On similar lines, JPMorgan analysts in their note on May 25 said the recent drop in crypto markets looked “like capitulation relative to last January/February and going forward we see upside for Bitcoin and crypto markets more generally.” The bank has retained Bitcoin’s fair price at $38,000. Glassnode data shows that Bitcoin whales holding less than 100 Bitcoin have increased their balance by 80,724 Bitcoin, which is eerily similar to the 80,081 Bitcoin liquidated by the LUNA Foundation Guard.
The larger whales holding more than 10,000 Bitcoin have also added 46,260 Bitcoin during the same period. However, entities holding between 100 Bitcoin and 10,000 Bitcoin have shown “relatively little net change to their holdings.
Bitcoin slipped below the strong support at $28,800 on May 26 and May 27 but the bears could not build upon this advantage. This indicated strong buying at lower levels. The BTC/ USD pair climbed back above $28,800 on May 28, trapping the aggressive bears. This started a recovery which picked up momentum after bulls pushed the price above the downtrend line.
The pair soared above the 20-day exponential moving average (EMA) on May 30, indicating that the downtrend is weakening. The relief rally may face resistance at $32,646. If the price turns down from this level, it will suggest that bears continue to sell on rallies. That may keep the pair range-bound between $32,646 and $28,000 for a few days.
The flattening 20-day EMA and the relative strength index (RSI) near the midpoint also suggest a consolidation in the short term. On the other hand, if buyers drive the price above $32,646, the pair could rally to the 50-day simple moving average (SMA) where the bears may again mount a strong defence.
On the downside, $28,000 is the key level for the bears to defend. A breach of this support could open the doors for a decline to $25,000.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Age of Zalmoxis
– Smartchem (SMAC)
– Asia Broadband
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Bitcoin slipped below the strong support at $28,800 on May 26 and May 27 but the bears could not build upon this advantage. This indicated strong buying at lower levels. The BTC/USD pair climbed back above $28,800 on May 28, trapping the aggressive bears. This started a recovery which picked up momentum after bulls pushed the price above the downtrend line. Read more
ETHEREUM – ETH/GBP
We had suggested in our previous analysis that Ether could plummet to $1,700 and the bulls will have to defend this level aggressively and that is what happened.
The ETH/USD pair dropped to $1,700 on May 27 but strong buying by the bulls started the rebound on May 28. Sustained buying at higher levels has pushed the pair to the 20-day EMA. If buyers propel the price above this resistance, the next stop could be $2,159. Read more
RIPPLE – XRP/GBP
XRP remains stuck inside a tight range between $0.45 and $0.38. Although bears pulled the price below the range on May 26 and May 27, they could not sustain the lower levels. This suggests that bulls continue to buy on dips.
The XRP/USD pair started a recovery on May 30 and has reached the 20-day EMA. The bears are likely to defend the zone between the 20-day EMA and $0.45. If the price turns down from this zone, the range-bound action may continue for a few more days. Read more
Solana plunged and closed below the $47.75 support on May 26 but the bears could not challenge the critical support of $36. This suggests that bulls are accumulating at lower levels.
The buyers are trying to push the price back above $47.75. If they succeed, the SOL/USD pair could rise to the 20-day EMA. This is an important level for the bears to defend because a break and close above it could suggest that the bulls are making a strong comeback. Read more
BINANCE – BNB/GBP
We had said in our previous analysis that $286 will act as a strong support and Binance Coin rebounded from $290.6 on May 27.
The buyers are attempting to sustain the price above the 20-day EMA. If they succeed, the BNB/USD pair could rise to $349 where the bears are expected to pose a strong challenge.
If the price turns down from the current level or the overhead resistance, it will suggest that the pair may remain stuck in a wide range between $349 and $254 for a few days. Read more
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