Bitcoin / US Dollar
Price Analysis
As prescribed in the previous articles, we expect a slight uptrend in Bitcoin's price that reached $ 9,400 during the day. The "Triple Bottom" signal came into effect and we are eager to see if this time, Bitcoin will be able to break the # 10,000 resistance in the next period. The bullish period could just start after investors believe that Bitcoin won't fall under $ 8,600, which was the crucial resistance for technical analysis.
The "Triple Bottom" signal was expanded through the whole of May, giving Bitcoin a period for absorbing power during the month, that will possibly be released in the next period. We can also highlight Bitcoin's failure to break the $ 10,000 for two consecutive weeks. If there is a third attempt for breaking the $ 10,000 resistance and it didn't end up successfully, then it will be a major problem for Bitcoin's price.
The Fibonacci Bands can show us possible moves in bullish and bearish scenarios. In the bullish scenario, the Fib Bands stand between $ 9,600 and $ 10,500 while in the bearish scenario, the Fib Bands stand between $ 6,000 and $ 7,000. Both scenarios may come into effect if there is a sharp move in Bitcoin's price.
In the short-term diagram, we can focus more on the recent weeks for Bitcoin's price. The main observations are that the absorption of the price will release in the next period as many resistance and support levels are tested. The multiple tests is often a signal for a sharp move on both directions. It's important to highlight the surging volume that couldn't support any decisive move.
Indicators
MACD index is on the negative zone, showing an uptrend momentum. The negative values started on May 11, showing relative stability in the price. RSI index was starting an uptrend move that will break the value = 60, showing a clear bullish move.
Ethereum / US Dollar
Price Analysis
Ethereum has a positive day, showing profits in the last 2 days. The price is moving between the parallel channels, from $ 200 to $ 220. The absorption of the price will often deliver a sharp move in the price. In the case of Ethereum, there is a high possibility of continuing stability according to the correlation with Bitcoin.
If there was a positive trend in Bitcoin, there will be a bullish signal for Ethereum. Regarding Fibonacci Bands, the bullish scenario stands between $ 220 and $ 240. On the other hand, the bearish scenario, the Bands stands between $ 140 and $ 160. The correlation between Bitcoin and Ethereum shows what will be happening in the Ethereum market. This should be also accompanied by the corresponding volume.
Indicators
MACD index is near 0, without any signal for uptrend momentum. In contrast with that, the RSI index is moving near value = 60, showing bullish signals for the next period, which will be visible in the next days.
