Ethereum Testing 23.6% and 38.2% Fibonacci Support of Wave 4

Ethereum (ETH/USD) is showing strong bullish momentum as mentioned last time. The angle of the uptrend has only accelerated recently (blue arrows).

However, yesterday’s daily candlestick closed as a Doji which indicates indecision. Is this a first sign of a reversal? Let’s review.

Price Charts and Technical Analysis

Ethereum 11.5.2021 daily chart

The ETH/USD uptrend seems too strong for a reversal to take place now:

  1. The gaps between the moving averages (MAs), the angle of the MAs, and the gap between price and the 21 emas all indicate a strong uptrend.
  2. The Doji daily candlestick indicates indecision and it is more likely to create a potential sideways pullback (grey arrow) or retracement (orange arrow) in the uptrend.
  3. The support zone (blue box) is likely a bouncing spot (blue box) for more upside (green arrows).
  4. Only a deeper retracement places the bullish outlook on hold (orange) or invalidates it (red circle).

On the 4 hour chart, price action made a bearish pullback to and bounce at the 23.6% Fibonacci retracement level:

  1. After completing a 5 wave pattern (blue) in wave 3 (orange), price action is probably building a wave 4 pullback (orange).
  2. The 23.6% and 38.2% Fibonacci retracement levels remain key for the potential wave 4 (orange) pattern.
  3. A bull flag pattern (grey arrows) could indicate a shallow pullback and uptrend continuation (blue arrow).
  4. A deeper pullback (orange arrows) will probably test the Fibonacci support levels.
  5. The targets of the uptrend are located at $4750, $5000, $5500.
  6. A break below the 50% Fib places the uptrend on hold (yellow button) whereas a deeper retracement invalidates it (red button).

Ethereum 11.5.2021 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.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 11th, 2021

Ethereum

Ethereum rose by 0.54% on Monday. Following on from a 0.29% gain on Sunday, Ethereum ended the day at $3,949.45.

A mixed start to the day saw Ethereum fall to an early morning low $3,893.01 before making a move.

Steering clear of the first major support level at $3,775, Ethereum rallied to a late afternoon intraday high and a new swing hi $4,213.85.

Ethereum broke through the first major resistance level at $4,033 and the second major resistance level at $4,137.

Coming up short of $4,300 levels, Ethereum slid to a late intraday low $3,657.35.

Ethereum fell through the first major support level at $3,775 before briefly revisiting $4,070 levels.

The recovery saw Ethereum break back through the first major resistance level at $4,033 before easing back to sub-$4,000 levels.

At the time of writing, Ethereum was down by 0.12% to $3,944.80. A mixed start to the day saw Ethereum rise to an early morning high $3,966.93 before falling to a low $3,900.00.

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

ETHUSD 110521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall back through the $3,940 pivot to bring the first major resistance level at $4,223 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s new swing hi $4,213.85.

Barring an extended crypto rally, the first major resistance level and resistance at $4,300 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $4,500 levels. The second major resistance level sits at $4,497.

Failure to avoid a fall back through the $3,940 pivot would bring the first major support level at $3,667 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,500 levels. The second major support level sits at $3,384.

Looking at the Technical Indicators

First Major Support Level: $3,667

Pivot Level: $3,940

First Major Resistance Level: $4,223

23.6% FIB Retracement Level: $3,238

38.2% FIB Retracement Level: $2,635

62% FIB Retracement Level: $1,660

Litecoin

Litecoin slid by 7.40% on Monday. Partially reversing an 11.66% rally from Sunday, Litecoin ended the day at $359.41.

A bullish start to the day saw Litecoin rise to an early morning intraday high and a new swing hi $413.91 before hitting reverse.

Litecoin broke through the first major resistance level at $407 before sliding to a late intraday low $337.84.

The extended sell-off saw Litecoin fall through the first major support level at $352 before ending the day at $359 levels.

At the time of writing, Litecoin was down by 0.42% to $357.89. A mixed start to the day saw Litecoin rise to an early morning high $360.45 before falling to a low $353.83.

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

LTCUSD 110521 Hourly Chart

For the day ahead

Litecoin would need to move through the $370 pivot to support a run at the first major resistance level at $403.

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

Barring an extended crypto rally, the first major resistance level and Monday’s new swing hi $413.91 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $430. The second major resistance level sits at $447.

Failure to move through the $370 pivot would bring the first major support level at $327 and the 23.6% FIB of $322 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$300. The Second major support level sits at $294.

Looking at the Technical Indicators

First Major Support Level: $327

Pivot Level: $370

First Major Resistance Level: $403

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP slid by 9.39% on Monday. Following on from a 1.80% fall on Sunday, Ripple’s XRP ended the day at $1.39233.

A mixed start to the day saw Ripple’s XRP rise to a mid-morning intraday high $1.62821.

Ripple’s XRP broke through 23.6% FIB of $1.5426 and the first major resistance level at $1.6077 before hitting reverse.

The reversal saw Ripple’s XR tumble to a late intraday low $1.2000.

Ripple’s XRP fell through the 23.6% FIB of $1.5426, the 38.2% FIB of $1.2807, and the day’s major support levels.

Finding late support, however, Ripple’s XRP broke back through the third major support level at $1.2216 and the second major support level at $1.3740.

