Top 5 Cryptocurrencies to Watch This Week: BTC, BNB, XLM, XMR, TRX

Although the Bitcoin (BTC) halving generated a lot of interest proceeding the event, it has failed to kickstart a trending move after completion of the event. This suggests in hindsight that the event was priced in. 

However, the top-ranked cryptocurrency on CoinMarketCap has not given up much ground following the event, which suggests that traders who purchased before halving are confident that the path of least resistance is to the upside.

Crypto market data daily view. Source: Coin360

While Bitcoin has been consolidating in the past few days, the action has shifted to altcoins whose market capitalization has risen from about $77 billion on May 11 to $94 billion at press time. 

Investors are now wondering if altcoins can continue their strong run while Bitcoin takes a breather, or will the action again shift back to Bitcoin? 

Let’s find out by analyzing the charts to see which major cryptocurrencies could offer trading opportunities in the next few days.

BTC/USD

Bitcoin (BTC) has formed a symmetrical triangle pattern, which suggests that the bulls and the bears are digesting the sharp rally from the lows. With three touches on the resistance line of the triangle and two touches on the support line (marked via ellipses on the chart), the formation is complete.

BTC-USD daily chart. Source: Tradingview

If the bulls can propel the BTC/USD pair above the triangle, the next leg of the uptrend is likely to continue. Although the pattern target of this setup is $11,778, the bears are likely to defend the $10,500 levels aggressively.

However, if the bulls can push the price above $10,500, it will complete the breakout of a large symmetrical triangle. This move could signal the possible start of a new long-term uptrend. 

The bullish view will be invalidated if the price turns down from the current levels or from $10,000 and breaks below the support line of the symmetrical triangle. A break below $8,130.58 could signal the start of a possible downtrend.

BTC-USD 4-hour chart. Source: Tradingview

The 4-hour chart shows that the bears are aggressively defending the resistance line of the symmetrical triangle. They have been mounting a stiff resistance in the $9,800-$10,000 zone. 

However, if the pair turns around from the current levels or from $9,400, another attempt to breakout of the triangle is likely. The traders can wait for the price to close (UTC time) above the triangle before buying.

The stop-loss for the trade can be kept at $9,400 because if the bears drag the price back into the triangle, it will suggest that the breakout was a bear trap. 

If the pair breaks below $9,400, a drop to the support line of the triangle is likely. A strong bounce off this level could also offer a buying opportunity.

BNB/USD

Binance Coin (BNB) has reached the overhead resistance at $18.1377, which is acting as a stiff resistance. However, if the bulls can push the price above the resistance, a rally to $21.7628 is possible.  

BNB-USD daily chart. Source: Tradingview

Both moving averages have started to turn up and the relative strength index is in the positive territory, which suggests that bulls have the upper hand. 

Even if the 8th-ranked cryptocurrency on CoinMarketCap turns down from the current levels, it is likely to find support at the trendline. A bounce off the trendline will increase the possibility of a break above $18.1377 as it will suggest that the bulls are buying the dips aggressively.

This bullish view will be invalidated if the bears sink the price below the trendline. Below this support, a drop to $15.7218 and then to $14 is likely. The bulls are likely to defend $14 aggressively as it has not been broken since April 30.  

BNB-USD 4-hour chart. Source: Tradingview

The bulls had pushed the price above the overhead resistance of $18.1377 but they could not sustain the breakout. This suggests that the bears are not willing to give up without a fight.

If the bears sink the BNB/USD pair below the 20-simple moving average, the short-term momentum will weaken.

On the other hand, if the pair bounces off the current levels, the bulls will make another attempt to scale the price above $18.1377. Traders can buy on a close (UTC time) above $18.1377 with a stop-loss below the 50-SMA. The stops can be trailed higher as the price moves northwards.

Another possible buying opportunity will open up after the price rebounds off the trendline support. The stop-loss for this trade can be kept just below the trendline.

XLM/USD

Stellar Lumens (XLM) resumed its uptrend after breaking out of the symmetrical triangle on May 30. Both moving averages have started to slope up and the RSI has risen above 60 levels, which suggests that bulls have the upper hand.   

XLM-USD daily chart. Source: Tradingview 

The bears might defend $0.076994 aggressively but if the bulls can push the price above this level, the uptrend is likely to pick up momentum. The target objective of a breakout of the triangle is $0.0875.

As the 12th-ranked cryptocurrency on CoinMarketCap had turned down from close to $0.088 levels on three previous occasions (marked as ellipses on the chart), this level is likely to again act as a major barrier.

This bullish view will be invalidated if the altcoin turns down from the current levels and breaks below the support line of the ascending channel. Below the channel, the trend could turn in favor of the bears.

XLM-USD 4-hour chart. Source: Tradingview 

On the 4-hour chart, both moving averages are sloping up and the RSI is in the positive territory. This suggests that bulls are in command. A breakout of $0.076994 is likely to attract further buying. 

Therefore, traders can buy on a breakout and close (UTC time) above $0.076994. The initial stop-loss for the trade can be kept at $0.070. The stops can be trailed higher as the price moves up.

However, if the bears can drag the price below the 10-exponential moving average, a drop to the 20-SMA is possible. If this support also gives way, a drop to the support line of the symmetrical triangle is possible. 

XMR/USD

Monero (XMR) has reached the critical overhead resistance of $68.4175. The price had turned down from close to this level twice before, hence, this level is likely to act as a major barrier.

XMR-USD daily chart. Source: Tradingview

If the bulls can drive the price above $68.4175, the 16th-ranked cryptocurrency on CoinMarketCap is likely to pick up momentum and could rally to the next resistance at $86.2384.

Conversely, if the digital asset reverses direction from the current levels, a drop to the moving averages and below it to the trendline is possible. If the bulls buy the dip to the trendline aggressively, it will increase the possibility of a break above $68.4175.

However, if the bears sink the price below the trendline, a drop to $51-$54 zone is possible. Below this zone, a new downtrend is possible. 

XMR-USD 4-hour chart. Source: Tradingview

Although bulls pushed the XMR/USD pair above $68.4175, they could not sustain the breakout. This suggests that bears are defending the resistance aggressively. However, the pair has held the 20-SMA, which suggests that the bulls are buying the dips.

