The Crypto Bulls Look to Wrap up May. Can Bitcoin Hit $9,000?

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin slipped by 0.69% on Wednesday. Following on from a 0.77% fall on Tuesday, Bitcoin ended the day at $8,678.

A particularly bearish start to the day saw Bitcoin fall from a morning high $8,738.1 to an early morning intraday low $8,455.0.

The reversal saw Bitcoin slide through the first major support level at $8,554.7 before finding support.

A late morning rally saw Bitcoin recover to strike an early afternoon intraday high $8,796.5 before easing back to $8,600 levels.

In spite of the late morning rally, Bitcoin fell well short of the first major resistance level at $8,884.2. It was also the first time that Bitcoin failed to touch $8,800 levels since last Saturday.

The 2nd consecutive day in the red left Bitcoin down by 0.59% for the current week, Monday through Wednesday.

Elsewhere,

Across the top 10 cryptos, it was a mixed bag for the broader market.

Leading the way on the day was Bitcoin Cash SV, rallying 70.3% having returned to the top 10 on Wednesday.

Bitcoin Cash ABC came in a distant second, rising by 4.7%. Binance Coin and Litecoin also saw green, rising by 1.63% and by 0.32% respectively.

Leading the way down on the day was Stellar’s Lumen, which slid by 2.86%.

EOS and Ripple’s XRP also saw red, falling by 1.12% and by 0.88% respectively. Ethereum saw a more modest loss of 0.65% on the day.

For Cardano’s ADA, in spite of being up by 23.7% for the current month, it fell out of the top 10 cryptos by market cap. Cardano’s ADA saw a 5.85% gain for the current week,  insignificant when compared with Bitcoin Cash SV’s 97.7% gain.

For the bulls, there’s very little denying that there has been a material shift in sentiment towards the cryptomarket at the turn of the year.

24-hour trading volumes broke back through to $100bn levels on Wednesday before easing back. The upward trend has also seen the total crypto market cap rise from $249bn levels at the start of the week to $276.5bn at the time of writing.

This Morning,

At the time of writing, Bitcoin was up by 0.15% to $8,691.0. Moves through the 1st hour saw Bitcoin fall to a morning low $8,626 before striking a morning high $8,697.0.

Moving through relatively tight ranges, Bitcoin left the major support and resistance levels untested.

Elsewhere, Bitcoin Cash SV and Bitcoin Cash ABC led the way across the top 10. At the time of writing, the pair was up by 9.22% and by 3.87% respectively.

After a shaky start to the day, it’s a sea of green across the majors. Bitcoin looks ready to make a move.

BTC/USD 30/05/19 Daily Chart

For the day ahead

Bitcoin would need to steer clear of $8,650 levels through the morning to support a reversal of the current week loss.

A move through $8,770 would support a return to $8,800 levels to bring the first major resistance level at $8,831.33 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from $8,800.

In the event of an extended rally through the morning, Bitcoin could take a run at $8,900 levels before any pullback.

Failure to hold above $8,650 levels could see Bitcoin slide back through the early morning low $8,626 to bring $8,500 levels into play.

 

Barring a crypto meltdown, the first major support level a $8,500 would likely limit any downside on the day.

EOS Analysis – Resistance Levels in Play – 29/05/19

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

EOS Price Resistance

It’s been a particularly bullish start to the week for EOS. EOS was up by 27% for the current week, Sunday through Tuesday. The gains came off the back of an 8.54% gain last week, Sunday through Saturday.

EOS saw 3-consecutive days in the green, with a 9.2% gain on Sunday and a 15.7% rally on Monday delivered the lion’s share of the gains.

The current week rally saw EOS rise from a Sunday current week low $6.2112 to a Monday current week high $8.2728.

Steering well clear of the first major resistance level at $5.8703, EOS broke through the 23.6% FIB Retracement Level of $6.62 and major resistance levels.

A pullback to sub-$8.00 levels on Tuesday saw EOS fall back through the third major resistance level at $8.0031 before recovering by the day end.

Following a 19% gain in April, it’s been a particularly bullish month EOS. For the current month to the end of Tuesday, EOS was up by 60%.

In spite of the upward momentum, the extended bearish trend formed at last May’s swing hi $23.039 remained intact. EOS continued to fall well short of the 38.2% FIB of $9.76, following December’s swing lo $1.55.

