BITCOIN / U.S. DOLLAR
Price Analysis
The Halving event of Bitcoin, the world's first-ranked cryptocurrency, affects its price moment as halvening is the only mechanism that can affect the new supply of Bitcoins. Users' confidence in this asset has increased manifold. Bitcoin is seen to swiftly recuperate from its recent low of $8200 stipulating strong upward price momentum. Wednesday, 13th May saw Bitcoin bulls making a bullish surge by breaking the previous immediate resistance of $9000.
BTC made a high of $9400 before being pulled back to $9300 range. Its price has also escalated above both the middle line (basis) of the Bollinger bands and its 20-day EMA on the daily chart, as seen below.
The price of Bitcoin seems to take the support of the uptrend line. It's currently trading much above the line of the uptrend. Bitcoin bulls are slowly working to push BTC above the $9500 level.
Key points to watch out for:
If bulls are successful in pushing BTC above its immediate resistance of $9500, traders will target $9700 - $9800 range.
BTC is likely to reach $10,000, but the real test will be seen at $10,700 zone.
If bears take over and BTC falls below its immediate support of $9000, bears will mount next support in the $8900 - $8700 range, followed by lower support between $8300 - $8100 level.
Indicators
The market capitalization of Bitcoin is back to be seen at around $170.3 Billion with a slightly low trading volume of $45.5 Billion on Wednesday. Its market dominance is around 67.2%.
Both the moving averages, 50-day MA, and 20-day EMA are sloping upwards along with the line of the uptrend.
MACD has sloped up trying to cross above the signal line, with a slight deceleration, but the path of least resistance remains to be on the upside. The relative strength index (RSI) has corrected above the 60 level indicating bulls are in command.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum, the second-largest cryptocurrency, is testing its important resistance of $200 and has traded between $188 - $201 on Wednesday, 13th May. Ether's price has crossed above both the downtrend line and its 20-day exponential moving average (EMA). The middle line (orange) of Bollinger bands is acting as the immediate resistance, which can be seen in the daily chart below.
Bulls are struggling to push ETH above its serious resistance of $200.
Key points to watch out for:
If bulls manage to break the $200 key resistance, Ether will see its next resistance around $215, followed by $226.
If the aggressive bears are strong enough to mount at $200, Ether will fall to its 50-day moving average (MA), below $175. The next support will be seen around $166, followed by $150 - $140 levels.
Indicators
The market capitalization of Ethereum has reached to $22 Billion with a $17 Billion trading volume on Wednesday. Ethereum's market dominance is seen at 8.77%. Both 50-day MA and 20-EMA are still sloping up. The moving average convergence divergence (MACD) is decelerating below the signal line but shows signs of sloping up indicating a cross above the signal line. RSI is correcting upwards at 54 level.