Both moving averages are sloping up and the RSI is in the positive territory indicating that the bulls have the upper hand. Therefore, traders can buy on a breakout and close (UTC time) above $68.4175 with a stop-loss at $65.

The momentum will weaken if the pair breaks and sustains below the 20-SMA. A break below $65 can drag the pair to the trendline. A strong bounce off the trendline can also offer a buying opportunity. 

TRX/USD

Tron (TRX) broke out of the critical overhead resistance of $0.0167242, which is a huge positive because between April 29-May 9 the bulls had repeatedly failed to do so.  

TRX-USD daily chart. Source: Tradingview

If the bulls can sustain the 17th-ranked cryptocurrency on CoinMarketCap above $0.0167242, the momentum is likely to pick up. The first target to watch out for is $0.0183655 and then $0.0213539.

Conversely, if the bears sink and sustain the price below $0.0167242, a drop to the trendline is likely. A strong bounce off the trendline could lead to one more attempt by the bulls to resume the up move.

The trend will turn in favor of the bears on a break below the trendline. If this support gives way, a drop to $0.0128935 is possible.    

TRX-USD 4-hour chart. Source: Tradingview

The 4-hour chart shows that the bulls propelled the price above the overhead resistance of $0.0167242 but the bears are not ready to give up without a fight.

Currently, the bears have dragged the TRX/USD pair back below the breakout level. If the price sustains below $0.0166, a drop to the moving averages is possible. 

Both moving averages are sloping up and the RSI is close to the overbought zone, which suggests that bulls are in command. Therefore, the bulls are likely to buy the dip to the moving averages. Traders might consider buying at $0.0173 or purchasing on a rebound off the moving averages. 

A break below the moving averages could result in a drop to the trendline which can also offer another buying opportunity. Long positions can be avoided on a break below the trendline.  

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

News source CoinTelegraph.com

$10,000 Bull Trap? Why Bitcoin Price Is Now Likely to Pull Back

Bitcoin (BTC) price was once again sideways last week with price action between bulls and bears proving to be equal. But scenarios look likely for Bitcoin as we approach the month of May comes to a close?

Let’s take a look at what’s happening with the largest cryptocurrency by market capitalization, BTC. 

Daily crypto market performance. Source: Coin360.com

A bullish monthly candle close 

BTC/USD 1-Month chart. Source: TensorCharts

Starting out on the monthly, we can see that Bitcoin grew in value by nearly 25% in the month of May. This is always a nice thing to see. However, since the March 12 dump, it’s nothing for long term hodlers to get excited about just yet.  

Nevertheless, as the one month candle is due to open above the .382 fib retracement level, a move up towards the .618 of $13,700 is something to be excited about. With that being said, let’s not get ahead of ourselves, we first need to claim $11,800, and one cannot ignore that a move to the downside is always a possibility for the king of cryptos also.  

As things stand, if June was to be bearish, a pullback to between $7,400 and $7,600 is where I’d be placing some buy orders, and that is what I’ll explain today. 

The monthly MACD is bullish

BTC/USD Monthly MACD. Source: TradingView

The monthly Moving Average Divergence Convergence (MACD) indicator is set to cross bullish. This indicates a return of upwards momentum for Bitcoin, and history tells us that this serves as a key buying signal to investors.  

This is also reflected in the weekly MACD, which crossed bullish at the beginning of the month of May. So as things stand right this moment, Bitcoin looks strong on the higher time frames. 

However, for more immediate price movement expectations, we need to drill down to the lower time frames to see what may be in store over the coming week.  

Bearish divergence on the daily 

BTC/USD daily MACD chart Source: TradingView

Bitcoin is not only flagging bullish on the weekly and monthly, but it is looking poised to cross bullish on the daily MACD. It almost seems like a trap, as conditions like this on this particular indicator are what dreams are made of.  

However, with the price trending up and the indicator trending down we still have bearish divergence showing, and this is not a bullish sign in the least. This tells us that a pullback is due, and a glance over the lower time frames can show us where this might be. 

Descending channel opening up

BTC/USD Daily chart. Source: TradingView

Taking a look at the daily time frame, we can see that Bitcoin broke down below the previous upward trend line last week, and the price has since continued to range through the previous support level, making it difficult to determine which direction the price wants to go.  

This has caused a new downward channel to emerge on the charts, which puts $9,700 as resistance, and $8,700 as the midpoint level and $7,400 as support.  

After such a big increase in price over the last eight weeks, a pullback is somewhat inevitable. However, I’d expect this to be short-lived due to the increased momentum across the higher frames.  

Bearish scenario 

BTC/USD Daily chart. Source: TradingView

Using the fib retracement levels on the daily chart, it gives us an idea of the levels to expect Bitcoin to hit should it pullback towards the midpoint of the descending channel.   

This shows that support can be found at $8,613 with the key areas for a bounce being at $9,313 (the .382) and $9,046 (the .618) 

Should the price retrace beyond $8,613, only then would $7,400 look like a realistic bottom.   

Bullish scenario 

From a bullish perspective, breaking $9,800 could put Bitcoin on a path to $11K and then on to $13,800. 

The views and opinions expressed here are solely those of @officiallykeith and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

News source CoinTelegraph.com

Bitcoin Rising, Satoshi Discoveries, & Google Enters the Race: Bad Crypto News of the Week

It’s been a strange week for BTC as we move forward in our new mining rewards era. The price ends the week down but a late rally has pushed it back over $9,000. Technical analysts expect Bitcoin to continue rising based on the liquidation range of short positions, a discussion of cryptocurrency in Goldman Sachs’s client call, and a lack of funding in the futures market. On the other hand, if ratings agency Weiss is right, more than 21 million Bitcoins may now be in circulation. The agency, known for controversial opinions, blames leverage in agencies.

The entry of Google into the blockchain space might help soak up some that extra supply though, if it exists. Blockchain company Theta Labs has partnered with Google Cloud to let users deploy and run nodes. Google Cloud will also act as a validator serving Europe. On the other hand, Google’s Chrome is facing strong competition from crypto-powered Brave. The browser now offers video calls, even as the Telegram messaging service seals its departure from the Telegram Open Network. TON will now stand for “The Open Network.”