For the bulls, a breakout from the 38.2% FIB of $9.76 would be needed to form a near-term bullish trend.

At the time of writing, EOS was down by 3.16% to $7.8489. The bearish start to the day saw EOS pullback through the third major resistance level at $8.0031 in the early hours.

EOS/USD 29/05/19 Weekly Chart

For the remainder of the week

A move back through the third major resistance level at $8.0031 would signal a resumption of the current week rally.

EOS would need to move through the current week high $8.2728 to take a run at $8.80 levels.

Support from the broader market would be needed, however, for EOS to take a run at $9.00 levels..

A broad-based crypto rally could give EOS a run at the 38.2% FIB of $9.76.

Following the current week’s gains, a lack of support from the broader market would likely see EOS hover around the third major resistance level.

Failure to move back through the third major resistance level at $8.0031 could see EOS hit reverse.

A pullback through $7.50 levels could bring sub-$7.00 levels into play before any recovery.

Barring a crypto meltdown, however, EOS will likely continue to hold above the first major resistance level at $6.7522 in the week.

In the event of a crypto meltdown, expect a slide to $6.2 levels before any recovery.

Looking at the Technical Indicators

 

Major Support Level: $5.8703

Major Resistance Level: $6.7522

23.6% FIB Retracement Level: $6.62

38.2% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Bulls Target a Bitcoin Breakthrough to $9,000

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin rose by 0.87% on Monday. Following on from an 8.38% rally on Sunday, Bitcoin ended the day at $8,729.8.

A particularly bullish start to the day saw Bitcoin rally to an early morning intraday high and new swing hi $8,958.3 before easing back.

In spite of the early rally, Bitcoin fell short of the first major resistance level at $9,079.3.

Recovering from $8,600 levels, Bitcoin struck an afternoon high $8,930 before sliding to an intraday low $8,650. The afternoon reversal saw Bitcoin steer well clear of the first major support level at $8,129.2.

Support from the broader market led Bitcoin to end the day at its highest level since early November.

Last week’s gains and the latest new swing hi reaffirmed the near-term bullish trend formed at mid-December’s swing lo $3,215.2.

Elsewhere,

Across the top 10 cryptos, it was a sea of green on Monday.

Leading the way up on the day was EOS, which surged by 15.65% on the day. Ripple’s XRP was a distant second on the day, rising by 6.46%, with Cardano’s ADA up by 5.47%.

Struggling to hold onto gains on the day were Binance Coin, which gained just 0.51% and Ethereum, which rose by 1.12%.

While the global equity markets have struggled through the month of May, the crypto majors have certainly impressed.

Ethereum was up by 69.11% to the end of Monday, with EOS and Litecoin up by 58.77% and 58.46% respectively. Perhaps even more impressive has been Bitcoin, which was up by 57.27%.

Trailing the pack in the month were Cardano’s ADA and Stellar’s Lumen, with more modest gains of 23.23% and 30.47% respectively.

This Morning,

At the time of writing, Bitcoin was down by 0.21% to $8,787.7. Moves within the first hour saw Bitcoin fall from a morning high $8,839.6 to a low $8,768.

In spite of the early pullback, Bitcoin left the day’s major support and resistance levels untested.

Elsewhere, Binance Coin and Stellar’s Lumen bucked the trend early, with gains of 2.09% and 0.02% respectively.

The rest of the pack were in the red, with Bitcoin Cash leading the way down. At the time of writing, Bitcoin Cash was down by 1.1%, with Ripple’s XRP down by 0.96%.

BTC/USD 28/05/19 Daily Chart

For the day ahead

Bitcoin would need to move back through to $8,800 levels to support a rally later in the day. A move through $8,860 would bring the first major resistance level at $8,959.6 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,900 levels.

In the event of another broad-based crypto rally, a visit to $9,000 levels could be on the cards later in the day.

Failure to move back through to $8,800 levels could see Bitcoin fall deeper into the red. A pullback through the morning low $8,768.0 would bring the first major support level at $8,651.3 into play.

Barring a broad-based crypto sell-off, Bitcoin will likely steer well clear of sub-$8,600 support levels on the day.

