BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin has made a pivotal move above $9K breaking the resistance level of $9200 on Wednesday, 27 May 2020. This recovery of Bitcoin's price in the last week of the month manifests scope for a bull run. The bulls did not let BTC fall below $8800 making a high of $9230 yesterday. BTC also confirmed its rising momentum after its price closed above $9.2K, at the basis (middle) line of Bollinger bands at $9210 level, as seen in the daily chart below. Also, note that the price of Bitcoin has formed a symmetrical triangle indicating that this momentum will continue and BTC might breakout above the triangle rallying towards $10K.
BTC/USD 1-Day chart with BB, MA, Uptrend line, and Symmetrical Triangle
The bulls have successfully pushed the price of Bitcoin above its 20-day exponential moving average (EMA). If bulls continue to maintain this momentum, Bitcoin will witness a rally above $10K to witness levels of $10.5K to $12.5K.
Key points to watch out for:
Bulls need to hold the $9200 level strongly and break above the uptrend line at $9300 resistance to aim for $9500 level.
If the bears try to take control, the first support will be seen at the psychological level of $9000, followed by the $8700 - $8800 support zone.
If bears push BTC to fall out of the symmetrical triangle, its 50-day moving average (MA) will be tested at $8300 level.
Indicators
The market capitalization of the largest cryptocurrency, Bitcoin has increased to $168.8 Billion along with its trading volume of $32.7 Billion on Wednesday. Bitcoin's market dominance was seen to be 65.9% yesterday.
The moving average convergence divergence (MACD) has decreased its deceleration with the MACD line trying to slope up towards the signal line. This indicates that the bulls have the upper hand.
The relative strength index (RSI) has also corrected itself and sloped up above 50, indicating a bullish correction at 53.9 yesterday.
BTC/USD 1-Day chart with MACD and RSI
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum shows a bullish Wednesday as it trades above the crucial $200 level. The bears have failed to sustain the bearish lower levels and the bulls have successfully bought the dips. Ether's price made a high of $208.5 and successfully closed at the same exact level on Wednesday, 27 May 2020. The bulls did not let ETH's price fall below $201 level, showing positive bullish momentum. Ethereum is trading much above its 20-day exponential moving average (EMA). The price of ETH was bought just above the uptrend line by bulls not allowing it to fall below it, as seen in the daily chart below.
ETH/USD 1-Day chart with MA, Ascending Channel, Uptrend, and Downtrend line
Key points to watch out for:
If the bulls are able to maintain this rising uptrend, the immediate resistance level will be seen at $210. Once ETH enters the ascending channel, its next resistance will be faced just above the downtrend line at $215 level, followed by $227 to rally towards $250.
If bears take over and push ETH below $200, the next support will be seen at its 50-day moving average (MA) at $192 level, followed by $188 and lower support level of $175 level.
Indicators
The market capitalization of the second-largest cryptocurrency has come back to $23 Billion with a $10.6 billion trading volume on Wednesday. Ethereum's market dominance was seen to be 9.02% yesterday. MACD has a decreased deceleration with the MACD line has almost touched the signal line, indicating bulls having the upper hand. RSI has corrected itself sloping upwards to 54.9 giving bullish signals.
ETH/USD 1-Day chart with MACD and RSI