While Google prepares to validate, other Bitcoin owners have been in-validating. They’ve used 145 addresses to call Satoshi pretender Craig Wright “a liar and a fraud.” Wright had claimed that he controlled the addresses. Maybe they should have just asked Wright if he owned a Mac. Laszlo Hanyecz, the “Bitcoin pizza guy” who worked with Satoshi to develop Bitcoin, has said that Satoshi only worked on Windows. Kenneth Blanco, Director of the United States Financial Crimes Enforcement Network (FinCEN), warned in an interview with Chainalysis against bad actors as well as rogue nations hijacking blockchain technology. 

A crypto-enthusiast could soon control the Fed though. President Trump’s nominee for the US Federal Reserve board of governors, Judy Shelton, has talked of a return to a gold standard, with a side of cryptocurrency. Other national banks appear to be moving the same way. The Bank of Lithuania has completed research into its blockchain project, LBChain. Antigua and Barbuda’s House of Representatives has passed a bill that will start to make the region a friendly place for digital assets. China, too, looks set to promote its DCEP digital currency, which is backed by the country’s central bank, as a rival to the US dollar.

Private industry also continues to warm to the blockchain. Household goods manufacturer LG has joined the governing council of Hedera Hashgraph. Hedera wants to build an enterprise-grade blockchain platform to benefit businesses and consumers. Coinbase is buying brokerage Tagomi in order to cash in on the rise of hedge fund and macro investors in cryptocurrencies. In the world of online entertainment, Dapper Labs, the maker of CryptoKitties, is swapping cute digital cats for collectible digital basketball cards in a deal with the NBA. PornVisory wants to give users tokens for watching porn(!) And Minecraft is giving cryptocurrency a new kind of mining. The EnjinCraft plugin now lets players integrate blockchain-based Minecraft assets. That’s a whole different kind of mining reward. 

Check out the audio version here:

Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

News source CoinTelegraph.com

Dogecoin CEO Elon Musk Launches Humans Into Orbit

Elon Musk, a tech mogul with indirect ties to the crypto industry, sent two humans into orbit on May 30 in the first private, manned space craft launch in history. 

“The launch will be the first time a private company, rather than a national government, sends astronauts into orbit,” Fox News said in a May 27 brief. “It will also be the first time that astronauts launch from U.S. soil since the final space shuttle mission in 2011.”

Ground control to Maj. Musk 

Known for his leadership of futuristic car company Tesla, CEO Elon Musk disrupted the rocket sector in the early 2000s as the founder of SpaceX. Musk sped up the turnaround time for interstellar launches.

Today’s news saw Musk’s SpaceX launch two NASA astronauts up into orbit on the Crew Dragon ship, fueled by the Falcon 9 launch vehicle.

The trip is the first by SpaceX, in the company’s 18-year history, to hold human participants, Bloomberg detailed.  

Originally scheduled for a May 27 launch, the trip was rescheduled for May 30 on account of weather uncertainties. 

Elon Musk in crypto 

SpaceX founder and Tesla CEO Musk has not really directly involved himself in the crypto space, although he has commented on various aspects, and reportedly owns 0.25 Bitcoin (BTC). 

The tech genius has spoken positively of Dogecoin (DOGE) on multiple occasions, saying the asset “might be” his number one crypto asset choice. In a joke poll on Twitter, the crypto community even voted Musk as the best CEO candidate for the asset. 

News source CoinTelegraph.com

Hong Kong Vending Machines Choose BCH Over BTC

After Roger Ver posted a video of a Hong Kong vending machine accepting Bitcoin Cash (BCH) and not Bitcoin (BTC), trader and YouTuber Tone Vays claimed Ver paid for the vending machine to avoid accepting BTC. Ver denied such claims. 

Ver demoed a Honk Kong vending machine accepting BCH

Ver, an outspoken proponent of BCH, posted a May 29 video on Twitter of a Hong Kong vending machine accepting BCH, Litecoin (LTC), Ethereum (ETH) and Binance Coin (BNB) — but not BTC. “There’s no Bitcoin accepted at all,” Ver said in the video, noting the coin’s high fees and network traffic. 

The topics of fees and network speed have been a sticking point in recent years among the crypto community, as various solutions such as the Lightning Network, look to help BTC scale. 

Tone Vays pipes up saying Ver paid for the vending unit 

Popular trader and crypto YouTuber, Tone Vays, responded to Ver’s video, accusing the BCH proponent of paying for the vending machine’s hosting of BCH instead of BTC.

“Real question is how many transactions have they processed since that demo and what are they doing with the BCH and ETH,” Vays said. He posited the machine likely hosted no other BCH transactions. If it did, Vays claimed the unit probably automatically sold such BCH into cash.

Trader Willy Woo also chimed in after Vays, adding:

“This was my first thought also, it’s common practice for lower tier altcoins to pay to get access to ATMs, which begs the question of how centralized these projects are.”

Over the years, Ver has debated Vays at various points. Ver commonly takes the stance that BTC is not enough like digital cash.

Roger Ver told Cointelegraph on May 30:

“I’ve invested in a lot of things, but to the best of my knowledge, I’m not an investor in any way for those vending machines, and I don’t even know the people behind it,”

Ver added:

“I suspect the real reason they don’t accept BTC is because BTC fees are too high, and the payments are too easy to reverse.”

News source CoinTelegraph.com

Is Bitcoin Price Finally Ready for Breakout Above $10,000?

The price of Bitcoin (BTC) had seen a substantial rally before the halving, as the price topped at $10,100. Since then, the BTC price has been hovering inside a sideways range between $8,200 and $10,000.

However, are the markets making itself ready for a breakout above this crucial resistance? Bitcoin is showing strength, but other cryptocurrencies like Ethereum’s Ether (ETH) and Cardano (ADA) are also showing strength with double-digit performances in the past week.

Crypto market daily performance. Source: Coin360

Crypto market daily performance. Source: Coin360

Bitcoin facing $10,000 resistance as a crucial level to break

The 6-hour chart is showing a clear range-bound structure since the high at $10,100. The market showed a pre-halving crash (i.e. buy the rumor, sell the news), after which the price stabilized and consolidated.

BTC/USD 6-hour chart. Source: TradingView

BTC/USD 6-hour chart. Source: TradingView

The chart is showing a breakdown of the rising wedge at $9,800, after which support was found at $8,600. That’s important, as that shows another higher low. The critical fact is that the market has been providing these higher lows since the crash on March 12.

