A Positive Seven Days For Cryptos
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.
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.