BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin finally encountered its most anticipated event of this year on Monday, the 11th of May 2020 at 7:23 pm UTC (acc. to TradeBlock). The occurrence of Bitcoin's third Halving event has slashed the miner's block reward from 12.5 BTC to 6.25 BTC. This once in four years event will affect miners, as a lot of mining devices will become outdated.
After a failed recovery attempt, bears have pulled the price of Bitcoin back to below $9000 zone. Monday saw BTC decline to its lower support of $8200. Bulls struggled to push BTC above the psychological level of $9000, but Bitcoin's price closed at $8500 level. We can also see that the 20-day exponential moving average (EMA) has crossed below the 50-day moving average (MA) in the 4-hourly chart.
Another point to note is that BTC's price began to decline from Bollingers' upper band since 8th May and has now closed exactly at the middle line (purple) of Bollinger Bands on Monday, 11th May, along with its 20-day EMA (yellow line) in the daily chart below. Bulls need to overcome this downfall, otherwise, BTC will see its price declining further towards the lower Bollinger band.
Key points to watch out for:
If bulls manage to break the current resistance of $9000, the price of BTC will see its next resistance around the $9200 zone, followed by the $9500 level.
If bears take over again, we will see BTC checking the $8500 support. The next support will act around $8100, followed by a lower $7700 level.
Indicators
The market capitalization of Bitcoin fell below $160 Billion to $158 Billion with a $57.1 Billion trading volume on Monday. According to CoinMarketCap, Bitcoin's market dominance was seen to be 67.55% on Monday.
The moving average convergence divergence (MACD) went below the signal line showing signs of deceleration.
The relative strength index (RSI) is above 50, indicating bulls still having the slight upper hand.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum witnessed a low of $175.5 on Monday, 11th May. ETH has slipped below the $200 resistance level. The support line of the ascending channel is acting as Ether's major support. On Monday the price fell out below the ascending channel but came back inside the channel with a close at $185.
We can also see Ethereum's price battling between its 20-day EMA and 50-day MA. ETH is trading below its 20-day EMA. ETH's low almost touched its 50-day moving average (MA) on Monday. If the bears continue to act, they might push ETH below its 50-day MA ($172 level).
Key points to watch out for:
If the bears continue their impact, ETH will see its immediate support at $180 (support line of the ascending channel), followed by the next support at $175 and lower support of $170.
If bulls take over, ETH's resistance will be seen at the $195 level (20-day EMA), followed by the next resistance level at $200, and then higher levels of $211-$215 range, $225, $230.
Indicators
The market capitalization of the second-largest cryptocurrency can be seen at $20.6 Billion with a $20 Billion trading volume. Ethereum's market dominance is 8.76%.
MACD is decelerating below the signal line. RSI has gone below 50 and can be seen at 45.67 level. If the bulls don't push Ether above the downtrend line, Ethereum will witness a bearish trend soon.