Therefore, Bitcoin is still trending upward since. What’s more, is that the price of Bitcoin was able to break through the critical level at $9,300. As long as Bitcoin remains above the $9,300 level, a further upward move can occur to retest the resistance zone at $9,800-10,100, increasing the chances of a breakout to the upside.

Once Bitcoin can do so, the next targets are $11,000 and $11,500, leading to a further surge of the whole cryptocurrency markets.

Total market capitalization cryptocurrency ready for a move towards $310 billion

The total market capitalization of cryptocurrencies is showing support above the 100-day and 200-day MA (moving average). The total market capitalization has consolidated inside a range as well, with support at $225 and resistance at $267-268 billion.

Total cryptocurrency market capitalization 1-day chart. Source: TradingView

Total cryptocurrency market capitalization 1-day chart. Source: TradingView

The construction is a good sign for further upwards momentum, as the total market capitalization is also showing higher lows as a trend. Next to that, the market is in bullish territory as long as the 100-day and 200-day MAs remain support.

The previous cycle sustained support above these MAs during the entire cycle, which makes it an essential indicator.

Total cryptocurrency market capitalization 4-hour chart. Source: TradingView

Total cryptocurrency market capitalization 4-hour chart. Source: TradingView

The 4-hour chart is also hinting further upwards momentum as a clear ascending triangle is emerging.

At $265-267 billion, the resistance area has been tested several times, which makes the resistance weaker on each test. The total market capitalization is making higher lows, which makes this an ascending triangle.

In other words, another test of the resistance can be a trigger for a breakout and further upward momentum. The next targets for the total market capitalization are $310 and $325 billion.

Altcoin market capitalization showing impressive strength

Total altcoin market capitalization cryptocurrency 1-day chart. Source: TradingView

Total altcoin market capitalization cryptocurrency 1-day chart. Source: TradingView

The altcoin market capitalization finally flipped the 100-day and 200-day MA as support. Not only these MAs are providing support, but $70 billion is also currently holding. That’s opening the doors for further upwards momentum as the altcoin market capitalization broke above $82-83 billion in recent days.

What are the next targets for this market capitalization? The following primary resistance is found at $110-115 billion.

Ethereum leading with a rally towards $240

The most important indicator for altcoins is Ether. Once ETH starts to move, the other altcoins are ready to follow suit. In recent days, Ethereum moved from $195 and $240, which is a strong signal for altcoins to follow.

ETH/USDT 1-day chart. Source: TradingView

ETH/USDT 1-day chart. Source: TradingView

The chart of Ether price is identical to the altcoin market capitalization. ETH found support above the 100-day and 200-day MAs while showing increased volume, a sign of strength.

Alongside with that, the $195 level flipped for support, which triggered a further continuation to the upside. As the $215 level has been tested several times, a next test would mean a breakthrough of that resistance level.

The price of Ether broke through the barrier and is currently rallying towards the next resistance level at $250-253. If the price of Ethereum breaks through that resistance level, the next zone is $290.

The bearish scenario for Bitcoin

BTC/USD 3-hour chart. Source: TradingView

BTC/USD 3-hour chart. Source: TradingView

Bitcoin’s bearish scenario involves a rejection at $9,800, but more importantly, a breakdown below the $9,300 support area.

If the $9,300 area is lost, further downwards is likely to occur. Traders should watch for potential bearish retests of previous support levels. Such a bearish retest marks the previous support level for resistance, in which further downwards momentum is warranted. The essentials of a downwards trend.

The primary area to watch for if the price of Bitcoin drops below $9,300 is the $8,600-8,800 support zone.

The bullish scenario for Bitcoin

BTC USD 3-hour chart. Source: TradingView

BTC USD 3-hour chart. Source: TradingView

The bullish scenario is straightforward. The price of Bitcoin needs to hold above the green area at $9,300. As long as that level remains support, further upwards momentum should be expected.

In that regard, an upward grind towards the resistance at $9,850-10,100 can be expected. As discussed, once the upper resistance level is tested a few more times, the expectations of a breakout to the upside are increasing.

If Bitcoin breaks through this resistance level, a further sustainable rally towards $10,500, $11,000, and $11,600 is on the table.

The best environment for altcoins is a slow, upward move following Bitcoin. As we’ve seen in recent days, other altcoins like Ether and Cardano have started to show strength. If Bitcoin remains to move to the upside, more altcoins can see upward breakouts.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

News source CoinTelegraph.com

The Crypto Enthusiast’s Dream: Top Countries That Tick All the Boxes

For crypto enthusiasts, choosing a location to live in that supports an ideal lifestyle extends beyond searching for a city with a high number of shops and retail outlets that accept crypto. 

Sure, any crypto enthusiast will benefit from living in an area with easy access to crypto-related amenities. However, as the world of crypto evolves and more crypto debit cards appear, crypto enthusiasts are realizing that direct crypto spending is not the only factor to consider when choosing a place to call home. The political stability of the location, the weather and internet broadband speed are some of the critical considerations for crypto enthusiasts looking to become global citizens.

In a conversation with Cointelegraph, Juan Otero, the CEO of Travala.com — a crypto-friendly travel booking service — said that nowadays, cryptocurrency enthusiasts have embraced a nomadic “decentralized way” of life, as cryptocurrencies allow them such levels of freedom. With regulation in mind, Otero pointed out that Japan, Switzerland and Singapore are top choices for those looking for jurisdictions with progressive crypto regulations.

Popular crypto YouTuber moved to Saipan

Just recently, a crypto YouTuber by the name of Vin Armani, who is known for founding CoinText and also for being a former star on Showtime’s Gigolos, moved out of the United States to Saipan with his entire family. In a tweet and subsequent conversation with Cointelegraph, Armani pointed out that his move to relocate out of the U.S. was due to the fear of being labeled “undesirable” by the “totalitarian tyranny” that he predicted was about to happen as a result of the coronavirus pandemic.

Located in the U.S. commonwealth of the Northern Mariana Islands, Saipan boasts of a population of just 52,000 people. Also, the country’s proximity to the U.S. makes it an ideal location to be. Like some other members of the crypto Twitter community, Armani is concerned that the government could soon overstep its authority and use technology to restrict the use of crypto. This, he says, can be done through contact tracing technology currently being used to track down and isolate individuals infected by the coronavirus.

