EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/05/20

EOS

EOS rose by 1.67% on Thursday. Following on from a 2.49% gain on Wednesday, EOS ended the day at $2.6146.

A bearish start to the day saw EOS fall to a late morning intraday low $2.5202 before making a move.

EOS fell through the first major support level at $2.5245 before rallying to a final hour intraday high $2.6269.

EOS broke through the first major resistance level at $2.5935 and the second major resistance level at $2.6181 before pulling back.

The pullback saw EOS fall back through the second major resistance level.

At the time of writing, EOS was up by 1.56% to $2.6555. A mixed start to the day saw EOS rise from a low $2.6146 to an early morning high $2.6747.

EOS broke through the first major resistance level at $2.6543 early on.

EOS/USD 29/05/20 Daily Chart

For the day ahead

EOS would need to hold above the first major resistance level at $2.6543 to bring the second major resistance level at $2.6939 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6747.

Barring an extended crypto rally, resistance at $2.70 would likely leave EOS short of the second major resistance level.

Failure to hold above the first major resistance level could see EOS hit reverse.

A fall through the morning low $2.6146 to sub-$2.60 levels would bring the first major support level at $2.5476 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of sub-$2.60 levels on the day.

Looking at the Technical Indicators

Major Support Level: $2.5476

Major Resistance Level: $2.6543

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 5.77% on Thursday. Following on from a 3.75% gain on Wednesday, Ethereum ended the day at $220.44.

A bearish start to the day saw Ethereum fall to a late morning intraday low $204.50 before making a move.

Steering clear of the first major support level at $203.29, Ethereum rallied to a final hour intraday high $220.68.

Ethereum broke through the first major resistance level at $211.01 and the second major resistance level at $213.60.

At the time of writing, Ethereum was up by 0.62% to $221.80. A mixed start to the day saw Ethereum rise to an early morning high $224.84 before falling to a low $220.25.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 29/05/20 Daily Chart

For the day ahead

Ethereum would need to avoid sub-$215.20 levels to bring the first major resistance level at $225.91 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $224.84.

Barring an extended crypto rally, the first major resistance level would likely limit any upside on the day.

Failure to avoid sub-$215.20 levels could see Ethereum hit reverse.

A fall through the morning low $220.25 to sub-$215.20 levels would bring the first major support level at $209.73 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $199.03.

Looking at the Technical Indicators

Major Support Level: $209.73

Major Resistance Level: $225.91

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 1.37% on Thursday.  Following on from a 2.19% gain on Wednesday, Ripple’s XRP ended the day at $0.20082.

Tracking the broader market, Ripple’s XRP fell to a late morning intraday low $0.19509 before finding support.

Steering clear of the first major support level at $0.1943, Ripple’s XRP rallied to a final hour intraday high $0.20142.

Ripple’s XRP broke through the first major resistance level at $0.2015 and second major resistance level at $0.2049 before pulling back.

The pullback saw Ripple’s XRP fall back through the major resistance levels to limit the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.27% to $0.20027. A choppy start to the day saw Ripple’s XRP jump to an early morning high $0.20340 before falling to a low $0.19988.

Ripple’s XRP tested the first major resistance level at $0.2031 early on.

XRP/USD 29/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to avoid sub-$0.1990 levels to support another run at the first major resistance level at $0.2031.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2030 levels

Barring a broad-based crypto rebound, the first major resistance level and morning high would likely limit any upside.

Failure to avoid sub-$0.1990 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low to sub-$0.1990 levels would bring the first major support level at $0.1968 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1928.

Looking at the Technical Indicators

Major Support Level: $0.1968

Major Resistance Level: $0.2031

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers -29/05/20

Bitcoin rallied by 4.11% on Thursday. Following on from a 4.12% breakout on Wednesday, Bitcoin ended the day at $9,589.3.

A mixed start to the day saw Bitcoin fall to a mid-morning intraday low $9,118.2 before making a move.

Steering clear of the first major support level at $8,946.67, Bitcoin rallied to a final hour intraday high $9,630.3.

Bitcoin broke through the first major resistance level at $9,349.47 and second major resistance level at $9,488.63 before easing back.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was also a bullish day for the majors on Thursday.

Cardano’s ADA surged by 17.71% to lead the way.

Binance Coin (+3.64%), Bitcoin Cash ABC (+3.34%), Ethereum (+5.77%), Monero’s XMR (+4.28%), Stellar’s Lumen (+4.92%), Tezos (+4.37%), and Tron’s TRX (+3.12%) also found strong support.

Bitcoin Cash SV (+1.17%), EOS (+1.67%), Litecoin (+2.05%), and Ripple’s XRP (+1.37%) trailed the front runners.

In the current week, the crypto total market cap fell to an early Monday low $238.04bn before rising to an early Friday high $263.53bn. At the time of writing, the total market cap stood at $261.58bn.

Bitcoin’s dominance fell to a Monday low 66.38% before a Thursday 69.54% spike. At the time of writing, Bitcoin’s dominance stood at 66.99%.

This Morning

At the time of writing, Bitcoin was down by 0.57% to $9,535.0. A mixed start to the day saw Bitcoin rise to an early morning high $9,618.8 before falling to a low $9,483.5.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardano’s ADA joined Bitcoin in the red, with a 0.46% loss at the time of writing.

It was a bullish start to the day for the rest of the pack, however.

EOS led the way early on, rallying by 1.49%.

BTC/USD 29/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,450 levels to bring the first major resistance level at $9,773.67 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,630.3.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

In the event of another extended crypto rally, the second major resistance level at $9,958.03 and the 62% FIB of $10,034 would likely come into play.

Failure to avoid sub-$9,450 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low to sub-$9,450 levels would bring the first major support level at $9,261.57 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer well clear of the second major support level at $8,933.83.

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 28/05/20

EOS

EOS rose by 2.49% on Wednesday. Reversing a 0.76% decline from Tuesday, EOS ended the day at $2.5689.

A bullish start to the day saw EOS rally from an early morning intraday low $2.5047 to a late morning intraday high $2.5724.

EOS broke through the first major resistance level at $2.5403 before sliding back.

Coming within range of the second major resistance level at $2.5735, EOS fell back to sub-$2.54 levels before finding support.

Through the late part of the day, EOS found support from the broader market to wrap up the day at $2.56 levels.

At the time of writing, EOS was down by 0.16% to $2.5647. A bearish start to the day saw EOS rise to an early morning high $2.5716 before sliding to a low $2.5566.

EOS left the major support and resistance levels untested early on.

EOS/USD 28/05/20 Daily Chart

For the day ahead

EOS would need to avoid sub-$2.55 levels to bring the first major resistance level at $2.5935 into play.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.5737.

Barring a broad-based crypto rally, resistance at $2.58 would likely leave EOS short of the major first resistance level.

Failure to avoid sub-$2.55 levels could see EOS slide deeper into the red.

A fall through the morning low to sub-$2.55 levels would bring the first major support level at $2.5245 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.4801.

Looking at the Technical Indicators

Major Support Level: $2.5245

Major Resistance Level: $2.5935

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 3.75% on Wednesday. Reversing a 1.58% fall from Tuesday, Ethereum ended the day at $208.41.

A bullish start to the day saw Ethereum rally from an early morning intraday low $200.76 to a mid-day high $207.75.

Ethereum broke through the first major resistance level at $205.08 before pulling back to a low $205.10.

Finding support at the first major resistance level, Ethereum rallied to a final hour intraday high $208.48.

In spite of the late rally, Ethereum came up short of the second major resistance level at $209.24.

At the time of writing, Ethereum was down by 0.29% to $207.80. A bearish start to the day saw Ethereum fall from an early morning high $208.50 to a low $207.20.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 28/05/20 Daily Chart

For the day ahead

Ethereum would need to avoid sub-$206 levels to bring the first major resistance level at $211.01 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $208.50.

Barring an extended crypto rally, resistance at $210 would likely leave Ethereum short of the first major resistance level.

Failure to avoid sub-$206 levels could see Ethereum fall deeper into the red.

A fall through the morning low $207.20 to sub-$206 levels would bring the first major support level at $203.29 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $198.16.

Looking at the Technical Indicators

Major Support Level: $203.29

Major Resistance Level: $211.01

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 2.19% on Wednesday. Reversing a 1.20% fall from Tuesday, Ripple’s XRP ended the day at $0.19810.

