Topic: CRYPTONAIRE WEEKLY MAGAZINE 236TH EDITION IS OUT NOW (Read 47 times)

On similar lines, JPMorgan analysts in their note on May 25 said the recent drop in crypto markets looked “like capitulation relative to last January/February and going forward we see upside for Bitcoin and crypto markets more generally.” The bank has retained Bitcoin’s fair price at $38,000.

Glassnode data shows that Bitcoin whales holding less than 100 Bitcoin have increased their balance by 80,724 Bitcoin, which is eerily similar to the 80,081 Bitcoin liquidated by the LUNA Foundation Guard. The larger whales holding more than 10,000 Bitcoin have also added 46,260 Bitcoin during the same period. However, entities
holding between 100 Bitcoin and 10,000 Bitcoin have shown “relatively little net change to their holdings.”

Bitcoin slipped below the strong support at $28,800 on May 26 and May 27 but the bears could not build upon this advantage. This indicated strong buying at lower levels. The BTC/USD pair climbed back above $28,800 on May 28, trapping the aggressive bears. This started a recovery which picked up momentum after bulls pushed the price above the downtrend line.

The pair soared above the 20-day exponential moving average (EMA) on May 30, indicating that the downtrend is weakening. The relief rally may face resistance at $32,646.

If the price turns down from this level, it will suggest that bears continue to sell on rallies. That may keep the pair range-bound between $32,646 and $28,000 for a few days.

The flattening 20-day EMA and the relative strength index (RSI) near the midpoint also suggest a consolidation in the short term. On the other hand, if buyers drive the price above $32,646, the pair could rally to the 50-day simple moving average (SMA) where the bears may again mount a strong defence.

On the downside, $28,000 is the key level for the bears to defend. A breach of this support could open the doors for a decline to $25,000.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this week's Edition:

- Age of Zalmoxis

- Smartchem (SMAC)

- Inddais

- Asia Broadband

- Bancambios

- PlutusFi

- LunaOne

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