Bitcoin Fights for Breakout as Ethereum Sees Correction from its ATH

The momentum for Ethereum has been high over the past few days. The coin recorded an ATH above $3,523.59 yesterday and gave Bitcoin bulls the needed nudge to push the coin’s price to a new horizon. Together, Bitcoin and Ethereum dominate the $2.29 trillion global crypto market cap by 61.9%. A look at their current price movers will showcase which project contributes more to this combined cap weighting.

Bitcoin’s Retarded Growth Casts Doubt on its Market Leadership

For the past decade, Bitcoin has been seen as the undisputed leader of the global crypto market, wielding a massive influence over the space. This recognition is, however, fading away as the coin has not made any move close to its ATH of $64,500 for about 3 weeks now. For several reasons ranging from the Xinjiang mining zone blackout to fears of increased capital gains tax has contributed to keeping the premier cryptocurrency well below the $60,000 psychological level.

At the time of writing, BTC is down by 0.25% to $55612.2 according to data from CEX.IO price feeds.

The BTC-USD 4H Chart above shows the market is at a point of indecision with a likely overbearing influence from the bulls. A continuous push up across the signal line can send price toward the upper region of the Bollinger Band, in a bid to retest the $60,000 price levels. Should the bulls succeed in stabilizing price above this level, Bitcoin may regain buyers’ confidence to end Q2 at a price valuation of $80,000 per coin.

Ethereum Charting a New Course for itself

Ethereum has almost completely broken off its correlation with BTC and is now charting a new path for itself. Despite its current price of $3370.33 or 1.69% dip in the past 24 hours falling below its ATH above $3500, ETH is still outpacing BTC on the weekly gain level by 24.51% to 0.46% respectively.

The latest short squeeze on derivatives exchanges forced the new ATH, fueled by the growing institutional manager’s inflow into the asset. While these may be intermittent, investors are very bullish on the future prospect of the network per the EIP 1559 and ETH 2.0 potential rollout.

Per the short term SMAs which ETH price is currently trading above, the bullish momentum is heightened, and while the coin has beaten its Q2 target of $3,000, a move toward the Q4 target above $4,900 is now being anticipated.

For both BTC and ETH, intermittent price reversals may be experienced before the targets are met.

Konstantin Anissimov, Executive Director at CEX.IO

Dogecoin Pulls Back After Strong Rally

Dogecoin Video 06.05.21.

Dogecoin Tests Support At $0.60

Dogecoin lost momentum and made an attempt to settle below the support at $0.60 as traders took some profits after the recent rally.

Dogecoin quickly managed to get from $0.30 to $0.69 in less than two weeks as traders’ interest in the cryptocurrency increased and exchanges started to make it available for trading.

Cryptocurrencies remain very speculative in nature and often experience significant pullbacks so it’s not surprising to see that Dogecoin is moving lower after a strong rally.

Leading cryptocurrencies like Bitcoin and Ethereum have also lost momentum today so the downside move appears to be broad-based although XRP is moving higher.

Technical Analysis

dogecoin may 6 2021

Dogecoin faced resistance at $0.6650 and pulled back closer to the support at $0.60. RSI has pulled back a bit from recent highs, but it remains in the overbought territory.

In case Dogecoin manages to settle below the support at $0.60, it will head towards the next support level which has emerged at $0.5750. A successful test of the support at $0.5750 will open the way to the test of the support at $0.5350. If Dogecoin declines below this level, it will head towards the support at $0.45. There are no important levels between $0.45 and $0.5350 so this move may be fast.

On the upside, Dogecoin needs to settle above the resistance at $0.6650 to have a chance to develop upside momentum in the near term. The next resistance level is located near the recent highs at $0.70. If Dogecoin manages to settle above this level, it will gain additional upside momentum and head to new highs.

At this point, today’s trading action looks like a normal pullback after the major upside move. However, cryptocurrencies are very dependent on momentum so Dogecoin needs to quickly get closer to recent highs to continue its upside move. If Dogecoin fails to get more upside momentum in the next few days, the risks of a significant pullback will increase.

For a look at all of today’s economic events, check out our economic calendar.

PayPal Top Earnings Forecasts, Bets on Crypto

PayPal Holdings, Inc. (PYPL) shares rocketed over 4% higher in Wednesday’s extended-hours trading session after the company delivered a stellar quarterly earnings report.

The San Jose digital payments giant reported an adjusted first quarter (Q1) profit of $1.22 per share, blowing pasts Wall Street’s expectation of $1.01 a share. Moreover, the bottom line grew 85% from a year earlier. Revenues for the period came in at $6.03 billion, up from year-ago sales of $4.62 billion. Volume and user metrics also impressed, with the company processing $285 billion in the quarter and adding 14.5 million net new active accounts.

Looking ahead, management forecasts Q2 EPS of $1.12 on revenues of $6.25 billion. Analysts had expected earnings of $1.10 on sales of $6.16 billion. The company sees cryptocurrency continuing to drive growth in upcoming quarters. “We’ve got a tremendous amount of really great results going on tactically with our crypto efforts,” CEO Dan Schulman told investors, per CNBC. PayPal initially introduced leading cryptocurrencies to its platform last October and has progressively added more integration with digital assets over the past six months.

Through Wednesday’s close, PayPal stock has a market capitalization nearing $300 billion and trades nearly 100% higher over the last 12 months. YTD, the shares have added 5.64%, which trails the S&P 500’s gain of 11% over the same period.

Wall Street View

Late last month, Rosenblatt Securities analyst Sean Horgan raised his price target on the stock to $350 from $320 and maintained his ‘Buy’ recommendation. Horgan sees the payments giant continuing to benefit from higher levels of consumer spending, fueled by record levels of government stimulus.

Elsewhere, the stock racks up mostly favorable brokerage coverage. It receives 36 ‘Buy’ ratings, 5 ‘Overweight’ ratings, and 6 ‘Hold’ ratings. Just one analyst recommends selling the shares. Wall Street has a 12-month price median price target on the stock at $314.55. This represents 27% of upside from yesterday’s $247.40 close.

Technical Outlook and Trading Tactics

PayPal shares have recently retraced to a multi-month uptrend line extending back to the March 2020 pandemic-induced low. Although the price broke below this closely-watched indicator in Wednesday’s session, pre-market trading indicates a move back above it after the company’s solid earnings report.

Providing the stock closes above the trendline, active traders should anticipate a retest of the YTD high at $309.14. Protect capital with a stop-loss order placed under today’s low.

For a look at today’s earnings schedule, check out our earnings calendar.

Bitcoin: Still No Advantage, Waiting For Better Prices.

In my previous video, I highlighted a number of price scenarios and one of them were a higher low established off of the 52K area. We almost got that one, except that price, refuses to break 53K. For shorter time frame strategies like day trading, these sharp single candle moves offer excellent opportunities, but for swing trades, the risk is too high.

Here is what I mean: If we go long at 58K, proportional risk for a swing trade is now around 53K which means I have to risk at LEAST 5K points. In order to justify this, Bitcoin needs to push to 63K in the next leg just to reach a 1:1 reward/risk ratio. The probability of that scenario is much lower compared to if I bought around 50K, risked only 3K points, and required a retrace back to the middle of the range (55 to 58K area). The probability of a retrace back to the middle of the range is much greater than of the range low.

