Bitcoin and Ether Market Update: May 7, 2020
Total crypto market cap lost $13.6 billion of its value since Monday morning and now stands at $254.5 billion. Top ten coins are all in red
for the last 24 hours with Bitcoin (BTC) being the exception with 2.5 percent increase. Tezos (XTZ) lost 4.1 percent of its value. At the time of writing Bitcoin (BTC) is trading at $9,283 on the Bitstamp daily chart, while Ether (ETH) moved down to $204 and Ripple’s XRP fell to $0.215.
Bitcoin moved South to $8,912 on Sunday, May 3 after another failed attempt to break above the $9,000 resistance. It registered a 15.7 increase on a weekly basis.
The BTC/USD pair started trading on Monday by falling down to $8,522 in the early hours of the session. Bulls managed to recover later and successfully climbed above the $8,600 support, closing at $8,871. The next two targets in front of them were the $9,000 line and the diagonal resistance formed by the long-term downtrend.
On Tuesday, May 5, the most popular cryptocurrency formed a green candle on the daily chart and moved up to $9,027 adding 1.7 percent to its value.
The mid-week trading on Wednesday was again positive for the Bitcoin buyers as the coin extended its gains to $9,161. It peaked at $9,417 during intraday, almost hitting the above-mentioned diagonal line.
Bitcoin was seen high volatility, with relatively stable volumes since from Monday to Wednesday – in the $43-$45 area then then moved to $50 billion on Thursday morning.
Additionally, the horizontal resistance from February was also surpassed on the RSI index.
The Ethereum Project token ETH was rejected at $220 for the third time in the last seven days on Sunday, May 3, and moved down to $209. It was 5.5 percent up for the last seven days.
The coin continued to slide on Monday and dropped to $206 after hitting $194 during intraday, temporarily breaking below the critical support at $200.
On Tuesday, May 5, the ETH/USD pair formed its third consecutive red candle on the daily chart ending the session at $205. Bulls were already looking at the $200 support line to provide the required stability, followed by $190 down, which is also where the 100-day EMA was passing through.
The third day of the workweek was no different and the ether saw even more red on the chart, falling to $199.
Trading volumes were hovering around $15-$17 billion during the first three days of the week, briefly jumping to $20 billion on Tuesday.
On Thursday morning, the ETH token rebounded from the support level and as of the time of writing is trading at $204.