A Positive Week For Cryptocurrencies - Forex News by FX Leaders
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The recent strength in cryptocurrencies has been extended this week. Although tighter trading ranges have developed in the leading coins, buyers appear to be content going home net long for the Memorial Day weekend. Values across the asset class remain in bullish territory and are very near yearly highs.

A Relatively Tight Seven Days For Cryptocurrencies

Following the bullish breakout of mid-May, cryptos have settled into a relatively positive holding pattern. Here is a look at the last seven days of action on the cash markets:

Coin                                       % Gain/Loss         Key Number

Bitcoin BTC                                   +10%                    $8000

Bitcoin Cash BCH                         +13%                    $400  

Ethereum ETH                               +5%                     $250

Litecoin LTC                                  +18%                    $100

In addition, Ripple (XRP) has rotated within $0.37 and $0.42, up modestly for the week. All in all, the leading cryptocurrencies are in solid shape heading into the last trading week of May.

Bitcoin Futures Near Yearly Highs

Since the GAP fill-in back on the 17th, Bitcoin futures have held their ground in bullish territory. The 38% Fibonacci Retracement at $7102 has proven to be strong support and confirms the late-April/May uptrend’s validity.

May Bitcoin Futures (BTC), Daily Chart
May Bitcoin Futures (BTC), Daily Chart

Here are the levels to watch in this market for the near future:

  • Resistance(1): Psyche Level, $8500
  • Support(1): 38% Fibonacci Retracement $7102

Overview: So far so good in Q2 2019 for cryptos. Values are up across the board and optimism is at levels not seen for more than a year. At least for now, there is reason to believe that cryptocurrencies, led by $8000 BTC, are on the comeback trail.

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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