Since we trade rules for our swing trade strategy, we have no choice but to wait this out. Bitcoin either tests the range low again, (between 52K and 50K) and provides a setup, or we don’t assume any new risk. Waiting for the right level and setup is much more effective when it comes to returns over time compared to taking numerous low-probability trades. Many traders and investors don’t realize, over time, the losing trades cost way more than the few random wins from chasing action.

If you would like to know more about our strategy, please visit.

Bitcoin And Ether Both Higher

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Today’s closing price is right where the Monday’s close, and we have effectively formed a Doji on a weekly candlestick chart. We continue to see BTC as being in a consolidation stage, unsure of which direction it will take next.

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wed #2

But if you owned BTC futures, you made almost 5% in profits today, 7% if you owned Greyscale Ethereum Trust (+7.65%). ETHE went up more than Ethereum itself, which only gained +1.92% on the day at the time of writing.

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Bitcoin’s dominance continues to dwindle, now sitting at around 45%. And while Ethereum’s share of the crypto space has been rising, it still remains under 20%. It seems that Alt. Coins have benefited the most from this recent bull run.

Bitcoin and Banks

On the fundamental front, hundreds of U.S. banks (mostly small) have signed up for a service that will allow their customers access to Bitcoin.

“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships,” Sells said. “If I’m using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin.” – Yan Zhao, president of NYDIG.

While Devotion Public Data, which is a merchant to keeps money with almost 300 million financial records, will deal with the connection to moneylenders, NYDIG will deal with bitcoin care and exchange execution. Exposures will clarify that it is NYDIG, and not the banks, that handle the bitcoin, and the digital currency will not be FDIC-protected, as indicated by Zhao.

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – May 6th, 2021

EOS

EOS surged by 37.57% on Wednesday. Reversing a 6.86% fall from Tuesday, EOS ended the day at $8.7303.

A bearish start to the day saw EOS fall to an early morning intraday low $6.2092 before making a move.

Steering clear of the first major support level at $6.0136, EOS rallied to a late intraday high $8.8413.

EOS broke through the 23.6% FIB of $6.52 and the day’s major resistance levels to wrap up the day at $8.70 levels.

At the time of writing, EOS was up by 2.49% to $8.9477. A mixed start to the day saw EOS rise to an early morning high $9.2876 before falling to a low $8.6045.

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

EOSUSD 060521 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the pivot at $7.9269 to bring the first major resistance level at $9.6447 and 38.2% FIB of $9.68 into play.

Support from the broader market would be needed for EOS to break back through to $9.00 levels.

Barring an extended rally throughout the day, the first major resistance level and the 38.2% FIB will likely cap the upside.

In the event of another extended breakout, EOS could test resistance at $10.0 levels. The second major resistance level sits at $10.5590.

Failure to avoid a fall through the $7.9269 pivot would bring the first major support level at $7.0126 and the 23.6% FIB of $6.52 into play.

Barring an extended sell-off, however, EOS should steer well clear of sub-$6.00 levels. The second major support level sits at $5.2948.

Looking at the Technical Indicators

First Major Support Level: $7.0126

First Major resistance Level: $9.6447

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen jumped by 20.59% on Wednesday. Reversing an 8.82% loss from Tuesday, Stellar’s Lumen ended the day at $0.6055.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.4980 before making a move.

Steering clear of the first major support level at $0.4815, Stellar’s Lumen rallied to a late intraday high $0.6065.

The breakout saw Stellar’s Lumen break through the first major resistance level at $0.5373 and the second major resistance level at $0.5722.

Stellar’s Lumen also broke through the 23.6% FIB of $0.5342.

Falling short of the third major resistance level at $0.628, Stellar’s Lumen fell back to $0.57 levels before ending the day at $0.60 levels.

At the time of writing, Stellar’s Lumen was up by 4.72% to $0.6341. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.6031 before striking a high $0.6500.

Stellar’s Lumen broke through the first major resistance level at $0.6420 early on.

XLMUSD 060521 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.5700 pivot to bring the first major resistance level at $0.6420 back into play.

Support from the broader market would be need, however, for Stellar’s Lumen to break back through to $0.64 levels.

Barring a broad-based crypto rebound, the first major resistance level and this morning’s high $0.6500 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test the second major resistance level at $0.6785 and resistance at $0.70.

Failure to avoid a fall through the $0.5700 pivot would bring the 23.6% FIB of $0.5342 and the first major support level at $0.5335 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.50 levels. The second major support level sits at $0.4615.

Looking at the Technical Indicators

First Major Support Level: $0.5335

First Major Resistance Level: $0.6420

23.6% FIB Retracement Level: $0.5342

38% FIB Retracement Level: $0.4373

62% FIB Retracement Level: $0.2808

Tron’s TRX

Tron’s TRX jumped by 23.39% on Wednesday. Reversing a 9.76% loss from Tuesday, Tron’s TRX ended the day at $0.1472.

A bearish start to the day saw Tron’s TRX fall to an early morning intraday low $0.1228 before making a move.

Steering clear of the 38.2% FIB of $0.1167 and the first major support level at $0.1140, Tron’s TRX rallied to a late intraday high $0.1472.

Tron’s TRX broke through the first major resistance level at $0.1284 and the second major resistance level at $0.1375.

The extended rally also saw Tron’s TRX break back through the 23.6% FIB of $0.1426 to end the day at $0.147 levels.

At the time of writing, Tron’s TRX was down by 2.46% to $0.1436. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.1496 before falling to a low $0.143.

Tron’s TRX left the major support and resistance levels untested early on.

TRXUSD 060521 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall through the 23.6% FIB of $0.1426 and the pivot at $0.1372 to bring the first major resistance level at $0.1572 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from this morning’s high $0.1496.

Barring an extended crypto rally, the first major resistance level and resistance at $0.16 would likely cap any upside.

In the event of an extended rally Tron’s TRX could test resistance at $0.18 levels. The second major resistance level sits at $0.1671.

Failure to avoid a fall through the 23.6% FIB and the $0.1372 pivot would bring the first major support level at $0.1273 into play.

Barring another extended sell-off, Tron’s TRX should steer clear of sub-$0.12 levels and the 38.2% FIB of $0.1167. The second major support level sits at $0.1073.

Looking at the Technical Indicators

First Major Support Level: $0.1273

First Major Resistance Level: $0.1572

23.6% FIB Retracement Level: $0.1426

38.2% FIB Retracement Level: $0.1167

62% FIB Retracement Level: $0.0748

Please let us know what you think in the comments below

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 6th, 2021

Ethereum

Ethereum rallied by 8.96% on Wednesday. Reversing a 5.65% loss from Tuesday, Ethereum ended the day at $3,529.97.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $3,207.00 before making a move.

Steering clear of the first major support level at $3,093, Ethereum rallied to a late intraday high and a new swing hi $3,550.00.

Ethereum broke through the first major resistance level at $3,461 to end the day at $3,500 levels.

At the time of writing, Ethereum was up by 0.39% to $3,543.68. A mixed start to the day saw Ethereum fall to an early morning low $3,524.56 before rising to a high $3,547.91.

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

ETHUSD 060521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $3,429 pivot to bring the first major resistance level at $3,651 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s new swing hi $3,550.00.