Ripple’s XRP also broke back through the 38.2% FIB of $1.2807 to end the day at $1.39 levels.

At the time of writing, Ripple’s XRP was flat at $1.39230. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.41009 before falling to a low $1.38569.

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

XRPUSD 110521 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $1.4068 pivot to bring 23.6% FIB of $1.5426 and the first major resistance level at $1.6137 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 $1.62821 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.70 levels. The second major resistance level sits at $1.8351.

Failure to move back through the $1.4068 pivot would bring the 38.2% FIB of $1.2807 and the first major support level at $1.1855 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The second major support level sits at $0.9786.

Looking at the Technical Indicators

First Major Support Level: $1.1855

Pivot Level: $1.4068

First Major resistance Level: $1.6137

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

Ethereum: How High Can It Fly?

While up to recently Bitcoin (BTC) and ETH would pretty much move in unision, the former topped already on April 14 and is currently trading a the same price level it reached February 21. Meanwhile ETH is 71% higher compared to where it was on April 14 and gained almost 115% (!) since that same February date. Thus the two largest cryptocurrencies by market cap are heavily diverging. Such divergence, after having run in parallel for many years, does not make my live as an analyst easier. It means

  1. going back to the drawing board as all I can do is “anticipate, monitor, and adjust accordingly”
  2. the larger correction (50-70%) I anticipated in ETH has been postponed.

In my previous update, see here, I showed the monthly chart and how extremely overbought ETH had become on that time frame. But, clearly, overbought can always become more overbought, and, indeed in “Bullmarkets upside surprises while downside disappoints.” I did not shown the daily chart for ETH, which I would like to share today.

Figure 1. ETH daily EWP count and technical indicators.

$2860 reached and exceeded by 45%, what gives?.

Bottom line: The anticipated rally to the ideal target zone of $2700-2855 has been accomplished. Although wave-extensions, i.e., even slightly higher prices, can not be excluded, I now expect a multi-week decline back to at least around $1900-2000, but ideally $1400+/-100. The latter would be an almost 50% haircut, which is not uncommon before ETH is ready to stage its next multi-month rally. A move and close below this week’s low at $2088 from current levels or slightly higher will signal this deep correction is underway.

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

Why is “Bad News” is “Good News” for SP500?

Investors start this week still digesting the April Employment Report which delivered a big miss on Friday, showing a gain of just +266,000 jobs versus expectations for close to +1 million. The unemployment rate ticked up slightly to +6.1% while average wages and workweek saw unexpected increases.

Again, this was a moment on Wall Street when “bad news” was digested as “good news” as it keeps the Fed from raising rates.

Fundamental analysis

There is a lot of debate as to why the April jobs data was so sluggish with many blaming enhanced unemployment benefits. The report also showed leisure and hospitality added some +331,000 jobs while manufacturing payrolls actually fell, led by a decline in autoworkers. Economists believe those declines are probably related to the global chip shortage. ISM data last week indicated that some losses in April are related to other various supply chain constraints that are curbing manufacturing output and has forced companies to cut both hours and workers.

Employers also continue pointing to a skills mismatch, a problem many faced well before the pandemic. Bottom line, there are about -8 million fewer Americans in the workforce now versus February 2020. There seem to be a lot fewer women coming back and a lot fewer over the age of 55. Over the last five months total employment is only up by +1.5 million workers. So the Fed seems somewhat correct in their statement and forecast that it’s going to take time to get the U.S. workforce back to pre-pandemic levels and a big reason they are not going to rush to raise rates.

Despite the weaker than expected employment numbers, bears still believe inflationary price pressures are a mounting threat to the recovery, and signs of rising wages, particularly for low-skilled jobs, continue to fan the flames on inflation worries.

That will put a spotlight on inflation gauges due this week, with the Consumer Price Index on Wednesday followed by the Producer Price Index on Thursday. There is no major economic data today.

The height of earnings season is behind us with 88% and 86% topping estimates by an average of more than +22%.

The leading sectors have been Consumer Discretionary, Financials, Materials, and Communication Services, while Utilities and Industrials are the only two sectors reporting year-over-year declines.

Earnings this week include Tyson (TYSN) Roblox (RBLX), Palantir (PLTR), Electronic Arts (EA), Disney (DIS), Airbnb (ABNB). Other earnings results today are due from Affirm, Duke Energy, Marriott International, Novavax, Occidental Petroleum, Simon Properties, and Virgin Galactic. Other big names this week will include Compass, Sonos, Tencent, and Wendy’s on Wednesday; Alibaba, Applied Materials, Coinbase, DoorDash, Luminar, and Yeti on Thursday; and Siemens on Friday. Another area of increasing interest this week will be in the crypto space… Bitcoin, Ethereum, Doge, and Maker are all in my daily mix of things I track and trade. What a crazy ride!

Technical analysis

SP500 is close to weekly resistance at 4250. We talked about this number for a few weeks. On an intraday basis, the neutral zone is 4200 – 4265. Middle-strength level within this range – 4232.50, weak levels – 4248.75 and 4216.25.

Break up above 4265, will bring the price to 4281, 4298. If price sustains below 4200, look for 4184 and 4168. Note, mentioned levels should offer support/resistance before you consider entering the trade.

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

Ethereum Soars To Record Highs

Ethereum Video 10.05.21.

