailing through much of the year. At the time of writing, Ripple’s XRP was up a whopping $20.86% to hit $0.39 levels.

The early moves by Ripple’s XRP supported other cryptomarket laggards.  Stellar’s Lumen was a distance second with a 14.2% gain at the time of writing.

As we saw with Binance Coin on Monday, investors have been on the hunt for oversold cryptos and there was no better place to look than both, Stellar’s Lumen and Ripple’s XRP.

BTC/USD 14/05/19 Daily Chart

For the day ahead

It may all rest on the shoulders of Bitcoin to deliver an extended rally through today and beyond. A move back through to $8,000 levels would certainly support a rapid rise to $9,000 levels.

A few curveballs remain for Bitcoin and the broader market, however. The first is the pending decision by the SEC on the 9 Bitcoin ETFs. The other is a rollout of rules and regulations by the G20 this summer.

Favorable outcomes could see Bitcoin return to the dizzy heights of late 2017.

Many an investor missed out last time around. The very fact that investors don’t want to miss out at a 2nd time of asking could ultimately see Bitcoin break into unchartered territory.

There’s a long way to go, however, and we have been here before….

Altcoins Weekly Analysis – ADA, BNB and ETH – 12/05/19

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Cardano’s ADA

Cardano’s ADA gained 6.25% in the week ending 11th May. Reversing a 2.93% loss from the previous week, Cardano’s ADA ended the week at $0.07432.

Bearish through much of the week, Cardano’s ADA fell to an intraweek low $0.05790 on Friday. The pullback saw Cardano’s ADA fall through the first major support level at $0.0642. The second major support level at $0.0585 limited the downside in the week.

A bullish Saturday reversed the week’s losses, with Cardano’s ADA rallying to an intraweek high $0.08254.

Finding support from the broader market, Cardano’s ADA broke through the first major resistance level at $0.0771. A late pullback on Saturday saw Cardano’s ADA ease back through the first major resistance level at the day’s end.

For the week ahead

A hold above $0.0720 levels would support further upside for Cardano’s ADA in the week ahead. A move back through to $0.080 levels would bring the first major resistance level at $0.0853 into play.

Support from the broader market would be needed, however, for Cardano’s ADA to breakout from $0.085 levels.

Barring a crypto rally, Cardano’s ADA will likely fall short of $0.090 levels. In the event of another rally, Cardano’s ADA will likely test the second major resistance level at $0.0962 before any pullback.

Failure to hold above $0.0720 levels could see Cardano’s ADA resume its run of weekly losses. A fall back through to $0.065 levels would bring the first major support level at $0.06060 into play.

Barring a crypto meltdown, Cardano’s ADA will likely steer clear of sub-$0.060 levels in the week.

At the time of writing, Cardano’s ADA was up by 1.27% to $0.075255.

ADA/USD 12/05/19 Weekly Chart

Binance Coin

BNB tumbled by 12.6% in the week ending 11th May. Reversing a 4.68% gain from the previous week, Binance Coin ended the week at $20.92.

A particularly bearish start to the week saw Binance Coin slide from $24 levels to an intraweek low $17.8 on Saturday.

The reversal saw Binance Coin slide through the first major support level at $21.66 and second major support level at $19.37.

Of greater significance was a fall through the 23.6% FIB of $21.36. Support at the 38.2% FIB of $18.08 ultimately prevented heavier losses in the week.

Bouncing back on Saturday, supported by the broader market, Binance Coin struck an intraweek high $24.55 before easing back.

The rally saw Binance Coin break back through the 38.2% FIB and 23.6% FIB before the late Saturday pullback.

For the week ahead

A hold onto $21 levels through the early part of the week would provide some much-needed support for the week ahead.

Sentiment towards Binance Coin will need to materially shift, however, for Binance Coin to break through the first major resistance level at $24.38.

Barring a broad-based crypto rally, Binance would likely come up short of the second major resistance level at $27.83. A 3rd May swing hi $26.67 would likely cap any upside through the week.

Failure to hold onto $21 levels could see Binance coin hit take another weekly hit. A pullback through to sub-$20 levels would bring the first major support level at $17.63 into play.

Barring a crypto meltdown, however, Binance Coin would likely steer clear of sub-$17 levels in the week.

At the time of writing, Binance Coin was up by 1.08% to $21.15.

BNB/USD 12/05/19 Weekly Chart

Ethereum

Ethereum rallied by 18.9% in the week ending 11th May. Following on from a 3.93% gain from the previous week, Ethereum ended the week at $192.52.

Bullish through most of the week, Ethereum rallied from a Sunday intraweek low $157.28 to a Saturday intraweek high $207.

Steering clear of the major support levels, Ethereum broke through the major resistance levels before a late Saturday pullback.

The late pullback saw Ethereum fall back through the third major resistance level at $200.87.

For the week ahead

A move back through last weeks high $207 would support a run at the first major resistance level at $213.92.

Ethereum would need support from the broader market, however, to break out from $213 levels to take a run at $220 levels later in the week.

Barring another broad-based crypto rally, Ethereum would likely come up short of the second major resistance level at $235.32.

Failure to move back through last weeks high $207 could see Ethereum give up some of the previous week’s gains.

A fall through to $185 levels could bring $170 levels into play before any recovery. Barring a crypto meltdown, however, Ethereum will likely avoid sub-$180 levels and the first weekly support level at $164.20.

At the time of writing, Ethereum was by 2.93% to $197.97.

ETH/USD 12/05/19 Weekly Chart

Bitcoin Bucks the Trend Early in a Bid to Break from the Pack

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Bitcoin gained 1.6% on Wednesday. Following on from a 1.18% rise on Tuesday, Bitcoin ended the day at $6,201.5.