Barring an extended crypto rally, the first major resistance level and resistance at $3,700 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $4,000. The second major resistance level sits at $3,772.

Failure to avoid a fall through the $3,429 pivot would bring the first major support level at $3,308 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level at $3,086 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,308

Pivot Level: $3,429

First Major Resistance Level: $3,651

23.6% FIB Retracement Level: $2,731

38.2% FIB Retracement Level: $2,225

62% FIB Retracement Level: $1,406

Litecoin

Litecoin jumped by 16.70% on Wednesday. Following on from a 3.59% gain on Tuesday, Litecoin ended the day at $356.43.

A mixed start to the day saw Litecoin fall to an early morning intraday low $300.98 before making a move.

Steering clear of the first major support level at $277, Litecoin rallied to a late intraday high $360.00.

Litecoin broke through the first major resistance level at $329 and the second major resistance level at $353 before easing back.

The pullback saw Litecoin briefly fall back through the second major resistance level at $353 before ending the day at $356 levels.

At the time of writing, Litecoin was up by 0.52% to $358.28. A mixed start to the day saw Litecoin fall to an early morning low $355.76 before rising to a high $358.90.

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

LTCUSD 060521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $339 pivot to support a run at the first major resistance level at $377.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $360.00.

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

In the event of an extended breakout, Litecoin could test resistance at $400. The second major resistance level sits at $398.

Failure to avoid a fall through the $339 pivot would bring the first major support level at $318 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$300. The Second major support level sits at $280.

Looking at the Technical Indicators

First Major Support Level: $318

Pivot Level: $339

First Major Resistance Level: $377

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP rallied by 16.17% on Wednesday. Reversing a 10.85% slide from Tuesday, Ripple’s XRP ended the day at $1.61348.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $1.36874 before making a move.

Steering clear of the first major support level at $1.2899, Ripple’s XRP rallied to a late intraday high $1.62749.

Ripple’s XRP broke through the first major resistance level at $1.5228 and the 23.6% FIB of $1.5426 before easing back.

The pullback saw Ripple’s XRP fall back sub-$1.60 levels before briefly revisiting $1.62 levels.

At the time of writing, Ripple’s XRP was up by 1.42% to $1.63637. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.61515 to a high $1.64553.

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

XRPUSD 060521 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the 23.6% FIB of $0.5426 and the $1.5366 pivot to bring the first major resistance level at $1.7044 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $1.70 levels.

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

In the event of another extended rally, Ripple’s XRP could test resistance at $2.00. The second major resistance level sits at $1.7953.

Failure to avoid a fall through the 23.6% FIB and the $1.5366 pivot would bring the first major support level at $1.4457 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.40 levels and the 38.2% FIB of $1.2807. The second major support level sits at $1.2778.

Looking at the Technical Indicators

First Major Support Level: $1.4457

Pivot Level: $1.5366

First Major resistance Level: $1.7044

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

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

Thanks, Bob

Dogecoin Sets New Records As Rally Continues

Dogecoin Video 05.05.21.

Dogecoin Tries To Settle Above $0.70

Dogecoin continued to rally and made an attempt to get to the test of the $0.70 level as traders bet that adoption of this cryptocurrency will continue to grow.

On May 3, eToro stated that it would add Dogecoin to cryptocurrencies that were traded on its exchange. EToro stated that the decision was made to due client demand.

On May 4, Bitfinex made Dogecoin pairs (DOGE/USD and DOGE/USDt) available for margin trading, which allows traders to borrow funds in order to increase their leverage and potential profits.

These moves provided significant support to Dogecoin as traders bet that increased adoption of the cryptocurrency will further boost its market cap. At this point, Dogecoin ranks fourth by market capitalization behind Bitcoin, Ethereum and Binance Coin.

Technical Analysis

dogecoin may 5 2021

Dogecoin managed to settle above previous highs at $0.60 and made an attempt to get to the test of the $0.70 level. RSI has moved into the extremely overbought territory so the risks of a pullback are increasing.

At the same time, it should be noted that RSI remains far below extreme levels that were reached back in mid-April so Dogecoin maintains solid chances to gain additional upside momentum.

The recent upside move was very fast so there are big gaps between levels. The nearest support level for Dogecoin is located at the previous highs at $0.60. In case Dogecoin settles below this level, it will move towards the next support at $0.5350. A successful test of this support level will open the way to the test of the major support level at $0.45.

On the upside, Dogecoin needs to settle above $0.70 to continue its upside move. A move above this level will likely attract more speculative traders which will be bullish for Dogecoin. I’d note that traders should keep in mind that Dogecoin is set to be very volatile in the upcoming trading sessions.

For a look at all of today’s economic events, check out our economic calendar.

Why Ethereum Keeps Soaring High

Reports reveals institutional buying on Ether had been on record high with the recent approval of CI Global Asset Management, Purpose Investments, and Evolve ETFs in Canada on offering Ethereum based exchange traded funds thereby added more credence to the altcoin.

Consequently, leading crypto experts also anticipate the flagship altcoin is not just attracting strong buying pressures because it’s [a] faster, or as an easier user experience, it’s becoming more valuable because it hosts a lot of developers on the Ethereum network coupled with high presence of users, and it keeps growing.

In addition, with the recent upgrade of Ethereum network moving to the so-called Proof of Stake, where an individual or company can validate block transactions or mine according to how many ethers, they hold will likely boast investors capability in generating more returns.

For its real case use scenario Ethereum’s continues to attract more investors as its functionality and ecosystem mature. This is because Ethereum smart contracts are better, faster at authenticating the delivery, buying or selling of digital than alternatives currently available. This further makes Ethereum powerful and will grow as applications are added.

Ether hit a record $3,523 on Tuesday on the FTX exchange with participation on the Ethereum network hitting record high.

Data retrieved from Glassnode a crypto analytic firm postulate Ethereum’s total value in the ETH 2.0 Deposit Contract just reached an all-time high of 4,193,698 ETH. The previous all-time of 4,158,946 ETH was observed on 04 May 2021.

Users continue to demand for more Ethers in purchasing as non-fungible tokens that has kept prices relatively off the roof despite significant pullbacks in some leading crypto assets including Bitcoin as Janet Yellen signals that interests might need to go up in order to avoid overheating the world’s biggest economy already addicted with stimulus support.

Already Ethereum co-founder, Buterin, who recently turned 27 some months back presently keeps about 333,520 ethers. At time of drafting this report, the altcoin was trading at $3,309, making Buterin’s stake in the second-largest crypto by market value worth about $1.1billion.

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – May 5th, 2021

EOS

EOS slid by 6.86% on Tuesday. Reversing a 4.45% gain from Monday, EOS ended the day at $6.3465.

A bearish start to the day saw EOS tumble to an early morning intraday low $6.2222 before making a move.

EOS fell through the first major support level at $6.5945, the 23.6% FIB of $6.5200, and the second major support level at $6.3697.

Steering clear of sub-$6.00 levels, EOS bounced back to an early afternoon intraday high $7.0965.

Breaking back through the major support levels and the 23.6% FIB, EOS also broke through the first major resistance level at $6.9727.

Falling short of the second major resistance level at $7.4849, EOS slid back to end the day at sub-$6.35 levels.

