Jun 05

Crypto Review for June 05 – Bitcoin continues its steady climbing, as data analysis shows institutional accumulation

According to data analyst Kevin Rooke, Grayscale Investments has purchased nearly 50% more BTC than the ones produced by miners. According to his analysis, miners added 6,863 BTC since last week, while Grayscale added 9,503 BTC to its Trust.
Bitcoin is 1.33% up from its previous value 24 hours ago, as most of the coins are mostly flat, sitting above 9,750. Ethereum (-0.1%) is consolidating its previous advances, whereas, Ripple (-0.78%) continues moving sideways, unable to get the strength to make fresh highs. On the Ethereum-based tokens, HEDGE backs 5% after its 40% climb in two days, As WAX (+54%), CHSB (+32.16%), UCT(+28.1%), and DRGN(+24%) lead the gains on this sector.

Fig 1 – 24H Crypto Sector Heat Map

The total market capitalization is currently $272.650 billion, over its key level of 271.763 billion, while the 24-hour traded volume increased 5.5%, to $29.270 billion, as Bitcoin dominance went slightly up, to 65.29 percent.

Top 10 24-hour Performers

 

Source coinmarketcap.com

Bottom 10 24-Hour  Performers

Source coinmarketcap.com


News Sentiment Analysis


Crypto-related news

  • E.U.’s Europol: Bitcoin Privacy Wallet ‘Not Looking Good’ For Law Enforcement (Coindesk)
  • Crypto Derivatives Volume Just Hit a New Record High (Cointelegraph)
  • Lawsuit Accuses Xapo, Indodax of Negligently Holding Stolen Bitcoin (Coindesk)
  • U.S. Bank Regulator OCC Asks for Public Input on Cryptocurrency Use in Financial Sector (Coindesk)
  • Bloomberg Report Shows Tether May Replace Ether at #2 (Bitcoinnews)
  • MakerDAO Weighs Accepting Real-World Assets as Crypto Loan Collateral (Coindesk)
  • Zoom Doesn’t Want Free Users to Benefit From End-to-end Encryption (Nulltx)
  • Bitcoin’s mining difficulty falls 9.29 percent (The Block)
  • Hong Kong’s Crypto.com receives privacy-based security certification (Cryptoslate)
  • Amended lawsuit filed against Bitfinex and Tether for allegedly manipulating crypto market, Bittrex and Poloniex added as new defendants (The Block)

Mainstream news

  • Dow futures rise ahead of week’s final test for the stock market — Friday’s jobs report (Marketwatch)
  • Asian markets mixed as Wall Street’s rally continues (Marketwatch)
  • Deutsche Lufthansa to leave Germany’s DAX Index (Marketwatch)
  • European markets set to edge higher ahead of key U.S. jobs report (CNBC)
  • Oil prices finish at highest in 3 months, as traders await next move for OPEC+, digest U.S. supply data (Yahoo Finance)
  • The electoral map is tilting badly against Donald Trump right now (CNN)

  Sentiment analysis

The Asian-Pacific Markets shows mild gains a the U.S. Futures point for a strong opening in Wall Street.

The Nikkei 225 in Tokyo was last up +0.74% while Sydney’s S&P/ASX 200 XJO, is mostly flat at 0.12%. Also, The Shanghai Composite Index SHCOMP is slightly up 0.27%, and the Hang Seng HSI moves a healthy 0.81% in Hong Kong. Seoul’s Kospi moves1.53, New Zealand’s NZ50GR, sheds -0.45%, and Jakarta’s JAKIDX is -0.41% down.

The European markets are expected to open higher as the ECB announced an expansion of its bond-buying program. London’s FTSE 100 is anticipated to open 52 points up, German DAX 30 is seen 160 points higher, France’s CAC 40 should open about 62 points higher, Italy’s FTSE MIB is set to move 254 points higher, and Spanish IBEX 35 is seen 108 points up.