Altcoins Weekly Analysis – BNB, EOS and ETH – 26/05/19

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin

Binance Coin jumped by 22.19% in the week ending 25th May. Following on from a 38.19% rally from the previous, Binance Coin ended the week at $35.24.

It was another bullish week for Binance Coin, rallying from a start of a week intraweek low $25.38 to a Saturday intraweek high and new swing hi $35.75.

Steering well clear of the week’s first major support level at $21.97, 6 days in the green out of 7 saw Binance Coin break through the first major resistance level at $32.89.

The week-long rally and new swing hi $35.75 reaffirmed the near-term bullish trend formed back at early December’s swing lo $4.1724.

For the week ahead

A hold above $32 levels in the early part of the week would support further upside in the week ahead.

A move through last week’s high $35.75 would bring the first major resistance level at $38.87 into play.

Support from the broader market would be needed, however, for Binance Coin to take a run at $40 levels.

While we have seen Binance Coin buck the trend from the top 10, Bitcoin’s hold at around the $8,000 level has been positive.

Continued support for the broader market could bring the second major resistance level at $42.49 into play before any pullback

Failure to hold above $32 levels could see Binance Coin give up some of last weeks gains. A pullback through to sub-$30 levels would bring the first major support level at $28.50 into play before any recovery.

Barring a broad-based crypto sell-off, Binance Coin would likely steer well clear of last week’s low $25.38.

In the event of a sell-off, expect a visit to $25 levels before any recovery.

At the time of writing, Binance Coin was down 2.21% to $34.47.

BNB/USD 26/05/19 Daily Chart

EOS

EOS gained 8.54% in the week ending 25th May. Following on from a 7.98% rise in the previous week, EOS ended the week at $6.3832.

A particularly bullish start to the week saw EOS rally by 9.98% on Sunday to $6.5 levels before hitting reverse.

Falling short of the major resistance level at $6.7674, EOS slid to a Thursday intraweek low $5.7264 before finding support.

Steering well clear of the first major support level at $5.1168, EOS rallied to a Friday intraday high $6.6083 before easing back.

Falling short of the major resistance levels in the week, the 23.6% FIB Retracement Level of $6.62 pinned EOS back for a 2nd consecutive week.

For the week ahead,

A hold above $6.25 levels through the early part of the week would support another run at the 23.6% FIB of $6.62.

EOS would need support from the broader market, however, to break out from the 23.6% FIB and take a run at the first major resistance level at $6.7522.

Barring a broad-based crypto rally, EOS would likely come up well short of the second major resistance level at $7.1212.

In the event of a breakout, expect a visit to $7.00 levels before any pullback.

Failure to hold above $6.25 levels could see EOS hit reverse. A fall through to sub-$6.10 levels would bring the first major support level at $5.87 into play before any recovery.

Barring a broad-based crypto sell-off, EOS would likely steer well clear of last week’s low $5.7264.

At the time of writing, EOS was up by 0.29% to $6.4017.

EOS/USD 26/05/19 Daily Chart

Ethereum

Ethereum gained 7.5% in the week ending 25th May. Following on from a 21.52% rally from the previous week, Ethereum ended the week at $251.55.

A relatively choppy week saw Ethereum rally to a Sunday intraweek high $264.77 before hitting reverse.

Falling short of the first major resistance level at $283.07, Ethereum slid to a Thursday intraweek low $231.12 before finding support.

Steering clear of the first major support level at $183.69, Ethereum bounced back to $250 levels.

The moves through the week saw Ethereum pinned back by the 23.6% FIB Retracement Level of $257.

For the week ahead,

A hold above $248 levels through the early part of the week would likely lead to further gains in the week ahead.

Ethereum would need to move through to $260 levels to bring the first major resistance level at $267.17 into play.

Support from the broader market would be needed, however, for Ethereum to break clear of the 23.6% FIB of $257.

Failure to hold above $248 levels could see Ethereum reverse some of last week’s gains. A fall through to sub-$240 levels would bring the first major support level at $233.52 into play before any recovery.

Barring a crypto meltdown, Ethereum would likely steer clear of last week’s low $231.12.

At the time of writing, Ethereum was down by 0.01% to $251.53.

ETH/USD 26/05/19 Daily Chart

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

cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

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

Cryptomania

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

Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration.

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

Ripple, Dash coin, Bitcoin, Monero and Ethereum

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