The reversal saw EOS fall back through the first major support level at $6.5945, the 23.6% FIB of $6.5200, and the second major support level at $6.3697.

At the time of writing, EOS was up by 14.31% to $7.2541. A mixed start to the day saw EOS fall to an early morning low $6.1920 before rallying a high $7.4549.

EOS broke through the 23.6% FIB, the first major resistance level at $6.8879 and the second major resistance level at $7.4249 early on.

EOSUSD 050521 Hourly Chart

For the day ahead

EOS would need to avoid a fall back through the first major resistance level to support another run at the second major resistance level at $7.4294.

Support from the broader market would be needed for EOS to break back through to $7.40 levels.

Barring an extended rally throughout the day, the second major resistance level and this morning’s high $7.4549 will likely cap the upside.

In the event of an extended breakout, EOS will eye $8.00 levels before any pullback. The third major resistance level sits at $8.3037.

Failure to avoid a fall through first major resistance level would bring the $6.5515 pivot and the 23.6% FIB of $6.52 into play.

Barring an extended sell-off, however, EOS should steer clear of the first major support level at $6.0136.

Looking at the Technical Indicators

First Major Support Level: $6.0136

First Major resistance Level: $6.8879

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen slid by 8.82% on Tuesday. Following on from a 0.92% loss on Monday, Stellar’s Lumen ended the day at $0.5024.

A bearish start to the day saw Stellar’s Lumen tumble from an early morning intraday high $0.5513 to an afternoon intraday low $0.4955.

The sell-off saw Stellar’s Lumen fall through the first major support level at $0.5367 and the second major support level at $0.5221.

Stellar’s Lumen also fell through the 23.6% FIB of $0.5342 to end the day at $0.50 levels.

At the time of writing, Stellar’s Lumen was up by 4.86% to $0.5268. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.4980 before rising to a high $0.5290.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 050521 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall back through the $0.5164 to bring the 23.6% FIB of $0.5342 and the first major resistance level at $0.5373 into play.

Support from the broader market would be need, however, for Stellar’s Lumen to breakout from the 23.6% FIB of $0.5342.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $0.54 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test the second major resistance level at $0.5722.

Failure to avoid a fall back through the $0.5164 pivot would bring the first major support level at $0.4815 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.48 levels. The second major support level sits at $0.4606.

Looking at the Technical Indicators

First Major Support Level: $0.4815

First Major Resistance Level: $0.5373

23.6% FIB Retracement Level: $0.5342

38% FIB Retracement Level: $0.4373

62% FIB Retracement Level: $0.2808

Tron’s TRX

Tron’s TRX slid by 9.76% on Tuesday. Reversing a 3.28% gain from Monday, Tron’s TRX ended the day at $0.1193.

A bearish start to the day saw Tron’s TRX fall from an early morning intraday high $0.1322 to late afternoon intraday low $0.1178.

Tron’s TRX fell through the first major support level at $0.1273 and the second major support level at $0.1223.

Steering clear of the 38.2% FIB of $0.1167, Tron’s TRX briefly broke back through the second major support level to revisit $0.124 levels.

A bearish end to the day, however, saw Tron’s TRX fall back to end the day at sub-$0.12 levels.

At the time of writing, Tron’s TRX was 4.86% to $0.1251. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.1171 before rising to a high $0.1264.

Tron’s TRX left the major support and resistance levels untested early on.

TRXUSD 050521 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall back through the pivot at $0.1231 to bring the first major resistance level at $0.1284 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from this morning’s high $0.1264.

Barring an extended crypto rally, the first major resistance level and resistance at $0.1300 would likely cap any upside.

In the event of an extended rally Tron’s TRX could test resistance at resistance at $0.14. The second major resistance level sits at $0.1375.

Failure to avoid a fall back through the $0.1231 pivot would bring the 38.2% FIB of $0.1167 and the first major support level at $0.1140 into play.

Barring another extended sell-off, Tron’s TRX should steer clear of sub-$0.11 levels. The second major support level sits at $0.1087.

Looking at the Technical Indicators

First Major Support Level: $0.1140

First Major Resistance Level: $0.1284

23.6% FIB Retracement Level: $0.1426

38.2% FIB Retracement Level: $0.1167

62% FIB Retracement Level: $0.0748

Please let us know what you think in the comments below

Thanks, Bob

The Crypto Daily – Movers and Shakers – May 5th, 2021

Bitcoin, BTC to USD, slid by 6.81% on Tuesday. Reversing a 0.96% gain from Monday, Bitcoin ended the day at $53,251.0.

It was a particularly bearish day. Bitcoin slid from an early morning intraday high $57,166.0 to a final hour intraday low $53,067.0.

The extended sell-off saw Bitcoin fall through the first major support level at $56,124 and the second major support level at $55,100.

The near-term bullish trend remained intact in spite of the slide back to $53,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

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

Bitcoin Cash SV (-12.62%), Crypto.com Coin (-10.36%), and Ripple’s XRP (-10.85%) led the way down.

Binance Coin (-9.99%), Cardano’s ADA (-6.75%), and Ethereum (-5.65%) also struggled.

Chainlink (+8.34%), Litecoin (+3.59%), and Polkadot (+0.35%) bucked the trend on the day, however.

Early in the week, the crypto total market rose to a Monday high $2,331bn before falling to a Tuesday low $2,064bn. At the time of writing, the total market cap stood at $2,216bn.

Bitcoin’s dominance rose to a Monday high 49.39% before falling to a Tuesday low 46.04%. At the time of writing, Bitcoin’s dominance stood at 46.62%.

This Morning

At the time of writing, Bitcoin was up by 3.85% to $55,300.0. A mixed start to the day saw Bitcoin fall to an early morning low $52,960.0 before rising to a high $55,425.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Bitcoin Cash SV was up by 10.60% to lead the way.

BTCUSD 050521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $54,495 to support a run at the first major resistance level at $55,922.

Support from the broader market would be needed for Bitcoin to breakout from this morning’s high $55,425.0.

Barring an extended crypto rally, the first major resistance level and resistance at $56,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $58,594.

Failure to avoid a fall back through the pivot at $54,495 would bring the first major support level at $51,823 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The 23.6% FIB of $50,473 and the second major support level at $50,396 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 5th, 2021

Ethereum

Ethereum fell by 5.65% on Tuesday. Partially reversing a 16.32% breakout from Monday, Ethereum ended the day at $3,240.01.

It was a particularly bearish start to the day. Ethereum fell from an early morning high $3,454.80 to an early morning intraday low $3,166.12.

Steering clear of the first major support level at $3,105, Ethereum rallied to an early afternoon intraday high and a new swing hi $3,507.98.

Falling short of the first major resistance level at $3,611, Ethereum slid back to sub-$3,200 levels for a 2nd time.

Finding late support, however, Ethereum revisited $3,400 levels before falling back into the deep red.

At the time of writing, Ethereum was up by 3.86% to $3,365.13. A mixed start to the day saw Ethereum fall to an early morning low $3,207.00 before rising to a high $3,382.65.

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

ETHUSD 050521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall back through the $3,314 pivot to bring the first major resistance level at $3,461 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $3,400 levels.

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

In the event of another breakout, Ethereum could test resistance at $4,000. The second major resistance level sits at $3,682.