Tracking the broader market, Ripple’s XRP rallied from an early morning intraday low $0.19385 to a late morning intraday high $0.20109.

Ripple’s XRP broke through the first major resistance level at $0.1965 and the second major resistance level at $0.1993.

Coming up short of the third major resistance level at $0.2047, Ripple’s XRP fell back through the major resistance levels to a low $0.19613.

Finding support late in the day, Ripple’s XRP broke back through the first major resistance level to wrap up the day at $0.1980 levels.

At the time of writing, Ripple’s XRP was down by 0.21% to $0.19769. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19810 to a low $0.19706.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 28/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through to $0.1980 levels to support a run at the first major resistance level at $0.2015.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.20109 levels.

Barring a broad-based crypto rebound, the first major resistance level and Wednesday’s high $0.20109 would likely limit any upside.

Failure to move through to $0.1980 levels could see Ripple’s XRP fall deeper into the red.

A fall through back through the morning low $0.19706 would bring the first major support level at $0.1943 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1904.

Looking at the Technical Indicators

Major Support Level: $0.1943

Major Resistance Level: $0.2015

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers -27/05/20

Bitcoin fell by 0.62% on Tuesday. Partially reversing a 2.20% gain from Monday, Bitcoin ended the day at $8,845.5.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $9,013.3 before hitting reverse.

Falling short of the first major resistance level at $9,037.13, Bitcoin slid to a late afternoon intraday low $8,704.9.

Steering clear of the first major support level at $8,693.43, Bitcoin recovered to $8,800 levels to limit the loss on the day.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day for the majors on Tuesday.

Monero’s XMR rose by 0.24% to buck the trend.

It was a bearish day for the rest of the pack, however.

Bitcoin Cash SV slid by 2.57% to lead the way down.

Binance Coin (-1.04%), Ethereum (-1.58%), Litecoin (-1.61%), Ripple’s XRP (-1.20%), Stellar’s Lumen (-1.76%), and Tezos (-1.54%) also struggled.

Bitcoin Cash ABC (-0.18%), Cardano’s ADA (-0.69%), EOS (-0.76%), and Tron’s TRX (-0.74%) saw relatively modest losses on the day.

Early in the week, the crypto total market cap fell to an early Monday low $238.04bn before rising to a Tuesday high $247.84bn. At the time of writing, the total market cap stood at $243.55bn.

Bitcoin’s dominance fell to a Monday low 66.38% before rising to a Tuesday high 66.86%. At the time of writing, Bitcoin’s dominance stood at 66.57%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $8,824.0. A mixed start to the day saw Bitcoin rise to an early morning high $8,896.5 before falling to a low $8,822.7.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardano’s ADA and Monero’s XMR led the way down, with losses of 0.87% and 0.53% respectively.

Ethereum (+0.28%), Litecoin (+0.17%), and Ripple’s XRP (+0.49%) bucked the trend early on.

BTC/USD 27/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,860 levels to bring the first major resistance level at $9,004.23 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,896.5.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, the second major resistance level at $9,162.97 would likely come into play.

Failure to move back through to $8,860 levels could see Bitcoin fall deeper into the red.

A fall back through the morning $8,822.2 would bring the first major support level at $8,695.83 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,546.17.

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 27/05/20

EOS

EOS fell by 0.76% on Tuesday. Partially reversing a 1.50% gain from Monday, EOS ended the day at $2.5070.

A mixed start to the day saw EOS rise to an early morning intraday high $2.5334 before hitting reverse.

Falling short of the first major resistance level at $2.5640, EOS slid to a late afternoon intraday low $2.4600.

EOS fell through the first major resistance level at $2.4679 before finding support to wrap up the day at $2.50 levels.

At the time of writing, EOS was up by 0.52% to $2.5202. A mixed start to the day saw EOS fall to an early morning low $2.5047 before striking a high $2.5233.

EOS left the major support and resistance levels untested early on.

EOS/USD 27/05/20 Daily Chart

For the day ahead

EOS would need to move back through to $2.53 levels to bring the first major resistance level at $2.5403 into play.

Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $2.5334.

Barring a broad-based crypto rally, the major first resistance level would likely limit any upside on the day.

Failure to move back through to $2.53 levels could see EOS slide back into the red.

A fall through the morning low to sub-$2.50 levels would bring the first major support level at $2.4669 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.4267.

Looking at the Technical Indicators

Major Support Level: $2.4669

Major Resistance Level: $2.5403

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.58% on Tuesday. Partially reversing a 2.22% gain from Monday, Ethereum ended the day at $200.91.

A mixed start to the day saw Ethereum rise to an early morning intraday high $205.03 before hitting reverse.

Falling short of the first major resistance level at $207.18, Ethereum fell to a late afternoon intraday low $196.65.

The reversal saw Ethereum fall through the first major support level at $199.48 before finding support.

Steering clear of the second major support level at $194.89, Ethereum recovered to $202 levels before easing back.

At the time of writing, Ethereum was up by 0.55% to $202.02. A mixed start to the day saw Ethereum fall to an early morning low $200.76 before striking a high $202.44.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 27/05/20 Daily Chart

For the day ahead

Ethereum would need to avoid sub-$201 levels to bring the first major resistance level at $205.08 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $202.44.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

Failure to avoid sub-$201 levels could see Ethereum slide into the red.

A fall through the morning low $200.76 levels would bring the first major support level at $196.70 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $192.48.

Looking at the Technical Indicators

Major Support Level: $196.70

Major Resistance Level: $205.08

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 1.20% on Tuesday. Partially reversing a 1.90% gain from Monday, Ripple’s XRP ended the day at $0.19359.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.19680 before hitting reverse.

Falling short of the first major resistance level at $0.1991, Ripple’s XRP slid to a late afternoon intraday low $0.19142.

Steering clear of the first major support level at $0.1912, Ripple’s XRP recovered to $0.1950 levels before easing back.

At the time of writing, Ripple’s XRP was up by 0.70% to $0.19495. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.19385 to a high $0.19510.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 27/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to avoid sub-$0.1940 levels to support a run at the first major resistance level at $0.1965.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.19510.

Barring a broad-based crypto rally, the first major resistance level would likely continue to leave Ripple’s XRP short of $0.20 levels.

Failure to avoid sub-$0.1940 levels could see Ripple’s XRP hit reverse.

A fall through to sub-$0.1940 levels would bring the first major support level at $0.1911 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1886.

Looking at the Technical Indicators

Major Support Level: $0.1911

Major Resistance Level: $0.1965

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 26/05/20

EOS

EOS rose by 1.50% on Monday. Partially reversing a 2.84% fall from Sunday, EOS ended the day at $2.5249.

A bearish start to the day saw EOS fall to an early morning intraday low $2.4500 before making a move.

Holding above the first major support level at $2.4477, EOS rose to a late morning intraday high $2.5461.

Falling well short of the first major resistance level at $2.5678, EOS fell back to sub-$2.50 levels by late morning.

Finding support through the 2nd half of the day, however, Litecoin moved back through to $5.3 levels before easing back.

At the time of writing, EOS was down by 0.47% to $2.5131. A mixed start to the day saw EOS rise to an early morning high $2.5328 before falling to a low $2.5125.

EOS left the major support and resistance levels untested early on.

EOS/USD 26/05/20 Daily Chart

For the day ahead

EOS would need to move back through to $2.53 levels to bring the first major resistance level at $2.5640 into play.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $2.5461.

Barring a broad-based crypto rally, the major first resistance level would likely limit any upside on the day.

Failure to move back through to $2.53 levels could see EOS slide deeper into the red.

A fall through the morning low to sub-$2.5070 levels would bring the first major support level at $2.4679 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.4109.

Looking at the Technical Indicators

Major Support Level: $2.4679

Major Resistance Level: $2.5640

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 2.22% on Monday. Partially reversing a 3.38% slide from Sunday, Ethereum ended the day at $204.06.

A bearish start to the day saw Ethereum slide to an early morning intraday low $198.01 before making a move.

Steering clear of the first major support level at $195.73, Ethereum rose to an early evening intraday high $205.71.

Falling short of the first major resistance level at $207.10, Ethereum eased back to wrap up the day at $204 levels.