Ethereum Gets To New Highs As Bitcoin’s Dominance Declines

Ethereum managed to get above $4000 and continued to move higher as strong rally continued.

Several weeks ago, Ethereum traded near the $2500 level, but it managed to gain strong upside momentum at a time when total cryptocurrency market capitalization continued to soar and reached $2.5 trillion.

Meanwhile, Bitcoin Dominance, which shows Bitcoin market capitalization as a percentage of total crypto market capitalization, declined to multi-year lows. The last time Bitcoin Dominance visited current levels was back in 2018.

It remains to be seen whether cryptocurrency traders will use the recent decline of Bitcoin’s share in total crypto market capitalization as an opportunity to take some profits in recent winners and put some funds into Bitcoin. If this happens, it would be a bearish development for Ethereum.

Technical Analysis

ethereum may 10 2021

Ethereum managed to settle above the resistance at $3600 and gained strong upside momentum. Buying activity was very strong, and Ethereum did not face any material resistance at the psychologically important $4000 level.

Ethereum has finally faced some resistance at $4150 and pulled back a bit, although it remains to be seen whether this pullback will be strong. In case Ethereum gets above the $4150 level, it will continue its upside move and get to new highs.

It should be noted that RSI is in the overbought territory, and it is already close to highs that were reached at the beginning of this year, so the risks of a pullback are increasing. The previous resistance at $3600 will likely serve as the first material support level for Ethereum.

In case Ethereum declines below this level, it will head towards the support at $3350. A successful test of the support at $3350 will open the way to the test of the next support level which is located at $3200.

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

Crypto Market Value hits $2.5 Trillion as Ethereum Hits Record High

Ethereum is partially responsible for this feat, has it has recorded weekly gains of about 30% with Ether breaking new highs with Ether hitting $4,000 on the FTX exchange.

At press time the global crypto market value stood at $2.49 Trillion a 1.17% increase over the last day.

The total daily cryptomarket volume hovers around $246 Billion, which postulates a 13.65% increase. The

Bitcoin’s price is currently $59,219.08 with its dominance reaching a record low of 44.44%, while Ethereum’s dominance is at 18.3%.

Taking a fundamental look at Bitcoin, reveals investors see it has store of value, making the crypto asset’s dormancy a reasonable proxy for why many institutional investors use it majorly as a Treasury asset while Ethereum represents a far more active use for the global financial ecosystem, which is usually deployed for applications and smart contracts.

The sudden growth cited in the crypto-verse especially in the last four months is attributed to the credence gotten from leading global brands, with the likes of Mastercard, Tesla, PayPal, Visa, and even Hedge Funds showing significant interest in its technology and hedge against their traditional investments.

Market’s pundits have also cited that the heightened interests, emanating institutional record cash inflows as seen from leading hedge funds, and lately, the powerful financial brands that include Goldman Sachs, JP Morgan Chase, have bolstered the new financial asset class market valuation in breaking record highs.

Though Bitcoin and ether are the top leading crypto assets by market value and trading volume other crypto-assets like Polkadot, dogecoin, Chainlink, Cardano are trading near record highs, this suggests that the value of the cryptocurrency market could keep breaking new highs as more blockchain-based applications go mainstream.

Ether Bursts Past $4,000, Other Cryptos Firm

Bitcoin hit a three-week high and one-time parody currency dogecoin steadied, arresting a sharp drop after comments from Tesla chief Elon Musk sent it tumbling on Sunday.

Ether, traded using the ethereum blockchain, was last up around 6% for the day on the Binance exchange where it hit $4,119 around midday in Asia. Bitcoin rose to $59,603 and dogecoin steadied around $0.54.

Bitcoin has doubled, ether has soared more than fivefold this year and dogecoin more than a hundredfold as a euphoric mood has spilled over from bitcoin into other crypto assets.

“I think (crypto has) got a lot more institutional involvement than people who haven’t followed the market believe,” said Chris Weston, head of research at brokerage Pepperstone, pointing to sizeable weekend liquidity.

“And everyone’s been in ethereum. It’s not a meme joke coin, it actually has some application use,” he added, referring to its role in the rise of non-bank facilitated transactions.

The ethereum blockchain has been recently upgraded, which traders think might make it a central player in a trend called “DeFi” or decentralised finance, where digital platforms chip away at banks’ dominance of financial transactions.

The sum of ether tokens in circulation is $477 billion according to CoinMarketCap, compared with $1.1 trillion for bitcoin and $69 billion for dogecoin.

Trade in dogecoin, launched as a joke currency with a dog mascot, has concerned analysts as it is mostly impossible to spend and gains are being driven by a speculative frenzy.

It fell by a third in Sunday trade after Musk, a crypto investor, described it as a “hustle” during a television appearance, but it seemed to find support after he tweeted that his SpaceX rocket company would accept it as payment.

“You really couldn’t make this stuff up,” Rabobank senior macro strategist Michael Every wrote in a note to clients.

“This is not so amusing for an SEC already flagging it will act on crypto, and watching Saturday trading…forget about space: this is a dog eat Doge world in the end.”

(Reporting by Tom Westbrook in Singapore and Stanley White in Tokyo; Editing by Kim Coghill and Jacqueline Wong)

Dollar Licks Wounds After Payrolls Shock, Focus Turns to Inflation

By Kevin Buckland

The United States created a little more than a quarter of the jobs that economists had forecast last month and the unemployment rate unexpectedly ticked higher, pouring cold water on speculation about runaway inflation.