Failure to avoid a fall back through the $3,314 pivot would bring the first major support level at $3,093 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,945.

Looking at the Technical Indicators

First Major Support Level: $3,093

Pivot Level: $3,314

First Major Resistance Level: $3,461

23.6% FIB Retracement Level: $2,719

38.2% FIB Retracement Level: $2,215

62% FIB Retracement Level: $1,400

Litecoin

Litecoin rose by 3.59% on Tuesday. Following on from a 9.59% gain on Monday, Litecoin ended the day at $305.50.

A bearish start to the day saw Litecoin fall to an early morning intraday low $271.70 before making a move.

Litecoin fell through the first major support level at $276 before rallying to an early afternoon intraday high $327.91.

Litecoin broke through the first major resistance level at $307 and the second major resistance level at $319.

Falling short of $330 levels, Litecoin slid back to sub-$300 levels before revisiting $316 levels.

Litecoin broke back through the first major resistance level at $307 before easing back.

At the time of writing, Litecoin was up by 10.42% to $337.34. A mixed start to the day saw Litecoin fall to an early morning low $300.98 before rallying to a high $342.00.

Litecoin broke through the first major resistance level at $329 early on.

LTCUSD 050521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the first major resistance level at $329 to support a run at the second major resistance level at $353.

Support from the broader market would be needed, however, for Litecoin to break out from this morning’s high $342.00.

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

In the event of an extended breakout, Litecoin could test resistance at $360. The third major resistance level sits at $405.

Failure to avoid a fall through the first major resistance level at $329 would bring the pivot and sub-$300 levels into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$290 and the first major support level at $277

Looking at the Technical Indicators

First Major Support Level: $277

Pivot Level: $300

First Major Resistance Level: $329

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP slid by 10.85% on Tuesday. Following a 0.59% decline on Monday, Ripple’s XRP ended the day at $1.38884.

A bearish start to the day saw Ripple’s XRP slide from an early morning intraday high $1.55784 to a late afternoon intraday low $1.32500.

Ripple’s XRP fell through the 23.6% FIB of $1.5426, the first major support level at $1.4970, and the second major support level at $1.4415.

Finding support at the third major support level at $1.3234, Ripple’s XRP revisited $1.47 levels before sliding back into the deep red.

Ripple’s XRP fell back through the second major support level at $1.4415 to end the day at sub-$1.40 levels.

At the time of writing, Ripple’s XRP was up by 4.84% to $1.45609. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.36874 before rising to a high $1.47568.

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

XRPUSD 050521 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $1.4239 pivot to bring the first major resistance level at $1.5228 and the 23.6% FIB of $1.5426 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.50 levels.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.70. The second major resistance level sits at $1.6567.

Failure to avoid a fall back through the $1.4239 pivot would bring the first major support level at $1.2899 and 38.2% FIB of $1.2807 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.20 levels. The second major support level sits at $1.1911.

Looking at the Technical Indicators

First Major Support Level: $1.2899

Pivot Level: $1.4239

First Major resistance Level: $1.5228

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

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

Thanks, Bob

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – May 4th, 2021

EOS

EOS rose by 4.45% on Monday. Reversing a 1.45% fall from Sunday, EOS ended the day at $6.8194.

A mixed start to the day saw EOS fall to an early morning intraday low $6.5230 before making a move.

While steering clear of the first major support level at $6.2382 EOS found support at the 23.6% FIB of $6.5200.

Through the late morning, EOS rallied to a late morning intraday high $6.9012 before easing back.

EOS broke through the first major resistance level at $6.7642 before falling back to $6.55 levels.

Finding late support, EOS broke back through the first major resistance level at $6.7642 to end the day at $6.81 levels.

At the time of writing, EOS was down by 6.78% to $6.3572. A bearish start to the day saw EOS slide from an early morning high $6.8774 to a low $6.3454.

EOS fell through the first major support level at $6.5945, the 23.6% FIB of $6.52, and the second major support level at $6.3697 early on.

EOSUSD 040521 Hourly Chart

For the day ahead

EOS would need to move back through major support levels and the 23.6% FIB to bring $6.70 levels into play.

Barring a broad-based crypto rebound, the $6.7479 pivot level would likely leave EOS short of the first major resistance level at $6.9727.

In the event of an extended rally, EOS could test resistance at $7.00 before any pullback. The second major resistance level sits at $7.1261.

Failure to move back through major support levels and the 23.6% FIB would bring the third major support level at $5.9915 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$6.00 levels.

Looking at the Technical Indicators

First Major Support Level: $6.5945

First Major resistance Level: $6.9727

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen slipped by 0.92% on Monday. Partially reversing a 2.90% gain from Sunday, Stellar’s Lumen ended the day at $0.5513.

A bullish start to the day saw Stellar’s Lumen rise to a mid-morning intraday high $0.5733 before hitting reverse.

Coming up against the first major resistance level at $0.5736, Stellar’s Lumen slid to a late intraday low $0.5404.

Steering clear of the first major support level at $0.5260, Stellar’s Lumen moved back through to $0.55 levels to reduce the deficit.

At the time of writing, Stellar’s Lumen was down by 4.08% to $0.5288. A bearish start to the day saw Stellar’s Lumen slide from an early morning high $0.5513 to a low $0.5277.

Stellar’s Lumen fell through the 23.6% FIB of $0.5342 and the first major support level at $0.5367 early on.

XLMUSD 040521 Hourly Chart

For the day ahead

Stellar’s Lumen would need to move back through first major support level at $0.5367 and the 23.6% FIB to bring $0.55 levels into play.

Support from the broader market would be need, however, for Stellar’s Lumen to breakout from the 23.6% FIB.

Barring a broad-based crypto rebound, the pivot level at $0.5550 would likely cap any upside.

In the event of a rebound, the first major resistance level at $0.5696 would likely come into play.

Failure to move back through first major support level and the 23.6% FIB would bring the second major support level at $0.5221 back into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.52 levels. The second major support level at $0.5221 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.5367

First Major Resistance Level: $0.5696

23.6% FIB Retracement Level: $0.

38% FIB Retracement Level: $0.4373

62% FIB Retracement Level: $0.2808

Tron’s TRX

Tron’s TRX rose by 3.28% on Monday. Reversing a 2.51% fall from Sunday, Tron’s TRX ended the day at $0.1322.

A mixed start to the day saw Tron’s TRX fall to an early morning intraday low $0.1273 before making a move.

Steering clear of the first major support level at $0.1244, Tron’s TRX rallied to a late morning intraday high $0.1372.

Tron’s TRX broke through the first major resistance level at $0.1322 before sliding back to sub-$0.13 levels.

Finding late support, however, Tron’s TRX broke back through first major resistance level to end the day at $0.132 levels.

At the time of writing, Tron’s TRX was down by 4.38% to $1.1264. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.1322 to a low $0.1258.

Tron’s TRX fell through the first major support level at $0.1273 early on.

TRXUSD 040521 Hourly Chart

For the Day Ahead

Tron’s TRX would need to move back through the first major support level and through the $0.1322 pivot to bring the first major resistance level at $0.1372 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.13 levels.

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

In the event of an extended rally Tron’s TRX could test resistance at the second major resistance level at $0.1421 and the 23.6% FIB of $0.1426.

Failure to move back through the first major support level and through the $0.1322 pivot would bring the second major support level at $0.1223 back into play.

