A Positive Seven Days For Cryptos

Posted Thursday, May 30, 2019 by
Shain Vernier • 1 min read

The month of May has been a good one for crypto bulls, featuring robust uptrends across the entire asset class. The post-U.S. Tax Day rally has exceeded that of 2018, enticing many industry insiders to proclaim that the “crypto winter” is over. While that assertion may be a bit premature, there is no arguing with the recent performance of digital currencies.

A Strong Week For Crypto

The cryptocurrency markets have been alive over the past seven days, led by a breakout over Memorial Day weekend. Here is a look at the last week of performance for the leading coins:

Coin                                    % Gain         Key Number
Bitcoin BTC                          10.5%              $8750

Bitcoin Cash (BCH)             15.3%               $475

Ethereum ETH                     15.6%               $275

Litecoin LTC                          30.8%              $125

Ripple XRP                           22.4%               $0.50

You can’t argue with double-digit gains ― cryptos are certainly on a roll going into the final trading day of May.

Bitcoin (BTC) Hangs Tough In Bullish Territory

Anytime a market opens the week GAP up, there is a tendency to fill in all vacant price levels. For May BTC futures, the GAP is setting up as valid downside support.

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

Here are the levels to watch in BTC for the near future:

  • Resistance(1): Psyche Level, $9000
  • Support(1): 38% Current Wave, $7998

Bottom Line: For now, the bullish trend in BTC remains valid. Prices are well above the 38% Current Wave retracement and are threatening to move higher. With a bit of luck, we will get the opportunity to buy a pullback before June trade kicks off.

Until elected, I will have buy orders queued up from $8010 in BTC. With an initial stop at $7424, this trade produces $750 per BTC on a return to the $9000 handle.

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