At the time of writing, Ethereum was down by 0.08% to $203.90. A mixed start to the day saw Ethereum rise to an early morning high $204.75 before falling to a low $203.60.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 26/05/20 Daily Chart

For the day ahead

Ethereum would need to move through to $205 levels to bring the first major resistance level at $207.18 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $205.71.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

Failure to move through to $205 levels could see Ethereum slide deeper into the red.

A fall through the morning low to sub-$202.60 levels would bring the first major support level at $199.48 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $194.89.

Looking at the Technical Indicators

Major Support Level: $199.48

Major Resistance Level: $207.18

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 1.90% on Monday. Partially reversing a 3.27% fall from Sunday, Ripple’s XRP ended the day at $0.19614.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.18928 before finding support.

Coming within range of the first major support level at $0.1892, Ripple’s XRP rose to a final hour intraday high $0.19716.

Falling short of the first major resistance level at $0.1985, Ripple’s XRP eased back to $0.1961 levels at the day end.

At the time of writing, Ripple’s XRP was down by 0.22% to $0.19571. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.19680 before falling to a low $0.19570.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 26/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to avoid sub-$0.1940 levels to support a run at the first major resistance level at $0.1991.

Support from the broader market would be needed, however, for Ripple’s XRP to break out Monday’s high $0.19716.

Barring a broad-based crypto rebound, the first major resistance level would likely leave Ripple’s XRP short of $0.20 levels.

Failure to avoid sub-$0.1940 levels could see Ripple’s XRP fall deeper into the red.

A fall through to sub-$0.1940 levels would bring the first major support level at $0.1912 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1863.

Looking at the Technical Indicators

Major Support Level: $0.1912

Major Resistance Level: $0.1991

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

How to Invest in Cryptocurrencies: The Complete Guide for 2020

Seasoned investors continue to cross over from the more mature asset classes and regulators have eased off on the Crypto assault that led to the 2018 slump.

With Bitcoin and the broader market sitting at more than 50% below their all-time highs, there is still plenty of incentive to enter the crypto sphere.

For many, however, the crypto market may seem like a maze. There are a tremendous number of exchanges and brokers and that is before considering regulations imposed by regulators in recent years.

Investing in cryptocurrencies requires a level of due diligence not too dissimilar to the research involved in other more mature asset classes.

The volatility and sizeable returns on offer have certainly allowed investors to dream. After all, Bitcoin has yielded a mass number of Bitcoin millionaires, more commonly known as whales.

So, how do we invest in cryptocurrencies?

While there are multiple considerations, some are more important than others when looking to enter the crypto market.

Just jumping in on a whim that the majors will reach historical highs is a dangerous game. This is no dissimilar to jumping into the equity markets when they are sitting at record highs.

There is one material difference, however. The regulatory landscape has materially changed since late 2017. For this very reason, investors may continue to face plenty of uncertainty before the market can find a return to the hay days.

Understanding the key drivers and market characteristics are therefore particularly important.

Basic Essentials

In this guide, you will learn the key preparations that you need in order to build your cryptocurrency portfolio.

Before making an investment, deciding on the source of funds would certainly be step 1.

In spite of the current interest rate environment, it is recommended that you avoid funding the portfolio with debt.

Credit Card or Bank Account – Investors will, therefore, need to decide on cash or credit card. As an investor, you can either fund your crypto trading account with a debit/credit card or by funding with a bank transfer.

It is worth noting, however, that certain jurisdictions have banned the funding of crypto exchanges with credit cards. Some banks have even taken a step further and banned the transfer of fiat money to such exchanges.

Nonetheless, the simplest method to fund a crypto exchange account is with a credit/debit card. This does tend to come with higher fees and caps on transfer amounts, however.

Fiat to Bitcoin Exchange

First, you need to decide on which cryptocurrency or cryptocurrencies that you wish to trade.

You would then need to identify the exchanges that have the largest trading volumes for the chosen cryptocurrencies.

One consideration here is your source of funds. Not all exchanges allow fiat money deposits. A vast majority of exchanges restrict deposits to Bitcoin.

Carrying out the necessary research on the most appropriate exchange is important. If you are looking for an exchange that accommodates the purchase of Bitcoin with fiat money:

Coinbase is popular and easy to use, with a strong global presence. The exchange has the necessary security measures as well as delivering adequate liquidity for trading.

When searching for the right exchange, it is worth noting that each has its pros and cons. The important thing is to identify the exchange that, first and foremost, delivers on your personal requirements.

Other popular exchanges include:

These crypto exchanges not only cater to Bitcoin investors and traders but altcoins in general.

It’s also worth considering exchanges that offer a wider choice of cryptocurrencies and altcoins. This would allow you to diversify your investments and gain exposure to the broader crypto market.

We recommend that you use Coingecko to research the respective cryptocurrencies and volumes across the exchanges.

Bitcoin to Crypto Exchange

The next exchanges that you should look into are the ones you will be using for the Altcoins. Many of the smaller coins, my market cap, are generally not supported by larger exchanges. Generally speaking, the only way to buy those smaller coins is by buying them using Bitcoins or Ethereum.

On most exchanges, you need to deposit Bitcoins as you cannot buy coins directly from the exchange. This is why it’s crucial that you have a Fiat to Bitcoin Exchange first.

You can buy Altcoins from Binance, BitTrex, Kucoin, and Kraken.

Choose the Right Wallet

The next step in the crypto investment journey is to select the appropriate crypto wallets. It is essential to have your crypto wallet before buying any cryptocurrencies. You will need wallets to store your coins within your secure personal wallets.

While exchanges allow investors to hold purchases coins within assigned exchange wallets, it’s recommended that you withdraw your cryptos and hold them in private wallets. This protects you and your investments from hackers and theft. It is also worth noting that wallet compatibility also needs to be considered.

Crypto wallets to choose from include but are not limited to:

Before Getting Started

Prior to deciding on the most suitable crypto exchanges and wallets to support your trading activity, you need a trading strategy. As part of your strategy build, there are a number of factors to keep in mind:

  • Only invest in what you can afford to lose
  • Do not take a loan to invest
  • Do your own research, monitor the news wires, and view technical analysis on the respective cryptos that you decide to go with. FX Empire covers the largest cryptos, with exchanges also providing technical analysis to their users free of cost.
  • Set realistic expectations, don’t be greedy, and know when to accept a loss. (It is easy to be influenced by the news wires and overzealous analysts talking of the next crypto boom or doom. It is best to block out such noise.

Forming a Crypto Trading Strategy

While identifying the most appropriate wallets and exchanges are vital, formulating a trading strategy is undoubtedly the most important pre-investment step for a prospective trader.

Key Decisions:

  • Cryptocurrency selection – A blend of the largest cryptos along with medium-sized to small cryptos by market cap is recommended. This also addresses any liquidity issues for the overall portfolio.
  • Worth noting – A certain cryptocurrencies may have values that exceed the intended investment size. In such instances, identifying an exchange that offers CFDs or partial investment of a crypto coin is important.
  • Trader durations – For traders with adequate time to trade, a short, medium, and longer-term trading strategy would make sense.
    • Smaller size, more volatile, coins increase earnings potential intraday. These should ideally form no more than 20% of the total investment pool.
    • The Largest coins should form longer-term strategies. With adequate research, however, smaller coins may also form part of this strategy.
    • For the more medium-term strategies, which would be anything beyond intraday but less than a month, a blended portfolio is recommended. This can comprise of small, medium, and large-cap coins.
  • In any trading strategy -using risk management tools and indicators is recommended. While there are fees incurred for using stop loss and trade profit, using these would protect your downside.

80/20 Rule

When considering crypto market volatility and the rise and fall of the smaller coins, an 80/20 blend of large-cap to mid to small-cap would be recommended.

This would provide the opportunity to make sizeable gains any sudden surge in the small to mid-cap cryptos, whilst also holding the more stable coins. Do note that stable is a relative term in the crypto market. Even Bitcoin can see sizeable swings on a given day…

Does the Number of Coins Matter?

It ultimately boils down to the investment strategy that you build. With a blended portfolio, 1 Bitcoin may make up your large-cap portfolio, or 20 Litecoin for instance. It is important to focus on the blend rather than the actual number of coins that make up each component of the portfolio.