Barring an extended sell-off, Tron’s TRX should steer clear of the 38.2% FIB of $0.1167. The third major support level at sits at $0.1124.

Looking at the Technical Indicators

First Major Support Level: $0.1273

First Major Resistance Level: $0.1372

23.6% FIB Retracement Level: $0.1426

38.2% FIB Retracement Level: $0.1167

62% FIB Retracement Level: $0.0748

Please let us know what you think in the comments below

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 4th, 2021

Ethereum

Ethereum jumped by 16.32% on Monday. Following on from a 0.11% gain on Sunday, Ethereum ended the day at $3,433.99.

It was a particularly bullish the day. Ethereum rallied from an early morning intraday low $2,952.08 to a final hour intraday high and a new swing hi $3,457.75.

Steering clear of the major support levels, Ethereum broke through the day’s major resistance levels to wrap up the day at $3,400 levels.

At the time of writing, Ethereum was down by 1.81% to $3,371.90. A mixed start to the day saw Ethereum rise to an early morning high $3,454.80 before falling to a low $3,349.42.

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

ETHUSD 040521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $3,281 pivot to bring the first major resistance level at $3,611 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $3,600 levels.

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

In the event of another breakout, Ethereum could test resistance at $4,000. The second major resistance level sits at $3,787.

Failure to avoid a back through the $3,281 pivot and the first major support level at $3,105 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,776.

Looking at the Technical Indicators

First Major Support Level: $3,105

Pivot Level: $3,281

First Major Resistance Level: $3,611

23.6% FIB Retracement Level: $2,661

38.2% FIB Retracement Level: $2,168

62% FIB Retracement Level: $1,371

Litecoin

Litecoin rallied by 9.59% on Monday. Reversing a 2.86% fall from Sunday, Litecoin ended the day at $294.91.

A mixed start to the day saw Litecoin fall to an early morning intraday low $268.64 before making a move.

Steering clear of the first major support level at $264, Litecoin rallied to a late intraday high $299.71.

Litecoin broke through the day’s major resistance levels before a late pullback to $287 levels.

The pullback saw Litecoin fall back through the third major resistance level at $296.

At the time of writing, Litecoin was down by 0.66% to $292.97. A mixed start to the day saw Litecoin rise to an early morning high $297.98 before falling to a low $292.46.

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

LTCUSD 040521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $288 pivot level to support a run at the first major resistance level at $307.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $299.71.

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

In the event of another breakout, Litecoin could test resistance at $320. The second major resistance level sits at $319.

Failure to avoid a fall through the $288 pivot level would bring the first majors support level at $276 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$270 levels and the 23.6% FIB of $262. The second major support level sits at $257.

Looking at the Technical Indicators

First Major Support Level: $276

Pivot Level: $307

First Major Resistance Level: $276

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP slipped by 0.59% on Monday. Following on from a 5.72% slide on Sunday, Ripple’s XRP ended the day at $1.55255.

A bullish start to the day saw Ripple’s XRP rise an early morning intraday high $1.62204 before hitting reverse.

Falling short of the first major resistance level at $1.6379, Ripple’s XRP slid to an early afternoon intraday low $1.50399.

The sell-off saw Ripple’s XRP fall through the 23.6% FIB of $1.5426

Finding support at the first major support level at $1.5064, Ripple’s XRP broke back through the 23.6% FIB to revisit $1.58 levels before easing back.

At the time of writing, Ripple’s XRP was down by 2.32% to $1.51655. A bearish start to the day saw Ripple’s XRP slide from an early morning high $1.55784 to a low $1.51345.

While steering clear of the major support and resistance levels, Ripple’s XRP fell back through the 23.6% FIB early on.

XRPUSD 040521 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the 23.6% FIB of $1.5426 and the $1.5595 pivot level to bring the first major resistance level at $1.6151 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.60 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1.62204 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.70. The second major resistance level sits at $1.6776.

Failure to move back through the 23.6% FIB and the $1.5595 pivot would bring the first major support level at $1.4970 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.40 levels. The second major support level at $1.4415 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.4970

Pivot Level: $1.6151

First Major resistance Level: $1.6379

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

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

Thanks, Bob

Buy Ethereum with Binance

Ethereum Breaks $3000 in Bullish Wave 3 After Weekend Gap

The Ethereum (ETH/USD) daily price chart is showing massive bullish momentum. The break away from the moving averages is strong and the angle of the 21 emas and 20 hma is steep.

As mentioned in our previous analysis, price action managed to complete its correction at the 21 emas and support trend line (green) for a continuation higher. Let’s now review the next steps.

Price Charts and Technical Analysis

Ethereum 3.5.2021 daily chart

The ETH/USD gapped higher over the weekend. The price action reached is now passing the -61.8% Fibonacci target (orange) after bouncing at the 38.2% Fibonacci level:

  1. The current push up is confirming a strong rally – see the bars and lines on the AO and ecs.MACD (pink box) – within waves 3 (purple/red).
  2. Also the moving averages (MAs) are confirming a full uptrend. The MAs are aligned, show a strong bullish angle, and the distance between them is increasing.
  3. We can evaluate today’s daily candlestick when the candle closes.
    1. A strong candle close indicates that the bulls are fully in control and a push higher is likely (green arrow)
    2. A weaker candle close indicates that a pullback or a pauze could take place first. But the uptrend is so strong that a continuation higher is expected (blue arrow).
  4. The next Fibonacci target is located at the -100% Fib level near $3,500.

On the 4 hour chart, price action made a wave 1-2 (orange) pullback indeed after completing an ABC (orange) pattern in wave 4 (grey):

  1. The current bullish move up is typical for a wave 3 (orange).
    1. Price action has already passed the -261.8% Fibonacci target for instance.
    2. And also, the angle of the price swing is very steep.
  2. A pullback does not have to be a wave 4 (orange) of this degree. It could easily be a pullback on a lower degree before the wave 3 (orange) is ready.
  3. Eventually price action will complete a wave 3 (orange) and a pullback to and bounce at the 21 emas and Fibonacci levels around $2900, $3000, and $3250 (in case price reaches $3500) is likely.

Ethereum 3.5.2021 4 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – May 3rd, 2021

EOS

EOS fell by 1.45% on Sunday. Partially reversing a 2.64% gain from Saturday, EOS ended the week up by 30.43% to $6.5290.

A bullish start to the day saw EOS rise to an early morning intraday high $67087 before hitting reverse.

Falling short of the first major resistance level at $6.3789, EOS slid to an early morning intraday low $6.1827.

The sell-off saw EOS fall through the 23.6% FIB of $6.52 and the first major support level at $6.3789.

Finding support in the late morning, EOS broke back through the first major support level and 23.6%S FIB to revisit $6.69 levels.

A bearish end to the day, however, saw EOS fall back through the 23.6% FIB before ending the day at $6.52 levels.

At the time of writing, EOS was up by 3.19% to $6.7372. A mixed start to the day saw EOS fall to an early morning low $6.4501 before rising to a high $6.8156.

EOS fell through the 23.6% FIB of $6.52 before breaking through the first major resistance level at $6.7642.

EOSUSD 030521 Hourly Chart

For the day ahead

EOS would need to avoid back through the 23.6% FIB and the $6.4735 pivot level to support another run at the first major resistance level at $6.7642.

