Weekly Crypto Roundup - Forex News by FX Leaders
Is bitcoin rising?

Weekly Crypto Roundup

Posted Sunday, May 26, 2019 by
Konstantin Kaiser • 2 min read

The cryptocurrencies’ market trend remains bullish. While we can expect small pullbacks, Bitcoin is most likely on its way to higher highs. To understand where the key levels are located at, we take a look at the charts of Bitcoin, Ethereum and the total cryptocurrency market.

BTC/USD DAILY CHART

While Bitcoin is currently making higher lows, it tested the key resistance at $8400 three times so far. The RSI faces resistance at 88 points. Although the MACD indicates bearishness, Bitcoin should break the $8400 very soon. As long as Bitcoin holds above $4900, the trend remains bullish. For now, Bitcoin might retrace down to $7000-$7200 before heading to its next resistance at $9500-$10.000. Additionally, Bitcoin finds major support at the $6000 mark.

ETH/USD DAILY CHART

While the MACD indicates bearishness, the RSI is quite neutral. For now, Ethereum finds strong support between $200-$225 and remains bullish as long as Ethereum stays above the $150 mark. With it currently being at the psychological level at $250, Ethereum is likely to have a small pullback before heading to its next resistance at $360.

TOTAL MARKET CAP CRYPTO

The total market capitalization of the cryptocurrency market currently faces strong resistance at the 0.236 fib extension level at roughly $250b. With it finding strong support between $180b-$220b, the cryptocurrency market is most likely to remain bullish and move higher to the $300b mark. If the support is bearishly broken, the market finds its next support at $150b where to golden ratio level is located at. As long as this level holds, there are reasons to believe that the market is continuing its bull trend.

XRP/USD DAILY CHART

The MACD indicates a small pullback, although XRP’s trend remains bullish as the golden ratio level holds. XRP finds its next resistance between $0.53-$0.58 and its next support at $0.35, where the golden pocket is located at.

The biggest gainers of the week were
Bitcoin SV, which gained by 130 percent after Craig Wright announced he copyrighted the Bitcoin whitepaper,
FTM, which surged by 50 percent this week and 150 percent during the last two weeks, and
PHX, which rose by 222 percent after the cryptocurrency switched from the NEO blockchain to the Binance chain.

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About the author

Konstantin Kaiser // Professional Analyst and Day Trader
specializing in the Cryptocurrencies market. Konstantin is also a popular financial writer covering the blockchain for websites like fxleaders.com and investing.com.
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