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Eyeing Break Above $6,000
BTC: Price: $5,900 | MCAP: $105.26 billion | 24-Hr Volume: $17.26 billion
Short-term trend: Cautiously Bullish
Bitcoin continues to gain altitude, as suggested by April's bullish close above the 21-month exponential moving average (EMA).
Prices quick recovered from the lows below the former resistance-turned-support of $5,627 on Monday and jumped to a fresh 5.5-month high of $5,970 on Bitstamp earlier, bolstering the already bullish technical setup.
As a result, a break above $6,000 and rally toward $6,200 could be seen in the short-term. Even so, caution is warranted as the 3-day chart is questioning the sustainability of the recent move higher from $5,000 to $5,900 with bearish divergence of trading volumes.
That said, bullish invalidation would be confirmed only below the historically strong support of the 30-day MA, currently at $5,320. That level could come into play in the next couple of days if the price again fails to close above the June 2018 low of $5,780.
Long-term trend: Bullish
Bitcoin closed last week above the historically strong resistance of the 50-week moving average (MA), further validating the bearish-to-bullish trend change signaled by the convincing break above $4,236 (Dec. 24 high) on April 2.
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) has moved above 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 $4,482.
Read Analysis
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ChainLink Firing Up LINK: Price: $0.59 | MCAP: $200.2 million | 24-Hr Volume: $10.9 million
Short-term trend: Bullish potential
LINK's 15 percent rise in price on yesterday's bull rally has presented another opportunity to pierce the 113-day channel that has kept prices within a medium range of 18 cents between $0.39 and 0.62 for over 3 and a half months.
The RSI shows overbought conditions while the Chaikin Money Flow (CMF) has flipped bullish for the first time in 21 days, meaning a pullback into a higher high is possible.
Long-term trend: Neutral
A failure to scale the channel in the coming week will mean another likely revisit to the bottom trendline at around $0.45 should the bulls run out of steam post pullback on the daily chart.
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NEW Kid On The Block Falling Flat NEW: Price: $0.003926 | MCAP: $54.2 million | 24-Hr Volume: $13.3 million
Short-term trend: Bearish
A double bounce on the 4-hour chart for NEW has provided little momentum for the bulls who've struggled to bring prices above the 55-period EMA (red) and 26-period EMA (blue) since it was first listed on the Huobi exchange 20 days ago.
Long-term trend: Bearish
Prices will continue to search for a bottom and attempt to stabilize as the rally on its initial listing needs much more time to cool off before the trend can reverse course and prices can begin rising once more.
A bounce is possible given the 4-hour RSI is firmly bid in oversold territory making it an attractive asset for a quick gain should traders decide to reenter the NEW market.
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@tradingroomapp's constructive view on ether's price has hit the bulls eye.
The native token of the ethereum blockchain rose to a one-month high of USDT 182.76 on Binance earlier today and appears on track to test the first target of USDT 193.
The daily chart shows a bounce from the ascending 50-day moving average (MA) followed by a falling channel breakout. So, the path of least resistance appears to be on the higher side.
Backing the short-term bullish case are the upward sloping 5- and 10-day MAs. Pullback, if any, may find bids around the short-term MAs and the outlook would turn bearish if and when the price finds acceptance below the 50-day MA, currently at $158.
That, however, looks unlikely with bitcoin warming up to the idea of bullish move above $6,000. |
Another evidence of the so-called disconnect between the ethereum's strengthening fundamentals and the price of ether token emerged last month.
Ethereum's DApp-based transactions for Ether hit a record high of 776,000 in April with the majority of activity happening on decentralized exchanges and gambling applications, according to to analytics firm Diar.
Notably, transaction volumes hit record high a month after the 100 percent block limit for gas tokens was reached, signaling heightened activity on the ethereum network. It is worth noting Gas token fuels the operations on the ethereum network.
Ether's price also rallied 5 and 13.6 percent in March and April, respectively, along with the broader markets and is currently trading near $180. Pundits, however, believe the ether's price is extremely undervalued and yet to catch up with the improving fundamentals.
While that may be true, the Diar report released on May 6 also showed the rate of newly deployed DApps has steadily decelerated to hit a 15-month low. |
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| 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. |
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Ether Spikes