Armani also said in a tweet that he chose Saipan because it has “no IRS or ICE jurisdiction. No national guard. No real military presence. Very laid back police. […] No code enforcement dept.” The case with Armani is evidence that crypto enthusiasts are now more considerate of factors such as political stability, security and overall friendliness of financial regulations toward crypto than whether an area has enough retail shops for spending crypto. Taking into consideration all the factors discussed above, here is a sample list of some of the countries that are ideal places for crypto enthusiasts to live.

Singapore

Whether one is looking at political stability or a country’s tax policy toward crypto as a criterion, this city-state with a population of slightly above 5.8 million people easily ranks at the top. Singapore is one of the few countries that support a policy of zero capital gains taxes on crypto income. What’s more, regulatory bodies in Singapore, including the Monetary Authority of Singapore, have initiated several crypto-friendly initiatives, including the publication of initial coin offering guidelines back in November 2017.

Even though the country’s government does not recognize crypto as legal tender, the Monetary Authority of Singapore granted an exemption to several crypto companies under the new Payment Services Act, giving firms a grace period of six months in which they can operate without a license. Singapore also has one of the fastest internet speeds in the world at around 180 megabits per second.

Singapore ranks high among politically stable countries worldwide, making it one of the best places to register a business while avoiding the long-term risks that often emerge in politically unstable states. In terms of the availability of retail outlets that accept crypto payments, Singapore has around 40 shops, according to CoinMap. Housing costs in Singapore are comparatively expensive, with average rents ranging from as low as $1,766 Singapore dollars ($1,250 U.S. dollars) all the way to SG$3,366 ($2,400 dollars) per month.

Australia (Brisbane) 

Australia also ranks high among countries in the world for its political stability. Additionally, Brisbane — one of Australia’s largest cities — stands out for its warm attitude toward crypto, being among the first to introduce crypto payments in the shops of its local airport back in 2018. According to CoinMap, the number of retailers that accept crypto payments in Brisbane sits at about 22, ranking as high as other large cities such as Melbourne and Sydney, which have over 30 and over 70 outlets, respectively.

Brisbane is also home to the Australian Bitcoin (BTC) payment platform Living Room Of Satoshi, a company that facilitates crypto payments for utility bills, tuition fees and even taxes. The solution makes it easy for crypto enthusiasts in Brisbane to transfer money to their loved ones, not to mention receive payments in crypto.

Crypto-accepting shops aside, Brisbane has a warm and welcoming climate with beautiful historic landmarks, not to mention sun-soaked beaches and vibrant art scenes. For those who love warm sunny days, Brisbane boasts of nearly 300 of those every year, making it an ideal location to settle down. In terms of quality of life, Brisbane is one of Australia’s most affordable cities to live in.

Even though median weekly rents in the city have gone up by 1.4% according to reports, the median rent price is set at about $453 Australian dollars ($300 U.S. dollars) per week, and the city’s rental market affordability has increased, prompting increased migration from Sydney and Melbourne.

U.S. (California)

The regulatory landscape in the U.S. is as dynamic as it comes. Even though the federal government has yet to adopt a universal regulatory framework, several states are pushing crypto regulations in different directions as the regulatory gap continues to grow wider. The state of California, arguably, stands out from the bunch in that it does not oblige crypto firms to obtain any specific licenses.

As far back as 2014, California emerged as the first U.S. state to come up with crypto regulation. Even though the state is not as popular with crypto and blockchain enthusiasts as it once was, it still has the largest population of professionals in the crypto industry. 

While most of the crypto landscape is filled with speculators, California’s Silicon Valley is filled with individuals who are working on blockchain and cryptocurrency projects. It is no wonder California is home to large crypto companies such as Coinbase, Kraken and Ripple. Apart from a regulatory-friendly framework and a solid crypto community, another factor that makes California a great place for crypto enthusiasts is its weather. 

California is home to beautiful beaches and breathtaking landscapes, not to mention a fairly warm climate and a flourishing winemaking region. The state boasts of thrilling and adventurous night scenes, especially in cities such as San Francisco and Los Angeles. The only downside is that the cost of living in California is relatively high, with the rental cost of a furnished apartment in a lavish neighborhood starting at about $2,967.

Sweden

Sweden ranks above most other countries in the Organization for Economic Cooperation and Development’s Better Life Index. Most Swedish citizens enjoy fast internet speeds and affordable and reliable public transportation, not to mention one of the best social welfare systems in the world. Even though the country has yet to formulate any specific regulation targeting cryptocurrencies, Sweden’s central bank stated in March 2018 that “Bitcoin is not money.”

Several government agencies in the country such as the Swedish Tax Agency have also published guidelines in regard to crypto, with a 2014 statement from the STA indicating that digital currencies are exempt from tax.

Furthermore, despite the country’s cautious attitude toward cryptocurrencies, Sweden is one of the few countries in the world that has embraced digital payments as the government prepares to launch a digital version of its fiat currency.

When it comes to its climate, Sweden is known for its cold winters, with February’s temperatures ranging from minus 22 C (minus 8 F) to minus 3 C (27 F), but what makes up for it is access to winter sports. Another upside to Sweden is that it has a cheaper cost of living, especially when compared to over half the countries in Europe. For a family of four, the monthly cost is estimated at about 39,038 Swedish kronor ($4,133 U.S. dollars).

New Zealand 

New Zealand has established itself as a crypto-friendly country even though the government has made it clear that it does not consider cryptocurrencies to be legal tender. The New Zealand Inland Revenue Department released a paper on Feb. 24 that proposed excluding cryptocurrencies from specific goods and services tax requirements. While admitting to the speedy growth of the country’s crypto market, the government agency mentioned that it does not intend to create barriers for crypto-related developments. 

Crypto regulation aside, New Zealand is considered one of the world’s most peaceful places to live, with the Institute for Economics & Peace’s Global Peace Index showing the country’s maintenance of a top position for close to a decade. Also, the country was rated second in the world for achieving work–life balance. The ranking came from HSBC’s 2018 Expat Explorer Survey that considered the choices British expats made when looking for a place to relocate to with their families. 

In terms of climate, New Zealand has warm summers full of sunshine and moderately cold winters. The climate in New Zealand is pretty similar to that in the United Kingdom. Plus, if one is looking for retail shops and businesses that accept crypto payments, there are over 40 businesses in New Zealand that accept crypto payments.