Recommendations

Below is a range of cryptos to consider the different components of your portfolio. This is not a comprehensive breakdown of the broader market and there may be coins that are more to your liking. As always, carry out the necessary research before hitting the buy or sell order…

Large Caps

Tezos, Ripple, Bitcoin, Ethereum, EOS, Cardano, Bitcoin Cash SV, Bitcoin Cash ABC, and Binance Coin.

Mid-Caps

Zcash, VeChain, True USD, Tron’s TRX, Qtum, OmiseGo, OKB, NEO, Ethereum Classic, Dogecoin, DASH, and Cosmos. These have been selected based on 24-hour volumes and have market caps of between $100m and $1bn.

Low Caps

This will consist of cryptos with a market cap of less than $100m and will likely have lower trading volumes. That means less liquidity, which is why this component should form a lower proportion of the portfolio.

Unibright, Theta Fuel, Status, MCO, Matic Network, IOST, HyperCash, BitTorrent, and ABBC Coin.

Next Steps

Once you have built your strategy, selected your cryptos, opened your trading accounts, and set up your wallets, it’s time to trade.

While you may be able to have a better sense of when to enter more mature markets, such as the global equity market, it’s less simple to pick the right entry point in the crypto world.

Other than entering at an all-time high, there’s no hard and fast rule other than waiting for any sell-off to flatten out.

Once you start trading, remain disciplined, and ensure you run your risk parameters each day.

These will include your charts that should have your support and resistance levels embedded.

And remember, not every trade will yield a return, so don’t panic should your first trade take a hit.

The Crypto Daily – Movers and Shakers -25/05/20

Bitcoin slid by 5.08% on Sunday. Reversing a 0.15% gain from Saturday, Bitcoin ended the week down by 9.91% to $8,710.10.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $9,300.0 before hitting reverse.

Bitcoin came up against the first major resistance level at $9,295.47 before falling to a late afternoon low $8,859.2.

The reversal saw Bitcoin fall through the first major support level at $9,064.27 and the second major support level at $8,952.93.

Finding late support, Bitcoin briefly recovered to a high $9,075 before a final hour sell-off.

The sell-off saw Bitcoin slide back through the first major support level and second major support level to an intraday low $8,688.0.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was also a bearish end to the week on Sunday.

Cardano’s ADA slid by 6.80% to lead the way down.

Bitcoin Cash ABC (-5.47%), Litecoin (-4.08%), Monero’s XMR (-4.06%), Stellar’s Lumen (-4.74%), Tezos (-4.31%), and Tron’s TRX (-5.15% weren’t far behind.

Binance Coin (-3.09%), Bitcoin Cash SV (-3.77%), EOS (-2.84%), Ethereum (-3.38%), and Ripple’s XRP (-3.27%) saw relatively modest losses on the day.

Sunday’s sell-off delivered mixed results for the week, however.

Cardano’s ADA and Tezos bucked the trend, with gains of 0.20% and 0.81% respectively, Monday through Sunday.

It was a week in the red for the rest of the majors, however.

Bitcoin Cash ABC and Stellar’s Lumen led the way down, with losses of 7.72% and 7.04% respectively.

EOS (-4.92%), Monero’s XMR (-6.72%), Ripple’s XRP (-4.45%), and Tron’s TRX (-5.43%) weren’t far behind.

Binance Coin (-1.90%), Bitcoin Cash SV (-2.71%), Ethereum (-3.58%) and Litecoin (-3.75%) saw relatively modest losses for the week.

In the week, the crypto total market cap rose to a Monday low $268.50bn before falling to a Sunday low $239.63bn. At the time of writing, the total market cap stood at $242.29bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Sunday low 66.51%. At the time of writing, Bitcoin’s dominance stood at 66.64%.

This Morning

At the time of writing, Bitcoin was up by 0.83 to $8,782.2. A mixed start to the day saw Bitcoin fall to an early morning low $8,620.0 before striking a high $8,808.7.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Tron’s TRX (+1.57%), Tezos (+1.20%), Ethereum (+1.06%), Bitcoin Cash ABC (+1.23%), and Binance Coin (+1.11%) led the way early on.

Monero’s XMR was down by 0.15%, however, to buck the trend.

BTC/USD 25/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,900 levels to bring the first major resistance level at $9,110.73 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,808.7.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, Bitcoin could revisit $9,300 levels before any pullback. We would expect Bitcoin to come up short of the second major resistance level at $9,511.37, however.

Failure to move through to $8,900 levels could see Bitcoin hit reverse.

A fall back through the morning low $8,620.0 would bring the first major support level at $8,498.73 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,287.37.

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 25/05/20

EOS

EOS fell by 2.84% on Sunday. Following on from a 1.04% fall on Saturday, EOS ended the week down by 4.92% to $2.4877.

A bullish start to the day saw EOS rise to an early morning intraday high $2.6067 before hitting reverse.

Falling short of the first major resistance level at $2.6094, EOS slid to a late afternoon low $2.5031.

The reversal saw EOS fall through the first major support level at $2.5347. Finding support at the second major support level at $2.5028, EOS briefly recovered to $2.56 levels before a late sell-off.

The sell-off saw EOS slide back through the first major support level and second major support level to an intraday low $2.4877.

At the time of writing, EOS was up by 0.57% to $2.5020. A mixed start to the day saw EOS fall to an early morning low $2.4500 before striking a high $2.5151.

EOS left the major support and resistance levels untested early on.

EOS/USD 25/05/20 Daily Chart

For the day ahead

EOS would need to move through to $2.5280 levels to bring the first major resistance level at $2.5678 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.5151.

Barring a broad-based crypto rally, the major first resistance level would likely limit any upside on the day.

Failure to move back through to $2.5280 levels could see EOS slide back into the red.

A fall through the morning low $2.4500 would bring the first major support level at $2.4477 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.4076.

Looking at the Technical Indicators

Major Support Level: $2.4477

Major Resistance Level: $2.5678

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 3.38% on Sunday. Following on from a 0.31% decline on Saturday, Ethereum ended the week down by 3.58% to $199.63.

A bullish start to the day saw Ethereum rise to an early morning intraday high $210.67 before hitting reverse.

Ethereum broke through the first major resistance level at $210.45, before falling to a late afternoon low $201.69.

The reversal saw Ethereum fall through the first major support level at $203.71 before briefly recovering to $208 levels.

A final hour sell-off did the damage, however, with Ethereum sliding to an intraday low $199.30.

Ethereum fell through the first major support level and second major support level at $200.77 to wrap up the day at sub-$200 levels.

At the time of writing, Ethereum was up by 1.46% to $202.55. A mixed start to the day saw Ethereum fall to an early morning low $198.01 before rising to a high $203.17.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 25/05/20 Daily Chart

For the day ahead

Ethereum would need to move through to $203.20 levels to bring the first major resistance level at $207.10 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $203.17.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

Failure to move through to $203.20 levels could see Ethereum slide into the red.

A fall through the morning low $198.01 would bring the first major support level at $195.73 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $191.83.

Looking at the Technical Indicators

Major Support Level: $195.73

Major Resistance Level: $207.10

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 3.27% on Sunday. Following on from a 0.90% decline on Saturday, Ripple’s XRP ended the week down by 4.45% to $0.19228.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.20161 before taking a hit.

Ripple’s XRP broke through the first major resistance level at $0.2012, before falling to a late afternoon low $0.19467.

The reversal saw Ripple’s XRP fall through the first major support level at $0.1970 and the second major support level at $0.1954.

Finding support late on, Ripple’s XRP briefly recovered to $0.1980 levels before a final hour sell-off to an intraday low $0.19228.

Ripple’s XRP fell back through the first major support level and second major support level to end the day at sub-$0.1930 levels.

At the time of writing, Ripple’s XRP was up by 0.55% to $0.19334. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.18928 before striking a high $0.19449.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 25/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through to $0.1960 levels to support a run at the first major resistance level at $0.1985.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.19449.

Barring a broad-based crypto rebound, the first major resistance level would likely leave Ripple’s XRP short of $0.20 levels.

Failure to move through to $0.1960 levels could see Ripple’s XRP hit reverse.

A fall through to sub-$0.1930 levels would bring the first major support level at $0.1892 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1861.