The dollar index, which measures the greenback against six rivals, stood at 90.259, after dipping as low as 90.128 for the first time since Feb. 26 earlier in the session.

Notably, the British pound was the biggest gainer among the most-traded currencies, rallying 0.5% to the highest since Feb. 25, despite Scotland’s leader saying another referendum on independence was inevitable after her party’s resounding election victory.

“The USD’s choppy downtrend can continue this week,” Commonwealth Bank of Australia strategist Kim Mundy wrote in a client note, predicting a break above $1.22 for the euro.

“The unexpected slow recovery in the U.S. labour market reinforces the FOMC’s patient approach to monetary policy,” while “the improving global economic outlook is a medium-term weight on the USD.”

The euro rose 0.1% to $1.2172, earlier touching the highest since Feb. 26 at $1.2177.

The dollar rose to 108.865 yen, but remained not far from its lowest since April 27.

Even before the big payrolls miss, Fed Chair Jerome Powell had argued the U.S. labour market is far short of where it needs to be to start talking of tapering asset purchases and that a near-term spike in inflation will be transitory.

Several Fed officials will have a chance to reinforce that message this week, beginning with Governor Lael Brainard on Tuesday.

April’s consumer price index is set to be released on Wednesday.

The Aussie dollar traded close to a more-than-two-month high at $0.7847, while Canada’s loonie rallied to a fresh 3-1/2-year high of $1.2111.

Sterling soared as high as $1.4058 as the biggest gainer among the dollar’s most-traded rivals, as traders focused on the UK economic recovery rather than the potential for another Scottish referendum, National Australia Bank strategist Gavin Friend wrote in a report.

“The USD is in retreat and the UK economic recovery is turning for the better,” Friend wrote.

Any independence vote is “a long way down the road, and in our view not something to sustainably affect GBP right now,” with the pair heading for $1.45 by the end of June, he said.

In cryptocurrencies, ether extended this month’s record run, surging more than 5% to an unprecedented $4,148.88. The second-biggest digital token has rallied 41% so far in May.

Bigger rival bitcoin remained stuck below $60,000, consolidating after retreating as low as $47,004.20 on April 25 following its surge to a record $64,895.22 in the middle of that month.

Meanwhile, no. 4 virtual currency dogecoin languished around $0.53 after losing more than a third of its price on Sunday, when Elon Musk called the token a “hustle” during his guest-host spot on the “Saturday Night Live” comedy sketch TV show.

“Musk is probably happy to jump on the joke of what is a meme(coin), but investors are probably feeling real pain now,” said Justin d’Anethan, Hong Kong-based head of Exchange Sales at Diginex, a digital asset exchange.

“The supply is essentially unlimited (for dogecoin), and so unsustainable long-term. It’s a question of who will sell first and who will be left holding the bags.”

========================================================

Currency bid prices at 0543 GMT

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Euro/Dollar $1.2155 $1.2163 -0.05% -0.51% +1.2177 +1.2150

Dollar/Yen 108.7970 108.6000 +0.19% +5.34% +108.9020 +108.4800

Euro/Yen 132.25 132.05 +0.15% +4.20% +132.3800 +132.0200

Dollar/Swiss 0.9015 0.9005 +0.12% +1.90% +0.9017 +0.9001

Sterling/Dollar 1.4047 1.3989 +0.44% +2.84% +1.4057 +1.3984

Dollar/Canadian 1.2116 1.2122 -0.05% -4.85% +1.2129 +1.2111

Aussie/Dollar 0.7852 0.7846 +0.12% +2.11% +0.7861 +0.7838

NZ 0.7280 0.7281 +0.03% +1.42% +0.7297 +0.7272

Dollar/Dollar

All spots

Tokyo spots

Europe spots

Volatilities

Tokyo Forex market info from BOJ

(Reporting by Kevin Buckland; Editing by Sam Holmes)

Bitcoin and Ethereum – Weekly Technical Analysis – May 10th, 2021

Bitcoin

Bitcoin, BTC to USD, rose by 2.96% in the week ending 9th May. Following on from a 15.22% gain from the previous week, Bitcoin ended the week at $58,276.0.

A mixed start to the week saw Bitcoin rise to a Monday high $58,945.0 before hitting reverse.

Falling well short of the first major resistance level at $60,344, Bitcoin slid to a Wednesday intraweek low $52,960.0.

Steering clear of the first major support level at $50,849, Bitcoin bounced back to a Saturday intraweek high $59,450.0.

Continuing to fall short of the first major resistance level at $60,344, Bitcoin eased back to end the week at sub-$59,000 levels.

4 days in the green that included a 7.95% rally on Wednesday delivered the upside for the week. A 6.82% slide on Tuesday had put Bitcoin under pressure early in the week, however.

For the week ahead

Bitcoin would need avoid a fall through the $56,895 pivot to support a run the first major resistance level at $60,831.

Support from the broader market would be needed for Bitcoin to break back through to $60,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $62,000.0 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at the April swing hi $64,829.0 before any pullback. The second major resistance level sits at $63,385.

Failure to avoid a fall through the $56,895 pivot would bring the first major support level at $54,341 into play.