Support from the broader market would be needed, however, for EOS to break back through to $6.75 levels.

Barring an extended crypto rally, the first major resistance level and morning high $6.8156 would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $7.00 before any pullback. The second major resistance level sits at $6.9995.

Failure to avoid a fall back through through the 23.6% FIB and the $6.4735 would bring the first major support level at $6.2382 into play.

Barring another extended sell-off, however, EOS should steer clear of sub-$6.00 levels. The second major support level sits at $5.9475.

Looking at the Technical Indicators

First Major Support Level: $6.2382

First Major resistance Level: $6.7642

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen rose by 2.90% on Sunday. Following on from a 1.90% gain on Saturday, Stellar’s Lumen ended the week up by 33.50% to $0.5563.

A mixed start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.5130 before making a move.

The reversal saw Stellar’s Lumen fall through the 23.6% FIB of $0.5342 and the first major support level at $0.5216.

Finding support through the afternoon, Stellar’s Lumen rallied to a late intraday high $0.0.5606.

Breaking back through the first major support level and 23.6% FIB, Stellar’s Lumen also broke through the first major resistance level at $0.5501.

At the time of writing, Stellar’s Lumen was up by 2.83% to $0.5720. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.5558 before rising to a high $0.5733.

Steering clear of the major support levels Stellar’s Lumen tested the first major resistance level at $0.5736.

XLMUSD 030521 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the pivot level at $0.5433 to bring the first major resistance level at $0.5736 back into play.

Support from the broader market would be needed, however, for Stellar’s Lumen break back through to $0.5730 levels.

Barring an extended crypto rally, the first major resistance level and morning high $0.5733 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test the second major resistance level at $0.5909.

Failure to avoid a fall through the $0.5433 pivot would bring 23.6% FIB of $0.5342 and the first major support level at $0.5260 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.50 levels. The second major support level sits at $0.4957.

Looking at the Technical Indicators

First Major Support Level: $0.5260

First Major Resistance Level: $0.5736

23.6% FIB Retracement Level: $0.

38% FIB Retracement Level: $0.4373

62% FIB Retracement Level: $0.2808

Tron’s TRX

Tron’s TRX fell by 2.51% on Sunday. Following on from a 0.76% fall on Saturday, Tron’s TRX ended the week up by 25.85% to $0.1280.

A bullish start to the day saw Tron’s TRX rise to an early morning intraday high $0.1328 before hitting reverse.

Falling short of the first major resistance level at $0.1345, Tron’s TRX slid to an early morning intraday low $0.1250.

The reversal saw Tron’s TRX fall through the first major support level at $0.1277.

Steering clear of sub-$0.12 support levels, Tron’s TRX revisited $0.129 levels before easing back.

At the time of writing, Tron’s TRX was up by 2.74% to $0.1315. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.1252 before rising to a high $0.1335.

Tron’s TRX broke through the first major resistance level at $0.1322 early on.

TRXUSD 030521 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall back through the $0.1286 pivot to bring the first major resistance level at $0.1322 back into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.1320 levels.

Barring an extended crypto rally, the first major resistance level and morning high $0.1335 would likely cap any upside.

In the event of an extended rally Tron’s TRX could test the second major resistance level at $0.1364.

Failure to avoid a fall back through the $0.1286 pivot would bring the first major support level at $0.1244 into play.

Barring an extended sell-off, Tron’s TRX should steer clear of sub-$0.12 levels. The second major support level at $0.1208 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.1244

First Major Resistance Level: $0.1322

23.6% FIB Retracement Level: $0.

38.2% FIB Retracement Level: $0.1167

62% FIB Retracement Level: $0.0748

Please let us know what you think in the comments below

Thanks, Bob

Trade Crypto with Binance

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 3rd, 2021

Ethereum

Ethereum rose by 0.11% on Sunday. Following a 6.20% rally on Saturday, Ethereum ended the week up by 27.13% to $2,952.09.

A mixed start to the day saw Ethereum fall to a late morning intraday low $2,855.29 before making a move.

Steering clear of the first major support level at $2,819, Ethereum rallied to a late intraday high and a new swing hi $2,986.00.

Falling short of the first major resistance level at $3,017, Ethereum eased back to end the day at $2,950 levels.

At the time of writing, Ethereum was up 3.60% to $3,058.50. A bullish start to the day saw Ethereum rise from an early morning low $2,952.08 to a new swing hi $3,060.91.

Ethereum broke through the first major resistance level at $3,007 early on.

ETHUSD 030521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall back through the first major resistance level at $3,007 to support another run at the second major resistance level at $3,062.

Support from the broader market would be needed, however, for Ethereum to break out from this morning’s new swing hi $3,060.91.

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

In the event of a breakout, Ethereum could test resistance at $3,100. The third major resistance level sits at $3,193.

Failure to avoid a fall back through firsts major resistance level would bring the $2,931 pivot and the first major support level at $2,876 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,800 levels. The second major support level at $2,800 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,876

Pivot Level: $2,931

First Major Resistance Level: $3,007

23.6% FIB Retracement Level: $2,300

38.2% FIB Retracement Level: $1,876

62% FIB Retracement Level: $1,191

Litecoin

Litecoin fell by 2.86% on Sunday. Partially reversing a 1.99% gain from Saturday, Litecoin ended the week up by 20.04% to $269.10.

A mixed start to the day saw Litecoin rise to an early morning intraday high $277.64 before hitting reverse.

Falling short of the first major resistance level at $282, Litecoin slid to a late morning intraday low $265.00.

Litecoin fell through the first major support level at $269 before finding support.

Steering clear of the 23.6% FIB of $262, Litecoin broke back through the first major support level to revisit $272 levels before easing back.

At the time of writing, Litecoin was up by 1.67% to $273.59. A bullish start to the day saw Litecoin rise from an early morning low $268.64 to a high $274.77

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

LTCUSD 030521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $271 pivot level to support a run at the first major resistance level at $276.

Support from the broader market would be needed, however, for Litecoin to break out $275 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $280 would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $290. The second major resistance level sits at $283.

Failure to avoid a fall back through the $271 pivot level would bring the first majors support level at $264 and the 23.6% FIB of $262 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$260 levels. The second major support level sits at $258.

Looking at the Technical Indicators

First Major Support Level: $264

Pivot Level: $271

First Major Resistance Level: $276

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP slid by 5.72% on Sunday. Reversing a 3.31% gain from Saturday, Ripple’s XRP ended the week up by 51.33% to $1.56244.

A bearish start to the day saw Ripple’s XRP fall from an early morning intraday high $1.65732 to an early morning intraday low $1.52578.

Ripple’s XRP fell through the first major support level at $1.5645 and the 23.6% FIB of $1.5426 before finding support.

Steering clear of sub-$1.50 support levels, Ripple’s XRP revisited $1.60 levels before easing back.

The late pullback saw Ripple’s XRP fall back through the first major support level to end the day at $1.562 levels.

At the time of writing, Ripple’s XRP was up by 2.77% to $1.60576. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.5550 before rising to a high $1.62204.

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

XRPUSD 030521 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $1.5818 pivot level to bring the first major resistance level at $1.6379 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from this morning’s high $1.62204.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $1.65732 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test the second major resistance level at $1.7134.