Looking at the Technical Indicators

Major Support Level: $0.1892

Major Resistance Level: $0.1985

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers -24/05/20

Bitcoin rose by 0.15% on Saturday. Following on from a 1.14% gain on Friday, Bitcoin ended the day at $9,175.6.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,304.0 before hitting reverse.

Coming within range of the first major resistance level at $9,309.13, Bitcoin slid to a midday intraday low $9,072.8.

Steering clear of the first major support level at $8,975.53, Bitcoin briefly revisited $9,200 levels before easing back.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Monero’s XMR and Tron’s TRX rose by 0.33% and by 0.95% respectively to join Bitcoin in the green.

It was a bearish day for the rest of the majors, however.

Bitcoin Cash SV (-1.51%), Cardano’s ADA (-1.52%), EOS (-1.04%), Stellar’s Lumen (-1.28%), and Tezos (-1.41%) led the way down.

Binance Coin (-0.66%), Bitcoin Cash ABC (-0.12%), Ethereum (-0.31%), Litecoin (-0.77%), and Ripple’s XRP (-0.90%) saw modest losses on the day.

In the current week, the crypto total market cap rose to a Monday low $268.43bn before falling to a Thursday low $239.96bn. At the time of writing, the total market cap stood at $251.93bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Friday low 66.90%. At the time of writing, Bitcoin’s dominance stood at 67.01%.

This Morning

At the time of writing, Bitcoin was up by 0.04 to $9,179.3. A mixed start to the day saw Bitcoin fall to an early morning low $9,131.3 before striking a high $9,206.3.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bullish start to the day.

Tezos was up by 1.34% early in the morning to lead the majors.

BTC/USD 24/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,200 levels to bring the first major resistance level at $9,295.47 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,206.3.

Barring an extended crypto rebound, the first major resistance level and Saturday’s high $9,304.0 would likely limit any upside.

In the event of an extended crypto rally, the second major resistance level at $9,415.33 would likely come into play.

Failure to move through to $9,200 levels could see Bitcoin hit reverse.

A fall back through the morning low $9,131.3 would bring the first major support level at $9,064.27 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,952.93.

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 24/05/20

EOS

EOS fell by 1.04% on Saturday. Partially reversing a 5.24% rally from Friday, EOS ended the day at $2.5665.

A bullish start to the day saw EOS rise to an early morning intraday high $2.6204 before hitting reverse.

Falling short of the first major resistance level at $2.6676, EOS slid to a late afternoon intraday low $2.5457.

Steering clear of the first major support level at $2.4736, EOS briefly recovered to $2.58 levels before easing back.

At the time of writing, EOS was up by 0.60% to $2.5820. A mixed start to the day saw EOS fall to an early morning low $2.5587 before striking a high $2.5869.

EOS left the major support and resistance levels untested early on.

EOS/USD 24/05/20 Daily Chart

For the day ahead

EOS would need to move through to $2.60 levels to bring the first major resistance level at $2.6094 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.5789.

Barring a broad-based crypto rally, the major first resistance level would likely limit any upside on the day.

Failure to move back through to $2.60 levels could see EOS slide into the red.

A fall through to sub-$2.5770 levels would bring the first major support level at $2.5347 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.5028.

Looking at the Technical Indicators

Major Support Level: $2.5347

Major Resistance Level: $2.6094

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.31% on Saturday. Partially reversing a 4.39% rally from Friday, Ethereum ended the day at $206.66.

A bullish start to the day saw Ethereum rise to an early morning intraday high $211.30 before hitting reverse.

Falling short of the first major resistance level at $212.36, Ethereum fell to a midday intraday low $204.56.

Steering clear of the first major support level at $199.20, Ethereum recovered to $208 levels before a final hour pullback.

At the time of writing, Ethereum was up by 0.56% to $207.82. A mixed start to the day saw Ethereum fall to an early morning low $205.01 before striking a high $207.83.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 24/05/20 Daily Chart

For the day ahead

Ethereum would need to avoid sub-$207.50 levels to bring the first major resistance level at $210.45 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $207.83.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $211.30 would likely limit any upside.

Failure to avoid sub-$207.50 levels could see Ethereum slide into the red.

A fall through to sub-$207.50 levels would bring the first major support level at $203.71 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of sub-$200 levels.

The second major support level at $200.77 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $203.71

Major Resistance Level: $210.45

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 0.90% on Saturday. Partially reversing a 3.30% rally on Friday, Ripple’s XRP ended the day at $0.19862.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.20220 before taking a hit.

Falling short of the first major resistance level at $0.2046, Ripple’s XRP fell to a midday low $0.19805.

Steering clear of the major support levels, Ripple’s XRP recovered to $0.20 levels before a late pullback.

The pullback saw Ripple’s XRP fall to a final hour intraday low $0.019798. In spite of the reversal, Ripple’s steered clear of the first major support level at $0.1941.

At the time of writing, Ripple’s XRP was up by 0.52% to $0.19965. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.19834 before striking a high $0.19999.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 24/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through to $0.20 levels to support a run at the first major resistance level at $0.2012.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.19999.

Barring a broad-based crypto rebound, the first major resistance level would likely limit any upside.

Failure to move through to $0.20 levels could see Ripple’s XRP hit reverse.

A fall through to sub-$0.1990 levels would bring the first major support level at $0.1970 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1954.

Looking at the Technical Indicators

Major Support Level: $0.1970

Major Resistance Level: $0.2012

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 23/05/20

EOS

EOS rallied by 5.24% on Friday. Reversing a 5.18% slide from Thursday, EOS ended the day at $2.5876.

A bearish start to the day saw EOS fall to an early morning intraday low $2.4395 before making a move.

Steering clear of the first major support level at $2.3710, EOS rallied to a late intraday high $2.6335.

EOS broke through the first major resistance level at $2.5770 to hit $2.63 levels before a late pullback.

In spite of the late pullback, however, EOS held above the first major resistance level.

At the time of writing, EOS was up by 0.37% to $2.5972. A bullish start to the day saw EOS rise from an early morning low $2.5934 to a high $2.6190.

EOS left the major support and resistance levels untested early on.

EOS/USD 23/05/20 Daily Chart

For the day ahead

EOS would need to move through to $2.60 levels to bring the first major resistance level at $2.6676 into play.

Support from the broader market would be needed, however, for EOS to break out from Friday’s high $2.6335.

Barring an extended crypto rally, the major first resistance level would likely limit any upside on the day.

Failure to move back through to $2.60 levels could see EOS slide into the red.

A fall through to sub-$2.5550 levels would bring the first major support level at $2.4736 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.3595.

Looking at the Technical Indicators

Major Support Level: $2.4736

Major Resistance Level: $2.6676

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 4.39% on Friday. Partially reversing a 5.40% slide from Thursday, Ethereum ended the day at $207.32.

A bearish start to the day saw Ethereum fall to an early morning intraday low $196.12 before finding support.

Steering clear of the first major support level at $189.42, Ethereum rallied to a late afternoon intraday high $209.28.

Ethereum came within range of the first major resistance level at $209.67 before easing back late in the day.

At the time of writing, Ethereum was up by 1.01% to $209.42. A bullish start to the day saw Ethereum rise from an early morning low $207.30 to a high $210.00.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 23/05/20 Daily Chart

For the day ahead

Ethereum would need to avoid sub-$204 levels to bring the first major resistance level at $212.36 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $210.66.

Barring an extended crypto rally, resistance at $215 levels would likely limit any upside.

Failure to avoid sub-$204 levels could see Ethereum slide deep into the red.

A fall through to sub-$204 levels would bring the first major support level at $199.20 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $191.08.

Looking at the Technical Indicators

Major Support Level: $199.20

Major Resistance Level: $212.36

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 3.30% on Friday. Reversing most of a 3.51% slide from Thursday, Ripple’s XRP ended the day at $0.20039.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.19208 before making a move.

Steering clear of the first major support level at $0.1880, Ripple’s XRP rallied to a late afternoon intraday high $0.20257.

Ripple’s XRP broke through the first major resistance level at $0.2016 before falling back to sub-$0.20 levels.

In spite of a final hour recovery to $0.20 levels, Ripple’s XRP failed to break back through the first major resistance level.

At the time of writing, Ripple’s XRP was up by 0.56% to $0.20152. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.20035 to a high $0.20195.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 23/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to avoid sub-$0.20 levels to support a run at the first major resistance level at $0.2046.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.20257.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

Failure to avoid sub-$0.20 levels could see Ripple’s XRP give up Friday’s gains.