Barring another extended sell-off, Bitcoin should steer clear of the 23.6% FIB of $50,473 and the second major support level at $50,405.

At the time of writing, Bitcoin was up by 0.81% to $58,748.7. A mixed start to the week saw Bitcoin fall to an early Monday low $58,080.0 before rising to a high $58,999.0.

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

BTCUSD 100521 Daily Chart

Ethereum

Ethereum surged by 33.07% in the week ending 9th May. Following on from a 27.11% breakout from the previous week, Ethereum ended the week at $3,928.44.

It was a particularly bullish week. Ethereum rallied from a Monday intraweek low $2,952.08 to a Sunday intraweek high and a new swing hi $3,984.00.

Steering clear of the first major support levels, Ethereum broke through the first major resistance level at $3,190 and the second major resistance level at $3,428.

4-days in the green that included a 16.32% rally on Monday and a 12.41% gain on Saturday delivered the upside in the week.

For the week ahead

Ethereum would need to avoid a fall through the pivot at $3,614 to bring the first major resistance level at $4,277 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $4,100 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $4,500 would likely cap any upside.

In the event of an extended breakout, Ethereum could test resistance at $5,000 before any pullback. The second major resistance level sits at $4,625.

Failure to avoid a fall through the pivot at $3,614 would bring the first major support level at $3,266 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of the 23.6% FIB of $3,047. The second major support sits at $2,604.

At the time of writing, Ethereum was up by 0.51% to $3,948.42. A mixed start to the week saw Ethereum fall to an early Monday low $3,893.01 before rising to a high $3,968.72.

Ethereum left the major support and resistance levels untested at the start of the week.

ETHUSD 100521 Daily Chart

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 10th, 2021

Ethereum

Ethereum rose by 0.29% on Sunday. Following a 12.41% rally on Saturday, Ethereum ended the week up by 33.07% to $3,928.44.

A bullish start to the day saw Ethereum rise to a late morning intraday high and a new swing hi $3,984.00.

Falling short of the first major resistance level at $4,102, Ethereum fell to a mid-day intraday low $3,726.29.

Steering clear of the first major support level at $3,594, Ethereum revisited $3,960 levels before easing back.

At the time of writing, Ethereum was down by 0.55% to $3,906.95. A mixed start to the day saw Ethereum rise to an early morning high $3,934.98 before falling to a low $3,896.71.

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

ETHUSD 100521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $3,880 pivot to bring the first major resistance level at $4,033 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $4,000 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 $4,200 levels. The second major resistance level sits at $4,137.

Failure to avoid a fall through the $3,880 pivot would bring the first major support level at $3,775 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $3,622.

Looking at the Technical Indicators

First Major Support Level: $3,775

Pivot Level: $3,880

First Major Resistance Level: $4,033

23.6% FIB Retracement Level: $3,063

38.2% FIB Retracement Level: $2,493

62% FIB Retracement Level: $1,572

Litecoin

Litecoin rallied by 11.66% on Sunday. Following a modest 0.71% gain from Saturday, Litecoin ended the week up by 44.30% to $388.30.

A mixed start to the day saw Litecoin fall to an early morning intraday low $334.00 before making a move.

Litecoin fell through the first major support level at $336 before rallying to a final hour intraday high and a new swing hi $389.65.

The rally saw Litecoin break through the first major resistance level at $358 and the second major resistance level at $369.

At the time of writing, Litecoin was up by 1.95% to $395.87. A mixed start to the day saw Litecoin fall to an early morning low $387.57 before striking a new swing hi $398.95.

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

LTCUSD 100521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $371 pivot to support a run at the first major resistance level at $407.

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

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 $440. The second major resistance level sits at $426.

Failure to avoid a fall through the $371 pivot would bring the first major support level at $352 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$350. The Second major support level sits at $315.

Looking at the Technical Indicators

First Major Support Level: $352

Pivot Level: $371

First Major Resistance Level: $407

23.6% FIB Retracement Level: $304

38.2% FIB Retracement Level: $250

62% FIB Retracement Level: $164

Ripple’s XRP

Ripple’s XRP fell by 1.80% on Sunday. Following on from a 1.01% loss on Saturday, Ripple’s XRP ended the week down by 1.65% to $1.53661.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.59738 before hitting reverse.

Falling short of the first major resistance level at $1.6152, Ripple’s XRP slid to a mid-morning intraday low $1.44500.

Ripple’s XRP fell through the first major support level at $1.5292 and the second major support level at $1.4930.

More significantly, Ripple’s XRP also fell through the 23.6% FIB of $1.5426 before revisiting $1.5490 levels.

A second sell-off saw Ripple’s XRP fall back through the 23.6% FIB and the first major support level and second major support level.

Recovering from a return to $1.45 levels, Ripple’s XRP moved back through to $1.53 levels to reduce the deficit.

At the time of writing, Ripple’s XRP was up by 2.95% to $1.58199. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.52458 before rising to a high $1.58199.

While leaving the major support and resistance levels untested early on, Ripple’s XRP broke through the 23.6% FIB of $1.5426.

XRPUSD 100521 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the 23.6% FIB of $1.5426 and the $1.5263 pivot to bring the first major resistance level at $1.6077 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $1.59738.

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 $1.70 levels. The second major resistance level sits at $1.6787.

