Bitcoin and Ether Market Update: May 21, 2020
Total crypto market cap lost $7.7 billion of its value since Monday morning and now stands at $261.9 billion. Top ten coins are all in red for the last 24 hours with Litecoin (LTC) and Bitcoin Cash (BCH) being the worst performers with 3.4 and 2.3 percent of losses respectively. At the time of writing Bitcoin (BTC) is trading at $9,498 on the Bitstamp daily chart, while Ether (ETH) is hovering around $209 and Ripple’s XRP remains at $0.201.
Bitcoin continued to rise on Sunday, May 17, and ended the week at $9,661 or 12.5 percent higher compared to the previous seven-day period. The coin successfully moved above both the horizontal resistance at $9,600 and the long-term downtrend line acting as a major diagonal resistance.
Naturally, the next target for bulls was to consolidate and break out of the symmetrical triangle pattern, which is in the making since February, by filling the gap between $9,600 and the psychological level of $10,000. Then, the year-to-date high is waiting to be surpassed at $10,360.
The BTC/USD pair started trading on Monday by extending its gains to $9,718. The session was quite volatile and we saw the price moving in the $9,457 -$9,970 range, hitting the upper-level of the symmetrical triangle at some point.
On Tuesday, May 19 the leading cryptocurrency formed its fourth consecutive green candle on the daily chart and climbed up to $9,794.
The mid-week session on Wednesday, however, was slightly different as bears managed to take over control. Bitcoin experienced a short correction to the downside and dropped down to $9,508 erasing 2.7 percent of its value. Still, it remained stable around the major support zone.
The coin fell as low as $9,100 in the early hours of trading, breaking below the long-term downtrend line.
In terms of trading volumes, they started to pick up on Monday and reached $42 billion, up from $32 billion on Sunday. Then gradually decreased to $30 billion on Wednesday evening and recovered to $35 on Thursday morning.
The Ethereum Project token ETH climbed to $207 or right above the diagonal resistance (mid-term downtrend line) on Sunday, May 17. It was 10.6 percent up on a weekly basis.
The coin formed its third consecutive green candle on the daily chart on Monday and climbed up to $214. It even hit the next target zone up during intraday – $216-$220. As already mentioned in our reports, this area is as equally important as $200 when it comes to long-term movement. It is also where the 61.80 ($218) Fibonacci retracement level is situated when it comes to the mid-term downtrend and the ETH/USD pair was already rejected once there at the end of April.
On Tuesday, May 19, the ether was stopped near that level, but remained flat for the day.
The third day of the workweek was not that positive for bulls and the price was corrected down to $209. Still, the bear pressure looked relatively weak as ETH has been easily recovering in the evening part of the sessions.