A fall through to sub-$0.1990 levels would bring the first major support level at $0.1941 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1879.

Looking at the Technical Indicators

 

Major Support Level: $0.1941

Major Resistance Level: $0.2046

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers -23/05/20

Bitcoin rose by 1.14% on Friday. Partially reversing a 4.68% slide from Thursday, Bitcoin ended the day at $9,162.4.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $8,935.4 before finding support.

Steering clear of the first major support level at $8,726.9, Bitcoin bounced back to a late afternoon intraday high $9,269.0.

Falling short of the first major resistance level at $9,475.7, Bitcoin eased back to sub-$9,200 levels late on.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Friday.

Cardano’s ADA rallied by 8.20% to lead the way.

EOS (+5.24%), Ethereum (+4.39%), Tezos (+6.07%), and Tron’s TRX (+4.67%) also found strong support.

Binance Coin (+3.17%), Bitcoin Cash ABC (+3.26%), Litecoin (+3.66%), Monero’s XMR (+2.37%), Ripple’s XRP (+3.30%), and Stellar’s Lumen (+2.31%) trailed the front runners.

Bitcoin Cash SV saw a modest gain of 1.48% on the day.

In the current week, the crypto total market cap rose to a Monday high $268.43bn before falling to a Thursday low $239.96bn. At the time of writing, the total market cap stood at $253.79bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Friday low 66.90%. At the time of writing, Bitcoin’s dominance stood at 67.03%.

This Morning

At the time of writing, Bitcoin was up by 0.89% to $9,243.5. A bullish start to the day saw Bitcoin rise from an early morning low $9,162.3 to a high $9,266.7.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (+1.05%), Bitcoin Cash ABC (+0.87), and Ethereum (+0.84%) led the way early on.

Bitcoin Cash SV (-0.31%) and Tezos (-0.15%) bucked the trend at the start of the day.

BTC/USD 23/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,200 levels to bring the first major resistance level at $9,309.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $9,269.0.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, the second major resistance level at $9,455.87 would likely come into play. Resistance at $9,500 may limit any upside, however.

Failure to avoid sub-$9,200 levels could see Bitcoin hit reverse.

A fall back through to sub-$9,120 levels would bring the first major support level at $8,975.53 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,788.67.

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 22/05/20

EOS

EOS slid by 5.18% on Thursday. Following on from a 2.19% fall on Wednesday, EOS ended the day at $2.4565.

A bullish start to the day saw EOS rise to an early morning intraday high $2.6119 before hitting reverse.

Falling short of the first major resistance level at $2.6700, EOS slid to a late intraday low $2.4059.

EOS fell through the first major support level at $2.5234 and second major support level at $2.4534 before finding support.

Late in the day, EOS broke back through the second major support level to $2.48 levels before easing back.

At the time of writing, EOS was down by 0.24% to $2.4506. A bearish start to the day saw EOS fall from an early morning high $2.4588 to a low $2.4485.

EOS left the major support and resistance levels untested early on.

EOS/USD 22/05/20 Daily Chart

For the day ahead

EOS would need to move through to $2.50 levels to bring the first major resistance level at $2.5770 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.4588.

Barring a broad-based crypto rally, the major first resistance level would likely limit any upside on the day.

Failure to move back through to $2.50 levels could see EOS spend another day in the red.

A fall through Thursday’s low $2.4059 would bring the first major support level at $2.3710 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.2854.

Looking at the Technical Indicators

Major Support Level: $2.3710

Major Resistance Level: $2.5770

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 5.40% on Thursday. Following on from a 2.25% decline on Wednesday, Ethereum ended the day at $198.62.

A bullish start to the day saw Ethereum rise to an early morning intraday high $211.52 before hitting reverse.

Falling short of the first major resistance level at $215.27, Ethereum slid to a late intraday low $191.27.

Ethereum fell through the first major support level at $204.87 and the second major support level at $199.79.

Finding support late on, Ethereum briefly broke back through the second major support level to revisit $200 levels.

A final hour pullback, however, saw Ethereum fall back through the second major support level to end the day at sub-$200.

At the time of writing, Ethereum was down by 0.51% to $197.60. A bearish start to the day saw Ethereum fall from an early morning high $198.62 to a low $196.12.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 22/05/20 Daily Chart

For the day ahead

Ethereum would need to move back through to $200.50 levels to bring the first major resistance level at $209.67 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $198.62.

Barring a broad-based crypto rebound, the first major resistance level and Thursday’s high $211.52 would likely limit any upside.

Failure to move through to $200.50 levels could see Ethereum slide deeper into the red.

A fall back through Thursday’s low $191.27 would bring the first major support level at $189.42 into play.

Barring another extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $180.22.

Looking at the Technical Indicators

Major Support Level: $189.42

Major Resistance Level: $209.67

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 3.51% on Thursday. Following on from a 1.67% decline on Wednesday, Ripple’s XRP ended the day at $0.19423.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.20280 before hitting reverse.

Falling short of the first major resistance level at $0.2060, Ripple’s XRP slid to a late intraday low $0.18918.

Ripple’s XRP fell through the first major support level at $0.1970 and the second major support level at $0.19260.

Finding late support, Ripple’s XRP broke back through the second major support level to $0.1955 levels before easing back.

In the final hour, Ripple’s XRP fell back through the second major support level to close out at sub-$0.1950 levels.

At the time of writing, Ripple’s XRP was down by 0.31% to $0.19363. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19422 to a low $0.19344.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 22/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move back through to $0.1960 levels to support a run at the first major resistance level at $0.2016.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.19422.

Barring a broad-based crypto rebound, the first major resistance level and Thursday’s high $0.2028 would likely limit any upside.

Failure to move through to $0.1960 levels could see Ripple’s XRP fall deeper into the red.

A fall back through Thursday’s low $0.18918 would bring the first major support level at $0.1880 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1818.

Looking at the Technical Indicators

Major Support Level: $0.1880

Major Resistance Level: $0.2016

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers -22/05/20

Bitcoin slid by 4.68% on Thursday. Following on from a 2.74% fall on Wednesday, Bitcoin ended the day at $9,057.1.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,564.1 before hitting reverse.

Falling short of the first major resistance level at $9,796.13, Bitcoin slid to a late intraday low $8,815.3.

Bitcoin slid through the first major support level at $9,254.43 and second major support level at $9,006.87 before finding support.

Late in the day, Bitcoin broke back through the second major support level to $9,150 levels before easing back.

In spite of the late pullback saw Bitcoin steered clear of the second major support level.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Thursday.

Cardano’s ADA slid by 8.18% to lead the way down.

Bitcoin Cash ABC (-5.01%), EOS (-5.18%), Ethereum (-5.40%), Stellar’s Lumen (-5.98%), Tezos (-6.30%), and Tron’s TRX (-5.35%) also saw particularly heavy losses.

Binance Coin (-4.80%), Litecoin (-3.46%), Monero’s XMR (-4.70%), and Ripple’s XRP (-3.51%) weren’t far behind.

Bitcoin Cash SV saw a relatively modest 1.93% decline to

In the current week, the crypto total market cap rose to a Monday low $268.43bn before falling to a Thursday low $239.96bn. At the time of writing, the total market cap stood at $245.55bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Wednesday low 67.25%. At the time of writing, Bitcoin’s dominance stood at 67.45%.

This Morning

At the time of writing, Bitcoin was down by 0.59% to $9,004.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,060.2 to a low $8,975.0

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bearish start to the day.

Bitcoin Cash SV and Cardano’s ADA led the way down, with losses of 1.26% and 1.04% respectively.

BTC/USD 22/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,150 levels to bring the first major resistance level at $9,475.7 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,060.2.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

In the event of a broad-based crypto rally, resistance at $9,500 would likely leave Bitcoin short of the second major resistance level at $9,894.3.

Failure to move back through to $9,150 levels could see Bitcoin spend a 3rd consecutive day in the red.

A fall back through Thursday’s low $8,815.3 would bring the first major support level at $8,726.9 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,396.7.

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 21/05/20

EOS

EOS fell by 2.19% on Wednesday. Following on from a 0.28% decline on Tuesday, EOS ended the day at $2.5934.