Failure to avoid a fall back through the 23.6% FIB of $1.5426 and the $1.5263 pivot would bring the first major support level at $1.4553 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.40 levels. The second major support level sits at $1.3740.

Looking at the Technical Indicators

First Major Support Level: $1.4553

Pivot Level: $1.5263

First Major resistance Level: $1.6077

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

The Crypto Daily – Movers and Shakers – May 10th, 2021

Bitcoin, BTC to USD, fell by 1.05% on Sunday. Partially reversing a 2.71% gain from Saturday, Bitcoin ended the week up by 2.95% to $58,276.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $59,236.5 before hitting reverse.

Falling short of the first major resistance level at $59,918, Bitcoin slid to a mid-day intraday low $56,255.0.

Bitcoin fell through the first major support level at $57,407 before a late move back through to $58,000 levels.

The near-term bullish trend remained intact supported by the latest visit to $59,000 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.

Crypto.com Coin slid by 5.88% to lead the way down, with Bitcoin Cash SV (-1.57%) and Ripple’s XRP (-1.80%) also joining Bitcoin in the red.

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

Cardano’s ADA and Litecoin rallied by 8.88% and by 11.66% respectively to lead the way, with Chainlink (+7.40%) also finding strong support.

Binance Coin (+2.37%), Ethereum (+0.29%), and Polkadot (+2.07%) also avoided the red.

It was also a mixed week for the cryptos in the week ending 9th May.

Crypto.com Coin (-6.08%) and Ripple’s XRP (-1.65%) saw red to buck the trend for the week.

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

Litecoin led the way, surging by 44.30%.

Binance Coin (+23.05%), Cardano’s ADA (+33.16%), Chainlink 32.37%, and Ethereum (+33.07%) also found strong support.

Bitcoin Cash SV (+7.55%) and Polkadot (+6.93%) trailed the front runners, however.

In the week, the crypto total market fell to a Tuesday low $2,064bn before rising to a Saturday high $2,482bn. At the time of writing, the total market cap stood at $2,395bn.

Bitcoin’s dominance rose to a Monday high 49.44% before falling to a Thursday low 44.65%. At the time of writing, Bitcoin’s dominance stood at 45.43%.

This Morning

At the time of writing, Bitcoin was down by 0.20% to $58,157.0. A mixed start to the day saw Bitcoin rise to an early morning high $58,421.4 before falling to a low $58,150.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.14%), Bitcoin Cash SV (+2.15%), Chainlink (+1.09%), Crypto.com Coin (+1.26%), and Litecoin (+2.26%) found early support.

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

Cardano’s ADA (0.39%), Ethereum (-0.51%), Polkadot (-0.13%), and Ripple’s XRP (-0.42%) joined Bitcoin in the red.

BTCUSD 100521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $57,993 to support a run at the first major resistance level at $59,590.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $59,236.5.

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 before any pullback. The second major resistance level sits at $60,904, with the third major resistance level sitting at $63,886.

Failure to avoid a fall through the pivot at $57,993 would bring the first major support level at $56,609 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,941.

The Crypto Daily – Movers and Shakers – May 9th, 2021

Bitcoin, BTC to USD, rose by 2.71% on Saturday. Following on from a 1.59% gain on Friday, Bitcoin ended the day at $58,897.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $56,939.0 before making a move.

Steering clear of the first major support level at $55,554, Bitcoin rallied to a late intraday high $59,450.0.

Bitcoin broke through the first major resistance level at $58,889 before easing back to sub-$59,000 levels.

The near-term bullish trend remained intact supported by the latest visit to $59,000 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.

Ethereum rallied by 12.41% to lead the way, with Binance Coin (+3.59%) and Litecoin (+0.71%), also joining Bitcoin in the green.

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

Bitcoin Cash SV fell by 3.23% to lead the way down,

Cardano’s ADA (-1.87%) Chainlink (-0.95%), Crypto.com Coin (-2.93%), Polkadot (-2.50%), and Ripple’s XRP (-1.01%) also saw red.

In the current week, the crypto total market fell to a Tuesday low $2,064bn before rising to a Saturday high $2,482bn. At the time of writing, the total market cap stood at $2,332bn.

Bitcoin’s dominance rose to a Monday high 49.39% before falling to a Thursday low 44.65%. At the time of writing, Bitcoin’s dominance stood at 46.10%.

This Morning

At the time of writing, Bitcoin was down by 0.22% to $58,766.0. A mixed start to the day saw Bitcoin rise to an early morning high $59,000.0 before falling to a low $58,720.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 2.37% to lead the way down.

BTCUSD 090521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $58,429 to support a run at the first major resistance level at $59,918.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $59,450.0.

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 before any pullback. The second major resistance level sits at $60,940, with the third major resistance level sitting at $63,451.

Failure to avoid a fall through the pivot at $58,429 would bring the first major support level at $57,407 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $55,918.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 8th, 2021

Ethereum

Ethereum fell by 0.22% on Friday. Following a 1.05% decline on Thursday, Ethereum ended the day at $3,484.7.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $3,361.42.

Ethereum fell through the first major support level at $3,379 before rallying to a late afternoon intraday high $3,595.07.

Falling short of the first major resistance level at $3,609, Ethereum fell back to sub-$3,430 levels before finding support.

A late move back through to $3,480 levels limited the downside on the day.