Liechtenstein

Despite being one of Europe’s smallest countries, Liechtenstein passed a law in October 2019 aimed at enticing crypto companies. The law, called the Token and Trusted Technology Service Provider Act, was enforced on Jan. 1 and became the first-of-its-kind comprehensive regulation for the token economy. The law introduced regulatory clarity in the country, thus allowing unencumbered future development of the crypto industry.

Given that Liechtenstein is a member of the European Free Trade Association, crypto companies in the jurisdiction have easy access to the common European market and are able to operate on a compatible legal framework with other countries in the region. Furthermore, the nation of Liechtenstein occupies a breathtaking location in the Alps between Austria and Switzerland.

The country’s broadband internet speed is well above 100 megabits per second, and for those looking for a quiet place with a spectacular view, the mountain scenery of this small country is something to behold. It boasts of a high gross domestic product, not to mention a stable political environment as well. As a result of having one of Europe’s highest wage levels, most people in Liechtenstein can afford high living standards. House rentals range from 790 Swiss francs ($800 U.S. dollars) to 1,830 francs ($1,902 dollars). 

Living in the future

Despite the delay, crypto regulations all over the world are starting to evolve, and governments are tailoring their approaches, as seen in the case of Gibraltar. If you are looking to set up shop or live in a jurisdiction that has crypto-friendly tax policies, countries such as Germany, Portugal and Switzerland are among the few in the world that offer tax exemptions on cryptocurrencies.

However, if your considerations go beyond a country’s tax policy on cryptocurrencies, some critical factors to have in mind include a country’s political stability, quality and affordability of life, and adaptability to the new environment.

Related: Gibraltar Succeeding in Crypto Regulation Where Others Fall Short

Furthermore, as the global pandemic has exposed the underlying problems of the existing financial system, it is evident that Bitcoin and the crypto economy at large will increase in popularity worldwide.

Therefore, for crypto enthusiasts, the smart move is to live in countries that are set to become the crypto powerhouses of the future. Given the rapid advancements in the crypto payments infrastructure facilitated by Cash App, Revolut and other notable companies, it means looking beyond the number of shops that accept crypto to considering other factors that prioritize the personal needs and desires of a modern global citizen. Travala.com’s Otero hopes that more places, propped up by a regulatory regime, will appear on the map soon: “Governments will start to take a more positive approach toward crypto so more countries across the world will embrace the benefits.”

News source CoinTelegraph.com

Price Analysis 5/29: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA

Institutional demand for Bitcoin remains high, even as the price turned down after the block reward halving. Some in the space believe that if institutional and retail demand picks up, there will be a severe shortage of (BTC), which can quickly push its price higher.

A small example can be seen in the way crypto fund manager Grayscale Investments has been lapping up Bitcoin, the top-ranked cryptocurrency on CoinMarketCap. Since the halving, Grayscale alone has bought about 150% of the newly mined Bitcoin. If this pace of purchasing continues for a few more weeks, traders’ sentiment could turn decidedly bullish.

Stocks usually react strongly to upgrades or downgrades by large brokerage houses or investment banks. However, the crypto community decided to go contra to Goldman’s recent warning to its clientele against investing in Bitcoin. This suggests that crypto traders do not give much weight to the reports by traditional brokerages.

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

The huge rise in Bitcoin’s price over the past decade has not happened due to support from the government or from the brokerage houses. It happened as people saw an opportunity in the possibility of a decentralized world. Digital Assets Data CEO Mike Alfred recently told Cointelegraph that as the world becomes more digital and virtual, the younger generation would be more interested in digital gold, rather than physical gold.

Today also marks the expiry of CME BTC Options contracts. Typically the expiry has led to a 2.3% drop in Bitcoin’s price. Usually, fluctuations caused due to derivatives expiry are short-term blips and they don’t change the ongoing trend. Therefore, swing traders should initiate trades based on the trend and not so much on the CME expiry.

BTC/USD

Bitcoin (BTC) broke above the 20-day exponential moving average ($9,151) on May 27 and followed it up with another strong up move on May 28. This suggests that the path of least resistance is to the upside.

BTC–USD daily chart. Source: Tradingview

BTC–USD daily chart. Source: Tradingview

However, the bears are unlikely to give up without a fight. They are mounting a strong resistance at the $9,600 level. If this level is scaled, a move to the resistance line of the symmetrical triangle is likely.

A breakout of the triangle will signal the possible start of the next leg of the uptrend. The pattern target following a breakout of the triangle is $11,828.

Conversely, if the BTC/USD pair turns down from the current levels, the bears will try to sink it back below the 20-day EMA. If successful, the next stop would be the support line of the symmetrical triangle. A break below this level will be a huge negative as the pattern target of the breakdown from the triangle is $6,752.

ETH/USD

Ether (ETH) jumped above the neckline of the inverse head and shoulders pattern on May 28, which is a positive sign. There is a minor resistance at $227.097 above which the rally can extend to $257.

ETH–USD daily chart. Source: Tradingview​​​​​​​

ETH–USD daily chart. Source: Tradingview

Currently, the bears are attempting to sink the 2nd-ranked cryptocurrency on CoinMarketCap back below the neckline. If the price sustains below the neckline, it will suggest that the current breakout was a bull trap.

A break below the 20-day EMA and the support at $191.692 could signal the start of a possible downtrend. Therefore, traders who have purchased on the recommendation given in the previous analysis can keep their stops at $200.

However, if the ETH/USD pair bounces off the neckline, the bulls will make one more attempt to clear the $220.097 hurdle. If successful, the uptrend is likely to resume. The upsloping moving averages and the relative strength index above 60 levels suggest that bulls have the upper hand.

XRP/USD

The bears are defending the downtrend line. If XRP turns down from the current levels, the bears will try to drag the price towards the critical support at $0.17372. A breakdown of this support will be a huge negative as it is likely to start a new downtrend.

XRP–USD daily chart. Source: Tradingview​​​​​​​

XRP–USD daily chart. Source: Tradingview

Conversely, if the bulls can propel the 3rd-ranked cryptocurrency on CoinMarketCap above the downtrend line and the horizontal resistance of $0.20570, a move to $0.22504 and then to $0.23612 is possible.