A range-bound start to the day saw EOS rise to an early morning intraday high $2.6766 before easing back to sub-$2.65 levels.

EOS fell short of the first major resistance level at $2.6864 before sliding in the early afternoon to an intraday low $2.5300.

EOS fell through the first major support level at $2.5936 and second major support level at $2.5357 before finding support.

A return to $2.60 levels late in the day was brief, however, with EOS closing out at $2.59 levels. The first major support level at $2.5936 limited the downside at the day end.

At the time of writing, EOS was down by 0.87% to $2.5710. A mixed start to the day saw EOS rise to an early morning high $2.6119 before falling to a low $2.5710.

EOS left the major support and resistance levels untested early on.

EOS/USD 21/05/20 Daily Chart

For the day ahead

EOS would need to move through to $2.60 levels to bring the first major resistance level at $2.6700 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6119.

Barring a broad-based crypto rebound, however, resistance at $2.60 would likely leave EOS short of the major first resistance level.

Failure to move back through to $2.60 levels could see EOS fall deeper into the red.

A fall through to sub-$2.55 levels would bring the first major support level at $2.5234 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.4534.

Looking at the Technical Indicators

Major Support Level: $2.5234

Major Resistance Level: $2.6700

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.25% on Wednesday. Following on from a 0.07% decline on Tuesday, Ethereum ended the day at $209.96.

It was a choppy day for the majors. Ethereum rose to a mid-morning intraday high $215.50 before hitting reverse.

Falling short of the first major resistance level at $217.29, Ethereum slid to an early afternoon intraday low $205.10.

Ethereum fell through the first major support level at $210.67 and the second major support level at $206.64.

Finding late support, Ethereum broke back through the major support levels to a high $210.82 before easing back.

The late pullback saw Ethereum fall back through the first major support level.

At the time of writing, Ethereum was down by 0.67% to $208.56. A mixed start to the day saw Ethereum rise to an early morning high $211.52 before falling to a low $208.35.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 21/05/20 Daily Chart

For the day ahead

Ethereum would need to move back through to $210.20 levels to bring the first major resistance level at $215.27 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $211.52.

Barring a broad-based crypto rebound, the first major resistance level and Wednesday’s high $215.50 would likely limit any upside.

Failure to move back through to $210.20 levels could see Ethereum slide deeper into the red.

A fall back through the morning low to sub-$208 levels would bring the first major support level at $204.87 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of the second major support level at $199.79.

Looking at the Technical Indicators

Major Support Level: $204.87

Major Resistance Level: $215.27

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 1.67% on Wednesday. Following on from a 0.19% decline on Tuesday, Ripple’s XRP ended the day at $0.20139.

A relatively bullish start to the day saw Ripple’s XRP rose to a mid-morning intraday high $0.20625 before hitting reverse.

Falling short of the first major resistance level at $0.2072, Ripple’s XRP slid to a mid-afternoon intraday low $0.19722.

Ripple’s XRP fell through the first major support level at $0.2015 and the second major support level at $0.1982.

Finding late support, Ripple’s XRP broke back through the major support levels to $0.2023 levels before easing back.

The late pullback saw Ripple’s XRP fall back through the first major support level.

At the time of writing, Ripple’s XRP was down by 0.38% to $0.20063. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20280 before falling to a low $0.20032.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 21/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move back through to $0.2020 levels to support a run at the first major resistance level at $0.2060.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20280.

Barring a broad-based crypto rebound, the first major resistance level would likely limit any upside.

Failure to move through to $0.2020 levels could see Ripple’s XRP fall deeper into the red.

A fall back through the morning low $0.20032 would bring the first major support level at $0.1970 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.1926.

Looking at the Technical Indicators

Major Support Level: $0.1970

Major Resistance Level: $0.2060

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 20/05/20

EOS

EOS slipped by 0.28% on Tuesday. Partially reversing a 1.73% gain from Monday, EOS ended the day at $2.6516.

A bearish start to the day saw EOS fall to an early morning intraday low $2.5705 before finding support.

EOS fell through the first major resistance level at $2.5924 before striking a late morning intraday high $2.6633.

Falling short of the first major resistance level at $2.7437, EOS fell back to an afternoon low $2.6037 and into the red.

Finding late support, EOS recovered to $2.65 levels to limit the loss on the day.

At the time of writing, EOS was down by 0.04% to 2.6505. A mixed start to the day saw EOS fall to an early morning low $2.6440 before striking a high $2.6563.

EOS left the major support and resistance levels untested early on.

EOS/USD 20/05/20 Daily Chart

For the day ahead

EOS would need to move through to $2.66 levels to bring the first major resistance level at $2.6864 into play.

Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $2.6633.

Barring an extended crypto rally, however, the major first resistance level would likely cap any upside.

Failure to move back through to $2.66 levels could see EOS fall deeper into the red.

A fall through the morning low to sub-$2.6285 levels would bring the first major support level at $2.5936 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.5357.

Looking at the Technical Indicators

Major Support Level: $2.5936

Major Resistance Level: $2.6864

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slipped by 0.07% on Tuesday. Following a 3.76% rally on Monday, Ethereum ended the day at $214.71.

A bearish start to the day saw Ethereum slide to an early morning intraday low $209.22 before finding support.

Steering clear of the first major support level at $208.88, Ethereum bounced back to a late morning intraday high $215.84.

Falling short of the first major resistance level at $218.88, Ethereum fell back to $210 levels before finding late support.

A late recovery to $214 levels reversed the losses from the day.

At the time of writing, Ethereum was down by 0.27% to $214.12. A mixed start to the day saw Ethereum rise to an early morning high $214.97 before falling to a low $213.76.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 20/05/20 Daily Chart

For the day ahead

Ethereum would need to move through to $215 levels to bring the second major resistance level at $217.29 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $215.84.

Barring a broad-based crypto rebound, resistance at $215 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $215 levels could see Ethereum slide deeper into the red.

A fall back through the morning low to sub-$213.30 levels would bring the first major support level at $210.67 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of the second major support level at $206.64.

Looking at the Technical Indicators

Major Support Level: $210.67

Major Resistance Level: $217.29

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 0.19% on Tuesday. Partially reversing a 2.02% gain from Monday, Ripple’s XRP ended the day at $0.20477.

Tracking the broader market, Ripple’s XRP slid to an early morning intraday low $0.20064 before finding support.

Ripple’s XRP fell through the first major support level at $0.2015 before striking a late morning intraday high $0.20635.

Falling short of the first major resistance level at $0.2086, Ripple’s XRP fell back to $0.2025 levels and into the red.

Finding late support from the broader market, Ripple’s XRP recovered to $0.2040 levels to limit the loss on the day.

At the time of writing, Ripple’s XRP was up by 0.02% to $0.20482. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20435 before striking a high $0.20550.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 20/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move back through to $0.2050 levels to support a run at the first major resistance level at $0.2072.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.20635.

Barring a broad-based crypto rebound, the first major resistance level would likely limit any upside.

Failure to move through to $0.2050 levels could see Ripple’s XRP fall back into the red.

A fall back through the morning low to sub-$0.2040 levels would bring the first major support level at $0.2015 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.1982.

Looking at the Technical Indicators

Major Support Level: $0.2015

Major Resistance Level: $0.2072

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers -20/05/20

Bitcoin rose by 0.56% on Tuesday. Following on from a 0.48% gain on Monday, Bitcoin ended the day at $9,769.4.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,457.8.

Bitcoin fell through the first major support level at $9,461.87 before rallying to a late morning intraday high $9,878.0.

Falling short of the first major resistance level at $9,955.87, Bitcoin slid back to $9,550 levels and into the red.

Finding support late in the day, however, Bitcoin broke back through to $9,700 levels to end the day in the green.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Binance Coin, Cardano’s ADA, and Tezos rallied by 3.61%, 4.75%, and by 3.19% to lead the way.

Bitcoin Cash ABC (+0.18%), Litecoin (+0.97%), and Tron’s TRX (+2.29%) also found support on the day.

Bitcoin Cash SV (-1.59%), EOS (-0.28%), Ethereum (+0.07%), Monero’s XMR (-0.10%), Ripples XRP (-0.19%), and Stellar’s Lumen (0.64%) struggled, however.

