The daily pump & dump is a weekday update on the crypto market providing you with an abbreviated breakdown of price action related to Bitcoin, Ethereum, and other trending altcoins.
Today’s summary:
- Bitcoin reclaims $30,000 over memorial day weekend
- BTC: How Ethereum may lose its head
- What’s going on with Cardano?
Bitcoin Makes Memorial Day Weekend Memorable
Bulls profited from thin order books, low volumes, and pushed the BTC price to $31,500 close to the US Memorial Day holiday. The Bollinger Band was not exceeded by the daily candle. If bulls are to stampede in the coming 24 hours, they must do so with a high volume or risk a pullback at least to the middle-SMA of around $297,000
Are bulls going to follow their lead?Source: BTCUSD at TradingView.com | Source: BTCUSD on TradingView.com
If the close is strong above $32,000, it could result in continuation of targets between $34,000-$38,000. Today is also BTCUSD’s monthly close. Closes above $29,000 will keep top cryptocurrency above support. However, closing higher than $33,000 is a better indicator of future recovery.
Read Related Articles| LUNA Aftermath: Total Crypto Market More Oversold Than Black Thursday
Ethereum losing its head (and shoulders) against BTC
Altcoin sentiment has been severely affected by the LUNA disaster. Panic and selloff caused many altcoins to drop by 80-90%. Ethereum dropped only 64%, compared to the other altcoins. Bitcoin declined 62% total.
Ethereum may fall further against Bitcoin | Source: ETHBTC on TradingView.com
Long-term outperformance in the ETHBTC trade pair may soon shift to favor of top cryptocurrency, as BTC dominance increases. Further breakdown could be confirmed by the ETHBTC trading pairs head-and-shoulders pattern. This target is close to 0.04.
Cardano Surges 40% In 48 Hours, But Why?
Although knife-catching is not a good strategy, traders all over the world are often tempted to use this high-risk method. Because there is a lot of reward in getting it right. Cardano fell by 87%, from $3.50 to 30 cents.
The R:R was too tempting to miss? | Source: ADAUSD on TradingView.com
The altcoin has been hit hard and is now considered a risk-versus-reward proposition. If the altcoin reverts to the prices it set last year, bulls could have another chance at 8x their chances of climbing again.
Hammer Time: The Bullish Signal That Could Save Bitcoin| Hammer Time: The Bullish Signal That Could Save Bitcoin
The risk is higher than the reward, however. After falling 90% in 2018, ADA crashed an additional 78% during the bear market. On Black Thursday, ADA was at one percent
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Featured Image from iStockPhoto. Charts from TradingView.com