A particularly bearish start to the day saw Bitcoin slide to an early morning intraday low $6,007.8 before finding support.

In spite of the early sell-off, Bitcoin held above the first major support level at $5,977.6 and also avoided sub-$6,000 levels for a 2nd consecutive day.

Range-bound through the afternoon, Bitcoin struck a late intraday high $6,230 before pulling back.

Coming within range of the first major resistance level at $6,273.7, Bitcoin slid to an evening low $6,103.6 before recovering to $6,200 levels.

Elsewhere,

Across the top 10 cryptos, it was another mixed bag for the majors. On the positive front, Ethereum led the day once more, rising by 1.85%.

Other majors that ended the day in positive territory included Bitcoin Cash ABC and Litecoin, both rising by 0.64%. EOS and Cardano’s ADA also managed to avoid a reversal, gaining 0.37% and 0.12% respectively.

On the other end of the table, Stellar’s Lumen took a tumble on Wednesday, sliding by 2.8%. Binance Coin and Ripple’s XRP also saw red, the pair fell by 0.93% and by 0.49% respectively.

The newfound support for Ethereum continued to weigh on Binance Coin, in spite of Binance’s Launchpad platform that is expected to eat into Ethereum’s ICO “go to” status.

Bitcoin’s hold onto $6,000 levels has led to Bitcoin’s dominance rise to 57.1%. The increase in dominance has come despite the total crypto market cap hovering at just shy of $190bn levels.

Of some concern, however, will be a pullback in 24-hour volumes to sub-$50bn levels of late.

On the wires, news of Binance being hacked certainly didn’t help Binance Coin this week, though the 6th largest Bitcoin hack did have a relatively muted impact on the broader market.

The question will be whether the SEC sees this as yet another reason to roadblock institutional money from flooding into the market.

This Morning,

At the time of writing, Bitcoin was up by 1.43% to $6,290. A bullish start to the day saw Bitcoin rally from am morning low $6,200 to a high $6,344.0 before easing back.

The early rally saw Bitcoin break through the first major resistance level at $6,285.07 to come within range of the second major resistance level at $6,368.63.

Bitcoin steered well clear of the major support levels early on in the day.

Elsewhere, joining Bitcoin in the green was Litecoin, which was up by 0.35% at the time of writing. The rest of the majors were in the red, with Cardano’s ADA seeing the heaviest losses, down by 3.77%.

BTC/USD 09/05/19 Daily Chart

For the day ahead,

A hold onto $6,200 levels through the morning would bring $6,300 levels back into play later in the day. Bitcoin would need support from the broader market, however, to take a run at the second major resistance level at $6,368.63.

A broad-based crypto rebound could see Bitcoin breakout from $6,360 levels to bring $6,400 levels into play before any pullback.

Failure to hold onto $6,200 levels could see Bitcoin give up the morning gains. A pullback through to sub-$6,150 levels would bring sub-$6,100 levels into play before any recovery. Barring a crypto meltdown, however, Bitcoin will likely steer clear of the first major support level at $6,062.87.

Ethereum Analysis – Resistance Levels in Play – 08/05/19

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Ethereum Price Resistance

It’s been a particularly choppy start to the week for Ethereum. A bearish start to the week saw Ethereum fall by 0.37% on Sunday to $161 levels before finding support.

Bullish through the day on Monday, Ethereum rallied through to a Tuesday current week high $180.69 before sliding back.

A 6.08% rally on Monday has been the highlight of the week thus far, with a 2.67% fall on Tuesday only partially reversing the early in the week rally.

The early in the week rally saw Ethereum break through the first major resistance level at $171.14 to hit $180 levels on Tuesday. Breaking through to $180 levels, the second major resistance level at $180.42 capped the upside early on in the week.

Support in the week came from talk of a possible approval of Ethereum futures. The support was short-lived, however.

Tuesday’s pullback from the current week high to sub-$170 levels saw Ethereum fall back through the week’s major resistance levels.

A start of a week low $157.28 saw Ethereum hold well above the first major support level at $150.69.

Following a 13.6% gain in April, it’s been a relatively positive start to the month for Ethereum. In spite of the pullback from $180 levels, Ethereum is up by 6.7% to the end of Tuesday.

The extended bearish trend, formed at last May’s swing hi $828.97, remained firmly intact, however. Ethereum continued to fall short of the 23.6% FIB Retracement Level of $257, following December’s swing lo $80.6.

For the bulls, a breakout from the 23.6% FIB of $257 to test the 38.2% FIB of $367 would be needed to form a near-term bullish trend.

At the time of writing, Ethereum was up 0.29% to $167.0.

ETH/USD 08/05/19 Weekly Chart

For the remainder of the week

A move back through to $168.5 levels would support another run through the first major resistance level at $171.14.

Support from the broader market would be needed, however, for Ethereum to breakout from current levels. Barring a broad-based crypto rally, Tuesday’s reversal from $180 levels will likely cap any upside for the week to sub-$180 levels.

In the event of a 2nd rally, Ethereum would likely break back through the second major resistance level at $180.42 to bring the current year high $187.62 into play before any pullback.

Failure to move through $168.5 could see Ethereum come under pressure later in the week. A pullback through to sub-$160 levels could bring the first major support level at $150.69 into play.

Barring a crypto meltdown, however, Ethereum will likely steer well clear of sub-$150 levels and last week’s low $148.81.

Looking at the Technical Indicators

 

Major Support Level: $150.69

Major Resistance Level: $171.14

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543