In the current week, the crypto total market cap rose to a Monday low $268.43bn before falling to a Tuesday low $257.06bn. At the time of writing, the total market cap stood at $264.80bn.

Bitcoin’s dominance rose from a Monday low 67.61% to a Tuesday high 67.96% before easing back. At the time of writing, Bitcoin’s dominance stood at 67.89%.

This Morning

At the time of writing, Bitcoin was down by 0.01% to $9,768.6. A mixed start to the day saw Bitcoin fall to an early morning low $9,753.5 before striking a high $9,791.3.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a mixed start to the day.

Bitcoin Cash ABC (-0.62%), Cardano’s ADA (-0.30%), Ethereum (-0.09%), and Tron’s TRX (-1.22%) saw red early on.

Bitcoin Cash SV led the rest of the majors, however, with a 1.28% gain.

BTC/USD 20/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,700 levels to bring the first major resistance level at $9,945.67 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $9,878.0.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, the 62% FIB of $10,034 and the second major resistance level at $10,121.93 would likely come into play.

Failure to avoid sub-$9,700 levels could see Bitcoin fall deep into the red.

A fall back through to sub-$9,700 levels would bring the first major support level at $9,525.47 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,281.53.

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 19/05/20

EOS

EOS rose by 1.73% on Monday. Reversing a 0.55% fall from Sunday, EOS ended the day at $2.6618.

A particularly bullish morning saw EOS rally from a morning low $2.6102 to an early morning intraday high $2.7563.

EOS broke through the first major resistance level at $2.6657 and second major resistance level at $2.7136 before hitting reverse.

The reversal saw EOS slide back to a late afternoon intraday low $2.6050 before finding support.

Steering clear of the first major support level at $2.5807, EOS recovered to $2.66 levels to end the day in the green.

At the time of writing, EOS was down by 0.84% to $2.6394. A bearish start to the day saw EOS fall from an early morning high $2.6590 to a low $2.6356.

EOS left the major support and resistance levels untested early on.

EOS/USD 19/05/20 Daily Chart

For the day ahead

EOS would need to move through to $2.6750 levels to bring the first major resistance level at $2.7437 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6590.

Barring an extended crypto rally, however, the major first resistance level would likely cap any upside.

Failure to move back through to $2.6750 levels could see EOS fall deeper into the red.

A fall through to the morning low $2.6356 would bring the first major support level at $2.5924 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.5231.

Looking at the Technical Indicators

Major Support Level: $2.5924

Major Resistance Level: $2.7437

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 3.76% on Monday. Following on from a 3.27% gain on Sunday, Ethereum ended the day at $214.83.

A bullish start to the day saw Ethereum rally from an intraday low $206.99 to a mid-morning intraday high $216.99.

Ethereum broke through the first major resistance level at $211.67 and second major resistance level at $216.28 before hitting reverse.

The reversal saw Ethereum slide back to sub-$209 levels by late afternoon before finding support.

Late in the day, Ethereum broke back through the first major resistance level to close out at $214 levels.

At the time of writing, Ethereum was down by 1.06% to $212.56. A bearish start to the day saw Ethereum fall from an early morning high $215.00 to a low $212.25.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 19/05/20 Daily Chart

For the day ahead

Ethereum would need to move through to $213 levels to bring the first major resistance level at $218.88 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $216.99.

Barring a broad-based crypto rebound, resistance at $215 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $213 levels could see Ethereum take a bigger hit later in the day.

A fall back through the morning low to sub-$210 levels would bring the first major support level at $208.88 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$200 levels.

The second major support level at $202.94 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $208.88

Major Resistance Level: $218.88

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 2.02% on Monday. Following on from a 0.79% gain on Sunday, Ripple’s XRP ended the day at $0.20530.

Tracking the broader market, Ripple’s XRP rallied from an intraday low $0.20107 to an early morning intraday high $0.20814.

Ripple’s XRP broke through the first major resistance level at $0.20814 and second major resistance level at $0.2075 before hitting reverse.

The reversal saw Ripple’s XRP slide back to $0.20113 by late morning before finding support.

Through the 2nd half of the day, Ripple’s XRP revisited $0.2063 levels before easing back. The recovery saw Ripple’s XRP break back through and hold above the first major resistance level at $0.2043.

At the time of writing, Ripple’s XRP was down by 1.10% to $0.20305. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.20516 to a low $0.20283.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 19/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through to $0.2050 levels to support a run at the first major resistance level at $0.2086.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.20814.

Barring a broad-based crypto rebound, the first major resistance level would likely limit any upside.

Failure to move through to $0.2050 levels could see Ripple’s XRP fall deeper into the red.

A fall back through the morning low $0.20283 would bring the first major support level at $0.2015 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.1978.

Looking at the Technical Indicators

Major Support Level: $0.2015

Major Resistance Level: $0.2086

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 18/05/20

EOS

EOS fell by 0.55% on Sunday. Following on from a 1.90% gain on Saturday, EOS ended the week up by 6.99% to $2.6179.

A mixed start to the day saw EOS rise from an early morning low $2.6228 to a mid-morning high $2.6602.

Steering clear of the major support and resistance levels, EOS fell back to $2.62 levels before striking a mid-afternoon intraday high $2.6764.

Falling short of the first major resistance level at $2.6890, EOS slid back to a late intraday low $2.6201.

Steering clear of the first major support level at $2.5732, EOS recovered to $2.63 levels before falling back into the red.

At the time of writing, EOS was up by 0.76% to $2.6378. A bullish start to the day saw EOS rise from an early morning low $2.6102 to a high $2.6379.

EOS left the major support and resistance levels untested early on.

EOS/USD 18/05/20 Daily Chart

For the day ahead

EOS would need to move through to $2.65 levels to bring the first major resistance level at $2.6657 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6379.

Barring an extended crypto rally, however, the major first resistance level would likely cap any upside.

Failure to move back through to $2.65 levels would see EOS hit reverse.

A fall through to sub-$2.6290 levels would bring the first major support level at $2.5807 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.5436.

Looking at the Technical Indicators

Major Support Level: $2.5807

Major Resistance Level: $2.6657

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 3.27% on Sunday. Following on from a 3.02% gain on Saturday, Ethereum ended the week up by 10.34% to $207.05.

A relatively range-bound morning saw Ethereum rise from an early morning intraday low $199.1 to a mid-afternoon intraday high $210.00.

Ethereum broke through the first major resistance level at $204.85 and the second major resistance level at $209.16.

Late in the day, Ethereum fell back to $206 levels before revisiting $209 levels.

Coming up against the second major resistance level at $209.16, Ethereum fell back to $206 levels before steadying.

At the time of writing, Ethereum was up by 2.23% to $211.67. A bullish start to the day saw Ethereum rise from an early morning low $206.99 to a high $211.82.

Ethereum broke through the first major resistance level at $211.67 early on.

ETH/USD 18/05/20 Daily Chart

For the day ahead

Ethereum would need to avoid sub-$210 levels to bring the second major resistance level at $216.28 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $211.82.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

Failure to avoid sub-$210 levels could see Ethereum hit reverse.

A fall back through the morning low to sub-$205.40 levels would bring the first major support level at $200.77 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$200 levels.

Looking at the Technical Indicators

Major Support Level: $200.77

Major Resistance Level: $211.67

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 0.79% on Sunday. Following on from a 0.81% gain on Saturday, Ripple’s XRP ended the week up by 2.07% to $0.20108.

It was a bullish end to the week. Ripple’s XRP rallied from an early morning intraday low $0.19882 to a mid-afternoon intraday high $0.20479.

Ripple’s XRP broke through the first major resistance level at $0.2024 to come within range of the second major resistance level at $0.20530.

A late afternoon pullback saw Ripple’s XRP fall to a low $0.20086 before finding support.

Ripple’s XRP fell back through the first major resistance level before finding support.

At the time of writing, Ripple’s XRP was up by 1.23% to $0.20356. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.20107 to a high $0.20371.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 18/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to avoid sub-$0.2020 levels to support a run at the first major resistance level at $0.2043.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20371.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

Failure to avoid sub-$0.2020 levels could see Ripple’s XRP give up the early gains.

A fall back through the morning low $0.20107 would bring the first major support level at $0.1983 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.19 support levels.

The second major support level at $0.1956 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.1983

Major Resistance Level: $0.2043

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob