As we enter a new month, an increase in blockchain and industry adoption in the crypto environment confirm the price increase in the total market capitalization of the cryptocurrency market.
Come along as we reveal the essential and exciting news announcements as well as technical price patterns moving the current bullish trend.
BTCUSD (Bitcoin) Technical and Fundamentals
According to a Bloomberg broadcast on May 30, Michael Novogratz, CEO, and founder of Galaxy Digital, a cryptocurrency merchant bank anticipates a consolidation of the Bitcoin price within the range of $7,000-$10,000.
He attributes this year's price rally to mainstream adoption of cryptocurrencies, and the recognition of the blockchain technology by wall street, as well as tech firms — tech giant Microsoft's use of bitcoin's blockchain for identity management.
Bitfinex crypto exchange temporarily puts a pause on Deposits and Withdrawals
In a tweet published on May 31, Bitfinex crypto exchange temporarily shuts down deposits and withdrawals.
Paolo Ardoino, CTO of Bitfinex proved that there are no outgoing tokens by sending a link to the exchange's hot wallets.
BTCUSD: Weekly Chart
A series of bullish closing weekly bars were triggered after the Bitcoin price exited oversold on December 17 '18.
On May 06 '19, the price entered overbought region and currently sets support at $8005.0 after closing with a bullish accumulation.
BTCUSD: Daily Chart
The daily time frame shows an increase in demand for the BTC as it enters the overbought area on May 02 '19.
A close beyond bearish accumulation resistance saw the Bitcoin price increase by roughly 46.7%.
The market started to experience some deep waves bringing the bitcoin price out of oversold. The deep price cycles later lead to a formation of hidden bullish divergence on May 22 and 31.
BTCUSD: 4HOUR Chart
The Bitcoin price entered and exited overbought in combination with a regular bearish divergence setup on May 30 11:00.
A bearish accumulation resistance was signaled at the nineteenth hour of May 30, setting up resistance at $8367.0.
We anticipated a price close above the resistance level, which eventually played out.
Critical Resistance Levels of Bitcoin (BTC)
8005.0, 9109.0, 8367.0
Critical Support Levels of Bitcoin (BTC)
7436.4, 7950.0, 5901.0, 6007.8, 6999.9
7600.1, 7207.6, 6007.8, 6999.9
ETHUSD (Ether) Technical and Fundamentals
At a Fintech forum hosted by the US SEC, Paul Brody of EYs (Ernst & Young ) Big Four audit firm outlined a crucial issue concerning putting the blockchain technology into proper use.
He stressed that for successful blockchain technology, global crypto disruptors should go back to the basics and see how this technology could bring solutions instead of the chasing money in the digital environment.
Also, Brody talked about the essence of capital markets as a means to put investors' money into productive use and went on to say that most Decentralized Application (DApps) on the Ethereum blockchain is not in the most productive uses.
On May 31, Ernst & Youngs' codes for the Ethereum private transactions solution (Nightfall), was open sourced.
ETHUSD: Daily Chart
Following an increase in demand starting from April 05 '19, the price of Ether made a monthly high of 239.86 in May.
A regular bearish divergence pattern signaled on May 31 '19 shows the weakness of the bulls and probable price retracement.
ETHUSD: H4 Chart
An accumulation of bulls on May 29 23:00 and 30 07:00 failed to an increase in selling pressure on May 30 11:00.
The bulls later recovered their position after breaking above an opposite bearish accumulation resistance on May 31 11:00 and June 01 '19 23:00.
Critical Resistance Levels of Ethereum (ETH)
Critical Support Levels of Ethereum (ETH)
151.82, 161.33, 227.20, 248.01
253.73, 239.86, 260.74, 265.41
EOS (EOS) Technical and Fundamentals
VOICE, a Blockchain-based social media platform, was announced by Block.one the EOS parent company on June 01.
According to the firm, the EOS blockchain will be used to allow for transparency on the operations of the platform.
Hidden algorithms will not be included, as well as content pushing methods that users are not aware of.
EOSUSD: Weekly Chart
EOS price from a weekly time frame shows the pair entering the overbought territory, which may imply a further increase in price.
If the price close below the RSI level-70 from above, we look forward to a possible price reversal.
EOSUSD: Daily Chart
From a daily chart viewpoint, the price rallied following a breakout of bearish accumulation on May '19 and setting up support at 5.7839.
After establishing a high of 8.6503, the pair signaled a regular bearish divergence on the first day in June '19.
EOSUSD: H4 Chart
Similar to the regular bearish divergence setup on the daily chart, the pair signals a sequence of regular bearish divergence on May 30 '19 11:00 and June 01 '19 03:00.
The formation of double bearish accumulation on the first day in June reinforced the selling pressure and caused the price of EOS to decline by about 13.5%.
Critical Resistance Levels of EOS (EOS)
8.4790, 8.0187, 8.6503
Critical Support Levels of EOS (EOS)
7.20, 6.8624, 7.4735
Conclusion and Projection
The market generally maintains a bullish outlook in the face of regulatory adoption and breach in the security of some prominent crypto exchanges.
As the Bitcoin price trades in overbought territory on the weekly time frame, and Ether (ETH) and EOS price also enters overbought, we look forward to further increase in the total crypto market capitalization.
In overbought markets, we also recommend deploying a trailing stop loss mechanism as a way of locking in profits in a rising market.
After signaling a bullish accumulation pattern on the weekly chart, the price of Bitcoin might test the bullish accumulation support of $8005.0. A price close below the support shows the weakness of the bulls.
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