At the time of writing, Ethereum was up by 0.34% to $3,496.55. A mixed start to the day saw Ethereum rise to an early morning high $3,498.99 before falling to a low $3,455.00.

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

ETHUSD 080521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall back through the $3,480 pivot to bring the first major resistance level at $3,599 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,590.00 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $3,595.07 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $3,800 levels. The second major resistance level sits at $3,714.

Failure to avoid a fall back through the $3,480 pivot would bring the first major support level at $3,366 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,300 levels. The second major support level sits at $3,247.

Looking at the Technical Indicators

First Major Support Level: $3,366

Pivot Level: $3,480

First Major Resistance Level: $3,599

23.6% FIB Retracement Level: $2,778

38.2% FIB Retracement Level: $2,262

62% FIB Retracement Level: $1,429

Litecoin

Litecoin fell by 2.61% on Friday. Following on from a 0.58% loss on Thursday, Litecoin ended the day at $345.25.

A bullish start to the day saw Litecoin rally to a mid-morning intraday high and a new swing hi $372.88 before hitting reverse.

Coming up against the first major resistance level at $373, Litecoin slid to a late intraday low $333.55.

Steering clear of the first major support level at $329, Litecoin revisited $348 levels before easing back.

At the time of writing, Litecoin was up by 1.91% to $351.83. A mixed start to the day saw Litecoin fall to an early morning low $342.72 before rising to a high $352.50.

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

LTCUSD 080521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $351 pivot to support a run at the first major resistance level at $368.

Support from the broader market would be needed, however, for Litecoin to break out from $365 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s new swing hi $372.88 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 $390.

Failure to avoid a fall back through the $351 pivot would bring the first major support level at $328 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$310. The Second major support level at $311 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $328

Pivot Level: $351

First Major Resistance Level: $368

23.6% FIB Retracement Level: $291

38.2% FIB Retracement Level: $240

62% FIB Retracement Level: $158

Ripple’s XRP

Ripple’s XRP fell by 1.44% on Friday. Following on from a 0.68% loss on Thursday, Ripple’s XRP ended the day at $1.58105.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $1.50786.

The reversal saw Ripple’s XRP fall through the 23.6% FIB of $1.5426 before making a move.

Finding support at the first major support level at $1.5079, Ripple’s XRP rallied to a mid-day intraday high $1.69467.

Falling short of the first major resistance level at $1.7326, Ripple’s XRP fell back through the 23.6% FIB of $1.5426.

Finding late support, however, Ripple’s XRP closed out the day at $1.58 levels.

At the time of writing, Ripple’s XRP was up by 0.02% to $1.58136. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.59005 before falling to a low $1.56369.

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

XRPUSD 080521 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $1.5945 pivot to bring the first major resistance level at $1.6812 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.65 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $1.70 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.80 levels. The second major resistance level sits at $1.7813.

Failure to move through the $1.5945 pivot would bring the 23.6% FIB of $1.5426 and the first major support level at $1.4944 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.4077.

Looking at the Technical Indicators

First Major Support Level: $1.4944

Pivot Level: $1.5945

First Major resistance Level: $1.6812

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

The Crypto Daily – Movers and Shakers – May 8th, 2021

Bitcoin, BTC to USD, rose by 1.59% on Friday. Partially reversing a 1.80% loss from Thursday, Bitcoin ended the day at $57,349.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $55,300.0 before making a move.

Steering clear of the first major support level at $55,040, Bitcoin rallied to a late afternoon intraday high $58,635.0.

Bitcoin broke through the first major resistance level at $58,101 before easing back to sub-$57,000 levels.

Finding late support, however, Bitcoin moved back through to $57,000 levels to deliver the upside on the day.

The near-term bullish trend remained intact supported by the recovery 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.

Chainlink rose by 4.24% to lead the way, with Cardano’s ADA (+0.21%) and Crypto.com Coin (+1.33%) also avoiding the red.

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

Bitcoin Cash SV slid by 11.54% to lead the way down, with Polkadot falling by 5.59%.

Binance Coin (-1.52%), Ethereum (-0.22%), Litecoin (-2.61%), and Ripple’s XRP (-1.44%) saw relatively modest losses.

In the current week, the crypto total market fell to a Tuesday low $2,064bn before rising to a Thursday high $2,447bn. At the time of writing, the total market cap stood at $2,332bn.

Bitcoin’s dominance rose to a Monday high 49.39% before falling to a Thursday low 44.65%. At the time of writing, Bitcoin’s dominance stood at 46.10%.

This Morning

At the time of writing, Bitcoin was up by 0.11% to $57,411.0. A mixed start to the day saw Bitcoin fall to an early morning low $57,267.0 before rising to a high $57,583.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.09%), Cardano’s ADA (-0.26%), Crypto.com Coin (-0.94%), and Polkadot (-0.16%) saw early red.

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

At the time of writing, Chainlink was up by 0.92% to lead the way.

BTCUSD 080521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $57,095 to support a run at the first major resistance level at $58,889.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $58,635.0.

Barring an extended crypto rally, the first major resistance level and resistance at $59,000 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 $60,430.

Failure to avoid a fall through the pivot at $57,095 would bring the first major support level at $55,554 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$54,000 levels. The second major support level sits at $53,760.

