The Cryptocurrency Market Remains Flat, but the Technical Setup Looks Bullish
Jun 1, 2018, 10:16PM
The cryptocurrency market closes May with most of the top 100 assets down by low single digits. The assets remain highly correlated.
The cryptocurrency market closes the last day of May with most of the top 100 assets down by low single digits. The sector's total market cap has fallen to $329 billion with Bitcoin dominance rising to 38% of the total. Transaction volumes remain low across the board, and most of the major assets continue to display a strong price correlation with each other. This correlation suggests that individual news events aren't having much impact on cryptocurrency prices right now.
Bitcoin Technical Analysis
Bitcoin prices still struggle against the resistance levels at $7,580 and $7,600, but there is strong support at the $7,450 level and the technical setup indicates that a break above $7,600 would be a very bullish sign. Although Bitcoin is down today, at less than 2%, the decline isn't bad enough to destroy the asset's bullish trendline. A fall to the 50% fib retracement at $7,260 would indicate a more serious problem for the market.
Ethereum Technical Analysis
Ethereum remains stable at the $575 and hopes to reclaim $600 in the short term. Right now, the Ether price is highly correlated with the Bitcoin price and both assets share a bullish trendline. Ether's trendline finds solid support at around $560 on the 2-hour chart. The ETH/BTC pair is also moving in favor of Ether with resistance at around 0.0780BTC. The market may look forward to a move in favor of Bitcoin when the ETH/BTC pair hits resistance in the next few hours.
Today's Big Movers
Although most of the top 100 assets post single-digit moves today, there are several notable exceptions to the trend. Wink (WINK), an obscure ERC20 token, is up by over 200% with no known catalyst. IoTex (IOTX) and WhaleCoin (WHL) have also posted large, triple-digit rallies in the last 24 hours.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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