The crypto sector is mildly bullish after Bitcoin shows strength, following its sharp selloff on Tuesday. The majority of the main digital currencies and tokens are up for the day, although the bullish momentum is mild. We should expect a continuation of the advances, although care must be taken at the end of the day.


Technical Analysis


Total Market

Fig 2 – Total Market Daily

The total market cap valuation made a small body with large wicks on Thursday that shows the signs of a sideways market. Today it has begun mildly up, as the action continues being above the +1 sigma line of the Bollinger bands, and the RSI shows an upward inclination.

Technical  Factors
  • Linear regression channel points up +
  • Prices above the +1 sigma side of the Bollinger Bands +
  • Prices above its 20- 50-  and 200-day SMA +
  • 50-SMA above the 200-SMA +
  • Bollinger bands move slightly up +
  • RSI slightly upwards below 60 +
Total Market Outlook

The market continues mildly bullish. Traders should rank the crypto assets by strength and focus on strength and weakness, buying the first and selling the second.


Bitcoin

Fig 3 – Bitcoin 4H Chart

Bitcoin continues its upward movement, following its Tuesday’s sharp selloff. Yesterday, it made an important bullish move above $9,750, the last top before the Bart Simpson pattern. The price moves in the upper side of the Bollinger bands, but still far from a healthy momentum. We see the price is following the 30-period SMA as if the market trusted this metric as a fair value for the asset. The RSI continues moving up as well.

Technical  Factors
  • The slope of the Linear Regression Channel  is positive +
  • Price above its 20-  50- and 200-SMA +
  • Price action above the Pivot level +
  • The prices moving in the upper side of the Bollinger bands +
  • Bollinger Bands  slightly upwards +
  • Price above $9,750 level  +
  • RSI continues up +
  • Low traded volume  –
Bitcoin’s Outlook

BTC is moving sideways for the last 16 hours. It needs to show more strength soon, or sellers will take control of the action and drop it below the 9,750 level. Buyers should wait for action above $9,850 on increasing volume.

Pivot Levels
SupportPivotResistance
8,8009,2749,925
8,14510,400
7,66711,060

Ethereum

Fig 4 – Ethereum 4H Chart

Ethereum is moving sideways near the $247.4 level. Its price moves above, but close, to the mean-Bollinger line, as the RSI is backing slightly from the 60 mark.

Technical  Factors
  • The slope of the linear regression channel is positive +
  • The price above its 200-, 50- and 20- SMA +
  • The slopes of the 20- 50- and 200-SMA are positive +
  • Price continues its upward trend in the upper side of the Linear Regression channel  +
  • Bollinger turning sideways N
  • Prices moving above its pivot level +
Ethereum’s Outlook

As said, Ethreum is pausing its upward movement. The price moves near three resistance levels ( 247.46, 250, and 353.7), making things difficult for traders unless the whole market moves up in unison.
Buyers should wait for a break of the 247.5 level. Sellers should watch a breakdown of the neckline that may complete the H&S pattern. In that case, entries should be taken after consolidation and re-test of the neckline.

Pivot Levels
SupportPivotResistance
203225253
175276
152304

Ripple

Fig 5 – Ripple 4H Chart

Ripple continues moving sideways after an attempt to move above $0.20676. On the 4H Chart, We see the price that follows the 50-Period SMA and is currently touching its 200-Period SMA. The RSI shows a horizontal path that matches the directionless nature of its price.

Technical  Factors
  • Linear regression channel has a positive slope +
  • Price above its 50- and 200-period SMA +
  • Prices still above Pivot level +
  • Bollinger bands moving sideways N
  • RSI  sideways near 50 N
Ripple’s Outlook

Ripple is currently moving without direction. Buyers should wait for a close above $0.20676, while sellers should look for a break of the $0.20 line. As this asset shows almost no volatility, it is better to focus the trading activity on better assets until this one shows signs of a wake-up. Pivot and key levels are unchanged.

Pivot Points
SupportPivotResistance
0.180.19710.219
0.1580.236
0.1420.2575