Traders who don’t own long positions can buy if the XRP/USD pair sustains above $0.20570 for a few hours. The stop-loss for this trade can be kept at $0.19.

BCH/USD

Bitcoin Cash (BCH) had broken above the 50-day simple moving average ($238) today but the bulls are facing stiff resistance at higher levels. If the price turns down and slips back below the moving averages, a drop to $217.55 is likely.

BCH–USD daily chart. Source: Tradingview​​​​​​​

BCH–USD daily chart. Source: Tradingview

If the bears sink the 5th-ranked cryptocurrency on CoinMarketCap below $217.55, a drop to $200 and then to $166 is possible. Therefore, traders can avoid holding long positions below $217.

Conversely, if the BCH/USD pair rebounds off the moving averages, a move to $255.46 and then to $280.47 is possible. This level is likely to act as a stiff resistance but if crossed, a new uptrend is likely.

BSV/USD

The bulls are facing stiff resistance at the downtrend line. If Bitcoin SV (BSV) turns down from the current levels, a drop to $170 is possible. If the bulls defend this level aggressively, the consolidation is likely to extend for a few more days.

BSV–USD daily chart. Source: Tradingview​​​​​​​

BSV–USD daily chart. Source: Tradingview

However, if the bears sink the 6th-ranked cryptocurrency on CoinMarketCap below $170, a new downtrend is likely. The first support on the downside is $145 and then $120. Therefore, traders can protect their long positions with a stop below $170.

On the other hand, if the bulls can scale the price above the downtrend line, a rally to $227 is possible. A break above this level will signal the start of a new uptrend. However, if the price turns down from this resistance, the range-bound action is likely to continue for a few more days.

LTC/USD

Litecoin (LTC) has reached the downtrend line. If the bulls can propel the price above this resistance, a rally to $50.7864 is possible. A break above this resistance will invalidate the developing H&S pattern.

LTC–USD daily chart. Source: Tradingview​​​​​​​

LTC–USD daily chart. Source: Tradingview

Therefore, traders can look for buying opportunities on a breakout and close (UTC time) above $50.7864.

Conversely, if the 7th-ranked cryptocurrency on CoinMarketCap turns down from the downtrend line, it can drop to $41.7 and then to $39.

If the LTC/USD pair bounces off the supports, the range-bound is likely to continue. The trend will turn in favor of the bears on a break below $39.

BNB/USD

The bulls have carried Binance Coin (BNB) to the downtrend line but are struggling to scale the price above it. This suggests that bears are defending this level aggressively.

BNB–USD daily chart. Source: Tradingview​​​​​​​

BNB–USD daily chart. Source: Tradingview

However, if the bulls can keep the 8th-ranked crypto-asset on CoinMarketCap above the moving averages, it will increase the possibility of a break above the downtrend line. Above this level, a rally to $18.1377 is likely.

The BNB/USD pair is likely to pick up momentum above $18.1377, which can offer a buying opportunity to the traders.

Conversely, if the pair slips below the moving averages, a drop to $14.95 and then to $13.65 is possible.

EOS/USD

EOS continues to be in a range with both the bulls and bears playing it safe. Although the bulls have managed to push the price above the moving averages, the breakout lacks momentum.

EOS–USD daily chart. Source: Tradingview​​​​​​​

EOS–USD daily chart. Source: Tradingview

Both moving averages are flat and the RSI is just above the midpoint, which suggests a balance between supply and demand.

If the 9th-ranked cryptocurrency on CoinMarketCap sustains above the moving averages, a rally to $2.8319 is possible. On the other hand, if the price drops below the moving averages, a decline to $2.3314 is likely.

The next trending move is likely to start on a breakout above $2.8319 or on a breakdown below $2.3314. Therefore, until then, traders can remain on the sidelines. 

XTZ/USD

Although the bulls have managed to drive Tezos (XTZ) above the downtrend line on May 28, the breakout lacks momentum. This suggests hesitation by the bulls at higher levels. The failure to sustain the price above the downtrend line is likely to attract selling.

XTZ–USD daily chart. Source: Tradingview​​​​​​​

XTZ–USD daily chart. Source: Tradingview

If the bears sink the 10th-ranked cryptocurrency on CoinMarketCap back below the downtrend line, a drop to the 20-day EMA ($2.70) is likely. This is an important support to watch out for because if this breaks, a drop to $2.5795 is possible.

Therefore, traders can keep a stop-loss of $2.57 on the long positions initiated as suggested in the previous analysis.

However, if the XTZ/USD pair bounces off the downtrend line, it will indicate strength. Such a move can result in a rally to $3.07 and then $3.27.

ADA/USD

Cardano (ADA) surged on May 28 and broke above the overhead resistance of $0.0619885. Traders who bought after the suggestion in the previous analysis are likely to be sitting on profits. They can either book complete profits at the current levels or book profits on a major portion and trail the rest with a tight stop-loss.

ADA–USD daily chart. Source: Tradingview​​​​​​​

ADA–USD daily chart. Source: Tradingview

After the sharp rally on May 28, a few days of consolidation or a minor correction is possible. If the bears sink the 11th-ranked cryptocurrency on CoinMarketCap below $0.0619885, the pullback is likely to deepen further to $0.05928.

Conversely, if the bulls defend the immediate support at $0.0619885, the ADA/USD pair is likely to attempt a rally to $0.0722722. The bullish view will be negated if the pair dips back to $0.055. However, the possibility of such a drop looks dim.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

News source CoinTelegraph.com

Coinbase Investor and Fundstrat Analyst Explain Why Goldman Sachs Is Incorrectly Assessing Bitcoin

A leaked slide from a client meeting shows Goldman Sachs does not believe Bitcoin is an asset class. Coinbase angel investor Seth Ginns and Fundstrat analyst David Grider explain why Goldman continues to hold this antiquated position.

Ginns and Grider joined Cointelegraph’s weekly Crypto Live Show to bring an investor’s perspective to the usual trader-heavy lineup. They also dive deeply into a broad range of topics including how they began investing in crypto, why they’ve stayed, crypto’s macro impact on the world of finance, private and central bank digital currencies, and institutional involvement in the space. Watch the livestream’s full recording in the video above or skip to 23:05 to go directly to the discussion on Goldman Sachs.

