Daily Pump & Dump | May 31, 2022 Crypto Market Report
31 Maggio 2022 - 10:26PM
NEWSBTC
The daily pump & dump is a weekday update on the crypto
market providing you with an abbreviated breakdown of price
action related to Bitcoin, Ethereum, and other trending
altcoins. Today’s summary: Bitcoin reclaims $30,000 over
memorial day weekend How Ethereum could lose its head against BTC
What’s going on with Cardano? Bitcoin Makes Memorial Day Weekend
Memorable Over the US Memorial Day holiday, bulls took advantage of
thin order books and low volume, pushing the price per BTC to more
than $31,500 at close. Of note, the daily candle closed above the
upper Bollinger Band. Bulls must stampede with high volume within
the next 24 hours or are at risk of a pullback to at minimum the
middle-SMA at around $29,766. Will bulls follow through? | Source:
BTCUSD on TradingView.com A strong close above $32,000 could lead
to continuation to targets between $34,000 and $38,000. Tonight is
also the monthly close for BTCUSD. A close above $29,000 should
keep the top cryptocurrency well above support, while closing above
$33,000 would be a healthier sign of further recovery ahead.
Related Reading | LUNA Aftermath: Total Crypto Market More Oversold
Than Black Thursday Ethereum Losing Its Head (And Shoulders)
Against BTC The LUNA debacle has significantly hurt altcoin
sentiment. The associated selloff and panic took many top altcoins
down by 80-90% across the board. Ethereum held up well by
comparison to other altcoins, dropping only 64%. Bitcoin fell 62%
in total. Ethereum could head down further against BTC | Source:
ETHBTC on TradingView.com The long-running outperformance on the
ETHBTC trading pair could soon swing further in favor of the top
cryptocurrency as BTC dominance strengthens. The ETHBTC trading
pair also appears to exhibit a head and shoulders pattern at risk
of confirmation and further breakdown. The target would be close to
the 0.04 level. Cardano Surges 40% In 48 Hours, But Why?
Knife-catching is never a recommended strategy, yet traders
everywhere are regularly tempted by this high-risk technique. The
reason is because there can be significant reward for getting it
right. Cardano has been substantially oversold, falling a full 87%
from over $3 to the 30-cent range. Was the R:R too good to pass up?
| Source: ADAUSD on TradingView.com Because the altcoin was hit
particularly hard, it now represents a strong risk versus reward
setup. Bulls who missed their chance on the way up the last time
around, could see another 8x if the altcoin revisits prices set
late last year. Related Reading | Hammer Time: The Bullish Signal
That Could Save Bitcoin Although the reward is high, so is the
risk. During the 2018 bear market, after plummeting 90%, ADA then
crashed another 78%. On Black Thursday, ADA reached one-cent.
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education. Please note: Content is educational and should not
be considered investment advice. Featured image from
iStockPhoto, Charts from TradingView.com
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