 
|
Triple Failure at $8,300
BTC: Price: $7,880 | MCAP: $140 billion | 24-Hr Volume: $22.54 billion
Short-term trend: Pullback likely
Bitcoin jumped nearly 13 percent to a high of $8,300 on Friday, reviving the short-term bullish outlook. The follow-through case for a rally to $8,500 (July 2018 high).
So far, however, the follow-through has been bearish. BTC is currently flashing red below $7,900, having hit lows below $7,600 yesterday. The pullback seen in the last 36 hours marks BTC’s third failure in the last seven days to capitalize on the rally to $8,300. The triple rejection at $8,300 comes after a near 90-degree rally from lows near $5,100 seen at the end of April and could be considered a sign of buyer exhaustion.
Further, BTC created a hanging man or bearish hammer on the daily chart on Monday. That pattern indicates the bears are beginning to test bulls’ strength - a sign the market is topping out for the short-term. A UTC close below $7,581 would validate the bearish hammer candle created on Monday and open the doors for a drop to the 30-day moving average, currently at $6,333.
The bearish hammer candle would be invalidated if the price finds acceptance above $8,200 in the next 24 hours. In that case, BTC may rise to $8,500 as suggested by longer duration charts.
Long-term trend: Bullish
Bitcoin bounced up sharply from the 5-week moving average (MA) last week and closed on a positive note, reinforcing the bullish view put forward by that ascending average.
There have also been two bullish crossovers in the last week: one of the 5- and 100-week MAs, and another of the 10- and 50-week MAs, suggesting the path of least resistance is to the higher side.
Further, the cryptocurrency is trading well above the historically strong resistance of the 50-week and 100-week moving averages, validating the bearish-to-bullish trend change signaled by the violation of bearish lower highs pattern seen on April 2.
Also, supporting the longer run bullish case is the two-week MACD histogram's positive turn, the first since February 2018. Further, the 14-week relative strength index (RSI) is holding well above the key resistance range of 53.00–55.00.
The longer run bullish outlook would be neutralized if the price finds acceptance below the 200-day MA, currently at $4,468.
Read Analysis
 |
|
|
|
|
|
Up and Up On New Listing MATIC: Price: $0.003876 | MCAP: $89.5 million | 24-Hr Volume: $431 million
Short-term trend: Bullish-Pullback
MATIC, the IEO token released on the Binance Launchpad in late April, has performed exceptionally well throughout the month of May, beginning on the 10th and rising over 1000 percent over an 11-day period.
While gains have been exceptional, it would be wise to consider the bearish divergence that is beginning to take shape, with lower highs on the indicators (Chaikin Money Flow, RSI) while marking higher highs in its price, so be mindful and vigilant for signs of exhaustion hinting at a pullback in the short-term.
Long-term trend: Bullish
The long-term trend will continue to remain bullish as long as it continues to rise above previous highs and search out its true market price, creating a stair-step approach in its bullish market structure.
 |
|
|
|
|
|  We're excited to announce the launch of the CoinDesk Dojo, a premium subscription part of StockTwits' recently announced Premium Rooms product. Ask the analysts—Omkar, Sam and Seb—questions about charts and talk with other traders looking to profit off the volatility of the crypto markets. Create an account on StockTwits and then subscribe! Subscribe Here |
|
AUGUR Sinks Amid Growing Sell Pressure REP: Price: $20.30 | MCAP: $222.7 million | 24-Hr Volume: $16.5 million
Short-term trend: Bearish
REP has broken down from a double top scenario on the hourly chart combined with a bearish divergence in price action with higher highs on the indicator but lower highs/similar highs in price.
Finding footing along a key support area at around $20.20, the bulls will need to maintain prices above in order to shore up confidence in the market or risk a revist to wick dip lows at $19.
Long-term trend: Bearish
The Chaikin Money Flow (CMF) demonstrates increased sell pressure over an extended period on the hourly chart but lacks a true representation on where price currently sits overall on the larger timeframes. The daily chart reveals how prices are currently sitting along a key pivot point above $20, whereby a strong close below could entrench greater losses heading into the new month.
 |
The U.S. Securities and Exchange Commission (SEC) on Monday delayed a decision on a bitcoin exchange-traded fund (ETF) proposal.
Last Tuesday, the SEC similarly delayed ruling on the Bitwise Bitcoin ETF and asked for public comments on the matter.
In the past, such news would cause a sharp selloff. BTC, however, moved back above $8,000 following the SEC's ruling. That seems to have convinced many in the market that ETFs no longer matter and targeting retail with Ameritrade and Etrade would drawn in traditional investors.
While an increased retail participation would be encouraging, the market will become mature and gain credibility only with institutional money. For that, ETFs are essential. Remember how BTC had rallied from $6,000 to $20,000 in just six weeks to Dec. 17 on expectations that futures listing would allow entry to institutional money.
@Krugermacro, therefore, is right in stating the importance of BTC ETFs for cryptocurrency markets. |
Ethereum's non-price metrics are overshadowing ether token's 56 percent month-to-date rise.
For instance, the daily Gas usage hit an all-time high on Monday, a sign of an increasing demand for the ethereum network. Gas is a unit denoting price of computation on the Ethereum, to be paid in ether by users to miners in order to utilize the computational power of the network.
Further, ether volumes on decentralized applications (DApps) registered a new high in April, according to analytics firm Diar. The report published on May 6 said, "776k Ether was transacted on DApps last month turning on-chain activity higher than the previous period for 4-months in a row. This year is the most prolonged period of growth in terms of transacted volumes DApps have witnessed, ever."
No wonder, many experts are of the opinion that ether token is extremely undervalued. |
|
| Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
|
| | | | |
Non-Price Metrics Shine