Failure to avoid a fall back through the $1.5818 pivot would bring the 23.6% FIB of $1.5426 and the first major support level at $1.5064 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.50 levels. The second major support level sits at $1.4503.

Looking at the Technical Indicators

First Major Support Level: $1.5064

Pivot Level: $1.5818

First Major resistance Level: $1.6379

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

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

Thanks, Bob

Trade Crypto with Binance

The Crypto Daily – Movers and Shakers – May 3rd, 2021

Bitcoin, BTC to USD, fell by 2.02% on Sunday. Reversing a 0.25% gain from Saturday, Bitcoin ended the week up by 15.22% to $56,605.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $57,900.0 before hitting reverse.

Falling short of the first major resistance level at $58,400, Bitcoin fell to a mid-morning intraday low $56,050.0.

Bitcoin fell through the first major support level at $57,074 before briefly revisiting $57,300 levels.

Failing to move back into positive territory, Bitcoin fell back through the first major support level to end the day at sub-$57,000 levels.

The near-term bullish trend remained intact supported by the return to $58,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

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

Polkadot rose by 1.39% to lead the way, with Binance Coin (+0.21%), Ethereum (+0.11%) also finding support.

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

Ripple’s XRP slid by 5.72% to lead the way down, with Chainlink ending the day down by 4.27%.

Bitcoin Cash SV (-2.17%), Cardano’s ADA (-1.84%) and Crypto.com Coin (-2.93%), and Litecoin (-2.86%) also struggled.

In the week, the crypto total market fell to a Monday low $1,778bn before rising to a Saturday high $2,229bn. At the time of writing, the total market cap stood at $2,208bn.

Bitcoin’s dominance rose to a Monday high 51.73% before falling to a Sunday low 48.76%. At the time of writing, Bitcoin’s dominance stood at 49.01%.

This Morning

At the time of writing, Bitcoin was up by 2.05% to $57,762.6. A bullish start to the day saw Bitcoin rise from an early morning low $56,574.0 to a high $58,279.0 before easing back.

Bitcoin broke through the first major resistance level at $57,653 early on.

Elsewhere, it was a bullish start to the day.

At the time of writing, Ethereum and Ripple’s XRP were up by 3.16% and by 3.07% respectively to lead the way.

BTCUSD 030521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $57,653 to bring the second major resistance level at $58,702 into play.

Support from the broader market would be needed for Bitcoin to breakout from the morning high $58,279.0.

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

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The third major resistance level sits at $60,552.

A fall back through the first major resistance level would bring the pivot at $56,852 and the first major support level at $55,803 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level at $55,002 should limit the downside.

Buy Crypto with Binance

The Crypto Daily – Movers and Shakers – May 2nd, 2021

Bitcoin, BTC to USD, rose by 0.25% on Saturday. Consolidating Friday’s 7.59% gain, Bitcoin ended the day at $57,774.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $58,326.0 before hitting reverse.

Falling short of the first major resistance level at $59,260, Bitcoin fell to a mid-afternoon intraday low $57,000.0.

Steering clear of the first major support level at $54,534, Bitcoin revisited $57,900 levels before easing back.

The near-term bullish trend remained intact supported by the return to $58,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

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

Binance Coin (-0.43%), Cardano’s ADA (-0.13%), and Crypto.com Coin (-2.35%) saw red to buck the trend on the day.

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

Bitcoin Cash SV rallied by 12.35% to lead the way, with Chainlink and Ethereum seeing gains of 8.13% and 6.20% respectively.

Litecoin (+1.99%), Polkadot (+0.89%, and Ripple’s XRP (+3.31%) also avoided the red.

In the current week, the crypto total market fell to a Monday low $1,778bn before rising to a Saturday high $2,229bn. At the time of writing, the total market cap stood at $2,188bn.

Bitcoin’s dominance rose to a Monday high 51.73% before falling to a Saturday low 49.10%. At the time of writing, Bitcoin’s dominance stood at 49.24%.

This Morning

At the time of writing, Bitcoin was down by 0.43% to $57,527.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,900.0 before falling to a low $57,461.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.79%), Crypto.com Coin (+0.89%), and Polkadot (+0.19%) found early support to buck the trend.

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

At the time of writing, Ripple’s XRP was down by 1.55% to lead the way down.

BTCUSD 020521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through $57,700 pivot to bring the first major resistance level at $58,400 into play.

Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s $58,326 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,026.

Failure to move back through the $57,700 pivot would bring the first major support level at $57,074 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$56,000 levels. The second major support level at $56,374 should limit the downside.

The Crypto Daily – Movers and Shakers – May 1st, 2021

Bitcoin, BTC to USD, rallied by 7.59% on Friday. Reversing a 2.36% loss from Thursday, Bitcoin ended the month down by 1.98% to $57,630.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $53,068.0 before making a move.

Steering clear of the first major support level at $52,221, Bitcoin rallied to a late intraday high $57,611.0.

Bitcoin broke through the first major resistance level at $55,066 and the second major resistance level at $56,567.

Falling short of $58,000 levels, however, Bitcoin eased back to end the day at sub-$57,600 levels.

The near-term bullish trend remained intact supported by the return to $57,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

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

Polkadot bucked the trend, falling by 5.80%.

It was a bullish end to the month for the rest of the majors, however.

Ripple’s XRP rallied by 14.39% to lead the way.

Binance Coin (+3.89%), Bitcoin Cash SV (+5.96%), Cardano’s ADA (+3.68%), Chainlink (+4.65%), Crypto.com Coin (+5.32%), and Litecoin (+6.30%) also made solid gains.

Ethereum (+0.64%) trailed the front runners, however.

For the month of April, it was a mixed month for the majors.

Crypto.com Coin joined Bitcoin in the red, with a 6.49% loss.

It was a bullish month for the rest of the majors, however.

Ripple’s XRP and Binance Coin surged by 180.63% and by 106.01% respectively to lead the way.

Bitcoin Cash SV (+36.87%), Chainlink (+29.83%), Ethereum (+44.61%), and Litecoin (+37.93%) also found particularly strong support, with Cardano’s ADA gaining 13.61%.

Polkadot saw a modest gain of 0.22%, however.

In the current week, the crypto total market fell to a Monday low $1,778bn before rising to a Friday high $2,193bn. At the time of writing, the total market cap stood at $2,154bn.

Bitcoin’s dominance rose to a Monday high 51.73% before falling to a Thursday low 49.18%. At the time of writing, Bitcoin’s dominance stood at 50.28%.

This Morning

At the time of writing, Bitcoin was up by 0.28% to $57,794.0. A mixed start to the day saw Bitcoin fall to an early morning low $57,350.0 before rising to a high $57,930.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (+0.36%), Litecoin (+0.46%), and Polkadot (+0.22%) joined Bitcoin in the green early on.

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

At the time of writing, Binance Coin was down by 0.77% to lead the way down.

BTCUSD 010521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $56,164 pivot to bring the first major resistance level at $59,260 into play.

Support from the broader market would be needed for Bitcoin to break out from $58,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the swing hi $64,829. The second major resistance level sits at $60,890.

Failure to avoid a fall through the $56,164 would bring the first major support level at $54,334 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$54,000 levels. The second major support level sits at $51,438.