General Overview
Crypto Market Update Today: Market Cap: $389,840,003,354 24h Vol: $17,523,547,047 BTC Dominance: 37.2%
In the last 24 hours, cryptocurrency market cap has increased from $375B to slightly below $390B.
News
There isn’t any significant news that came out during the weekend. Top stories are therefore analytical in nature or follow-ups from prior stories. These are some of the more significant headlines:
Iran and Russia Discuss Transacting in Crypto to Avoid International Sanctions
Iran and Russia could start using cryptocurrencies to avoid Western sanctions, Russian news portal RBC reported yesterday, May 17.
Norway Central Bank Considers Developing Digital Currency
Norway’s central bank, Norges Bank, is considering developing its own digital currency as a supplement to cash to “ensure confidence in money and the monetary system”, according to a working paper May 18.
Former UK Visa CEO Takes Helm of Crypto Consumer Payment Startup
The former head of Visa in the UK and Ireland has joined a startup bringing crypto to consumer payments, Business Insider NL reports today, May 19.
WSJ: Coinbase Spoke to U.S. Regulators About Acquiring Federal Banking License
Major U.S. cryptocurrency exchange and wallet Coinbase spoke to regulators about obtaining a federal banking charter, according to a report by the Wall Street Journal (WSJ) May 18.
Source: cointelegraph.com
Analysis
BTC/USD
From yesterday’s open, the price of Bitcoin has increased by 3.4%, going from $8229 to $8510 where it is currently sitting.
On the daily chart, we can see that the price is currently a red doji above 0.382 Fibonacci retracement level. We can also see a breakout from the falling wedge.
Zooming into an hourly chart, we can see the interaction with the Fibo level, and the momentum behind the up move. Price action formed a double top, with the last top’s candles closed with two massive wicks from the upside, which indicates selling pressure.
Market sentiment
Bitcoin is in the buy zone, as indicated by hourly chart technicals.
Oscillators are on buy, and moving averages on a strong one.
Pivot points
S3 7578.2 S2 8004.6 S1 8264.2 P 8431.0 R1 8690.6 R2 8857.4 R3 9283.8
ETH/USD
The price of Ethereum has increased by 3.34% from yesterday’s open, going from $690 to $712,8 where it is currently.
Looking at the daily chart, we can see that the current candle is a red doji, like in the case of Bitcoin, and it sits at the levels of prior high.
Zooming into an hourly chart, we can see that the price has retraced to retest the support, which is on the levels of prior high at $712. We can also see a breakout from a triangle which wasn’t that strong, as the impulse behind the move looks like any other prior move.
Market sentiment
Ethereum is in the neutral zone, as hourly chart technicals are on neutral.
Pivot points
S3 638.08 S2 673.30 S1 694.40 P 708.52 R1 729.62 R2 743.74 R3 778.96
XRP/USD
In the last 24 hours, the price of Ripple has increased by 3.17%, from $0,67250 to $0,69436. The price has been steadily rising and is now facing first strong resistance.
On the daily chart, we can see that the current candle is red, and is sitting at the levels of prior high.
The hourly chart paints a clearer picture. We can see that the price is still in an upward channel which is inside the symmetrical triangle pattern. The price found resistance on the triangle’s resistance line levels and is currently struggling to keep up the upward movement.
Market sentiment
Hourly chart technicals are on neutral, so the price of Ripple is currently indecisive.
Pivot points
S3 0.61264 S2 0.65176 S1 0.67536 P 0.69088 R1 0.71448 R2 0.73000 R3 0.76912
Conclusion
Crypto Market Update Today: In the last day, we have seen an upward movement has been stopped by first major resistance, as seen on the charts from three major cryptocurrencies that we are covering in this daily report. The market is currently showing signs of indecision indicated from the current candles being Dojis. We are likely to see a move down, which would be a final corrective move, before a new runup to new highs.
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