The Crypto Daily – Movers and Shakers – May 7th, 2021

Bitcoin, BTC to USD, fell by 1.80% on Thursday. Partially reversing a 7.95% gain from Wednesday, Bitcoin ended the day at $56,450.0.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $58,343.0 before hitting reverse.

Falling short of the first major resistance level at $59,270.0, Bitcoin fell to a late intraday low $55,282.0.

Steering clear of the first major support level at $54,332, Bitcoin revisited $56,700 levels before easing back.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$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 Thursday.

Cardano’s ADA followed Wednesday’s 16.62% rally with a 11.39% gain.

Crypto.com Coin and Polkadot also found support, rising by 4.72% and by 4.67% respectively.

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

Chainlink fell by 4.87% to lead the way down.

Binance Coin (-2.70%), Bitcoin Cash SV (-0.28%), Ethereum (-1.05%), Litecoin (-0.58%), and Ripple’s XRP (-0.68%) also joined Bitcoin in the red.

In the current week, the crypto total market fell to a Tuesday low $2,064bn before rising to a Thursday high $2,447bn. At the time of writing, the total market cap stood at $2,341bn.

Bitcoin’s dominance rose to a Monday high 49.39% before falling to a Thursday low 44.66%. At the time of writing, Bitcoin’s dominance stood at 45.49%.

This Morning

At the time of writing, Bitcoin was up by 0.83% to $56,920.0. A mixed start to the day saw Bitcoin fall to an early morning low $56,102.0 before rising to a high $56,920.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot bucked the trend early on, falling by 0.92%.

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

At the time of writing, Cardano’s ADA was up by 1.90% to lead the way.

BTCUSD 070521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $56,692 to support a run at the first major resistance level at $58,101.

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 Thursday’s high $58,343.0 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 $59,753.

Failure to avoid a fall back through the pivot at $56,692 would bring the first major support level at $55,040 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 $53,631.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 7th, 2021

Ethereum

Ethereum fell by 1.05% on Thursday. Partially reversing an 8.96% rally from Wednesday, Ethereum ended the day at $3,492.75.

It was a mixed start to the day. Ethereum fell to a mid-morning intraday low $3,381.11 before making a move.

Steering clear of the first major support level at $3,308, Ethereum rallied to a late afternoon intraday high and a new swing hi $3,610.91.

Ethereum broke through the first major resistance level at $3,651 before a pullback to sub-$3,410 levels.

Finding late support, Ethereum moved back through to $3,540 levels before easing back.

At the time of writing, Ethereum was down by 0.37% to $3,479.80. A mixed start to the day saw Ethereum rise to an early morning high $3,500.21 before falling to a low $3,479.14.

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

ETHUSD 070521 Hourly Chart

For the day ahead

Ethereum would need to move back through the $3,495 pivot to bring the first major resistance level at $3,609 into play.

Support from the broader market would be needed, however, for Ethereum to break out from $3,550.00 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s new swing hi $3,610.91 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 $3,725, with the third major resistance level at $3,955.

Failure to move back through the $3,495 pivot would bring the first major support level at $3,379 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,200 levels. The second major support level at $3,265 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,379

Pivot Level: $3,495

First Major Resistance Level: $3,609

23.6% FIB Retracement Level: $2,778

38.2% FIB Retracement Level: $2,262

62% FIB Retracement Level: $1,429

Litecoin

Litecoin fell by 0.58% on Thursday. Partially reversing a 16.70% rally from Wednesday, Litecoin ended the day at $354.44.

A bullish start to the day saw Litecoin rally to an early morning intraday high $365.20 before hitting reverse.

Falling short of the first major resistance level at $377, Litecoin slid to a late afternoon intraday low $321.84.

Steering clear of the first major support level at $318, Litecoin briefly revisited $359 levels before easing back into the red.

At the time of writing, Litecoin was down by 1.20% to $350.18. A mixed start to the day saw Litecoin rise to an early morning high $355.00 before falling to a low $350.00.

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

LTCUSD 070521 Hourly Chart

For the day ahead

Litecoin would need to avoid the $347 pivot to support a run at the first major resistance level at $373.

Support from the broader market would be needed, however, for Litecoin to break back through to $370 levels.

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 $391.

Failure to avoid a fall through the $347 pivot would bring the first major support level at $329 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$300. The Second major support level at $304 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $329

Pivot Level: $347

First Major Resistance Level: $373

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP fell by 0.68% on Thursday. Following a 16.17% breakout on Wednesday, Ripple’s XRP ended the day at $1.60424.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $1.7647 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $1.7044 before sliding to a late afternoon intraday low $1.5400.

Finding support at the 23.6% FIB of $1.5426, Ripple’s XRP revisited $1.65 levels before falling back into the red.

At the time of writing, Ripple’s XRP was down by 0.74% to $1.59229. A mixed start to the day sw Ripple’s XRP rise to an early morning high $1.61049 before falling to a low $1.58197.

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

XRPUSD 070521 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $1.6363 pivot to bring the first major resistance level at $1.7326 into play.

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

Barring an extended crypto rally, the first major resistance level and Thursday’s high $1.7647 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 $1.8610.

Failure to move through the $1.6363 pivot would bring the 23.6% FIB of $1.5426 and the first major support level at $1.5079 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.4116.

Looking at the Technical Indicators

First Major Support Level: $1.5079

Pivot Level: $1.6363

First Major resistance Level: $1.7326

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

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

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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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.

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

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.