BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin continues to budge closer toward the $10K level. This rising price momentum above the previous resistance of $9.3K shows signs of a bullish trend. Bitcoin made a high of $9600 again consolidating at the $9400 range on Friday, 29 May 2020. The bulls did not let its price fall below $9350 level, although we can see the bears mounting themselves strongly at $9600. Bitcoin is trading much above its 20-day exponential moving average (EMA). Its price has also crossed above the uptrend line, as seen in the daily chart below.
Key points to watch out for:
If bulls successfully sustain the $9600 level, the next resistance will be faced at the resistance line of the symmetrical triangle, i.e, at $9800 level. If BTC breaks out above the symmetrical triangle, we can expect a rally towards the $10.5K - $12.5K range.
If bears take command, the immediate support will be seen at the basis (middle line) of Bollinger bands at $9200 level, followed by the 20-day EMA line at $9150.
On the downside, if bears push BTC back below $9K, the first support will be seen at the support line of the symmetrical triangle, at $8700 level, followed by its 50-day moving average (MA) at the $8400 range.
Indicators
The market capitalization of the largest cryptocurrency has reached $173.5 Billion with a recovering $32.8 Billion trading volume on Friday. Bitcoin's market dominance was 65.9% yesterday.
MACD has reduced its deceleration with the MACD line parallelly very close to the signal line. This indicates that bulls have the upper hand. RSI stands at 56 with a slight slope down but should correct itself upwards as the bulls are in command.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum is heavily bullish as its breaks above the crucial $200 level and is now trading above its $220 resistance level as well. Ether's inverse head and shoulder pattern formation proved to be a successful bullish breakout. ETH hiked to $224.9 and closed at $220.5 level on Friday, 29 May 2020. Ethereum continues to trade well within the ascending channel after three consecutive bullish moves, as seen in the daily chart below. Ethereum bulls strongly need to sustain this bullish price momentum and trade within the ascending channel for a while to rally upwards.
Key points to watch out for:
The immediate resistance that bulls need to cross is $227 to reach the $238 level, followed by $252.
If bulls fail to sustain the $220 level and bears take over, the immediate support will be seen at $215. A break below the ascending channel will bring ETH to its 20-day exponential moving average (EMA) at the $206 level.
In the downside, if Ether falls below the uptrend line and its crucial $200 level, we can expect the price to decline to its 50-day moving average (MA) at $194 level.
Indicators
The market capitalization of the second-largest cryptocurrency increased to $24.5 Billion with a rise in trading volume at $12.2 Billion on Friday. Ethereum's market dominance was 9.3% yesterday. The moving average convergence divergence (MACD) has an increased acceleration with the MACD line above the signal line indicating bulls are in command. RSI also shows a bullish divergence at 61.
