The crypto market suffers another correction as the weekend looms, so will Elon tweet again?
Crypto at a Glance
Greetings from Dubai and today, once again, Luno Advisor Mati Greenspan, has kindly provided the market commentary together with his Technical Analyst, Imran Yusof, from Quantum Economics
BTCUSD will trade the range between $27,900 – $42,000 until the range breaks, whenever that is. Or rather, whenever Elon Musk tweets or China speaks again.
In the meantime, here’s a quick technical snapshot on Ethereum this morning.
Where ETHUSD has been: After breaking above $1,000, ethereum had been rising steadily to hit a ceiling at $2,030, falling back to $1,500, and then testing $2,500. ETHUSD joined the craze for crypto assets in earnest rather late after breaking the resistance at $2,500 toward end-April. By this time, bitcoin had only just recovered from its latest major correction. ETHUSD surged past $4,000, tried to reach $4,500 but failed.
Where ETHUSD is now: Ethereum suffered its own major correction as drastically as it had gone up in the first place. ETHUSD hit a floor of bids around support at $2,030 (which was a resistance level prior), before ranging around $2,500. In a similar situation to bitcoin, Ethereum faces firm bids around $2,030 and light offers above $2,970.
Where ETHUSD might be: Unlike the situation with bitcoin, the aforementioned ETHUSD bids do not seem to have enough collective will to carry ethereum above those light offers, leading to the opinion that ETHUSD will range widely around the $2,500 pivot for quite some time.
Much has been written recently about whether ethereum will “overtake” bitcoin in one form or another. Until the market figures out what it wants to do, we think much will also be written as to what “overtake” really means.
All displayed support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.
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Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City PM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:30am GMT.