Cointelegraph’s Crypto Markets Live broadcasts every week on Thursday afternoons eastern time. The next show will feature crypto traders Big Cheds and Korean Jew Crypto, so subscribe to the Cointelegraph YouTube channel to make sure you don’t miss when we go live!

Goldman Sachs Leaks its Position on Bitcoin

Cointelegraph reported that in a May 27 call discussing the state of the U.S. economy, Goldman Sachs appeared to discourage clients from investing in Bitcoin. This was discovered after a Powerpoint slide of Goldman’s presentation was leaked to the public.

Purported Goldman Sachs Slide From May 27 Call. Source: Ryane Browne’s Twitter Account.

Purported Goldman Sachs Slide From May 27 Call. Source: Ryane Browne’s Twitter Account.

On the opposite side of the spectrum stands former presidential hopeful Michael Bloomberg, who already acknowledged cryptocurrency as an asset class. When asked whether they supported Bloomberg or Goldman’s perspective, both Ginns and Grider sided against Goldman.

‘Stale’ Arguments Against Bitcoin

Ginns stated that he thought the question of Bitcoin being an asset class was already settled. He went on to point out another flaw in a different part of Goldman’s presentation, suggesting he was privy to the entire report:

“One of the interesting takedowns of crypto that we’ve seen — we saw it yesterday — was the idea that a lot of crypto is used for illicit purposes, and I found it really funny… So I thought that was a really good indicator of how stale that type of argument is as a takedown on crypto.”

Grider also noted how Goldman’s approach to crypto hasn’t changed much over the past few years:

“Goldman — they’re obviously smart folks, very, very smart folks, some of the smartest folks on Wall Street. I think that the narrative that they put out on the call and in the deck — it’s very 2017, 2018…I don’t think that the narrative they’ve kind of put out has evolved much.

Grider goes on to explain why he thinks Goldman’s stance is due in part to political motivations. To hear the full explanation, check out Cointelegraph’s May 28 Crypto Markets Live stream in the video above.

If you enjoyed this latest market update, make sure to hit the Like button, and subscribe to Cointelegraph’s YouTube channel for more weekly crypto content!

News source CoinTelegraph.com

Cardano and Ethereum Price Surge Alongside Bitcoin — Will XLM Follow?

The price of Bitcoin (BTC) has been trading in a defined range over the past weeks as the halving hype has passed. Bitcoin’s price action also led to increased volatility in altcoins and some of the smaller altcoins have been showing impressive strength. So far, Theta Token (THETA) and Band Protocol (BAND) have been heavy movers.

However, in the previous days, the larger cap altcoins have started to move up, with Cardano (ADA) and Ether (ETH) as the primary movers. As Bitcoin attempts to find a way back to $10,000, traders will closely watch to see if there is more to follow from these large cap altcoins.

Crypto market daily performance. Source: Coin360

Crypto market daily performance. Source: Coin360

Ether breaks through the $215 barrier

ETH USDT 1-day chart. Source: TradingView

ETH USDT 1-day chart. Source: TradingView

The daily chart is showing an evident compression between $195 and $215, which finally broke to the upside. Alongside that, the chart is also showing some critical metrics for further upward momentum.

Key indicators for bull or bear markets are the support above or below the 100-day and 200-day moving average. As long as the price of a certain asset continues to move above the moving averages the asset is in bull territory.

Why is that important? Throughout the entire previous bull cycle, the price of Ethereum remained above these indicators, leading to a peak of $1,400 in January 2018.

Notably, the volume is also massively increasing in recent periods, showing signs of accumulation as volume precedes price. A similar sign is shown on the altcoin market capitalization chart.

Altcoin market capitalization prepares to shift toward $110-$140 billion

Altcoin market capitalization 1-day chart. Source: TradingView

Altcoin market capitalization 1-day chart. Source: TradingView

The total market capitalization for altcoins is showing an impressive increase in volume, while the capitalization is also flipping the 100-day and 200-day MA for support.

As the chart is showing, the support is found at these MAs in which $68-$72 billion is an essential support.

Furthermore, the resistance is established at $113 and $136 billion. This is a vital resistance as the $113 billion level can be compared with the $6,000 floor of Bitcoin in 2018. The price of Bitcoin is now far above the $6,000 barrier, as it’s currently hovering between $9,100 and $10,000.

Therefore, it’s time for altcoins to start pacing up, and the next resistance levels are found at the $113 and $136 billion level. If the total market capitalization rallies towards the $136 billion level, that would mean a surge of 60% for the entire altcoin market capitalization.

What’s happening with Cardano?

ADA USDT 1-day chart. Source: TradingView

ADA USDT 1-day chart. Source: TradingView

The strongest large-cap altcoin in the past week has been Cardano which has moved 30% in recent days. This last push made the cryptocurrency rally towards the levels from February 2020, through which all the losses of the March 12 market crash have vanished.

What’s behind this push? From a fundamental perspective, a new roadmap for the release of Shelley is complete, triggering a further rally on the price.

However, on the technical side, the price has been holding the 100-day and 200-day MA as support earlier. After that, the green area around $0.05 became support, which fueled the continuation of the upwards momentum.

Right now, the next resistance of this pair is found at $0.07, with a potentially exciting support level at $0.057-$0.06.

If the $0.057-$0.06 confirms as support, a potential continuation rally towards $0.07 and $0.09 as the next targets are on the tables.

Confluent with previous statements, Cardano’s trading volume is also increasing this week. A possible explanation is that investors are jumping from Bitcoin towards altcoins as various projects are finally starting to release their products and platforms.

Will Stellar Lumens follow Cardano?

XLM USDT 1-day chart. Source: TradingView

XLM USDT 1-day chart. Source: TradingView

Meanwhile, other large-caps are starting to show signals of potential upwards continuation as well. Cardano has been rallying in the previous days, Ether broke through $213-$215 as a key resistance level. Stellar Lumens (XLM) is also showing signals of potential continuation as well.

The green zone at $0.06-$0.0625 has to remain a support, but overall the structure is beginning to form a bullish pennant. This is due to the fact the price of Stellar Lumens continues to make higher lows, leading to a potential continuation to the upside.

The next primary target for Stellar Lumens is the resistance at $0.085-$0.087.

What to expect from the ADA/BTC and ETH/BTC

The ETH/BTC pair has been trading inside a range structure since the August-September of 2019. However, since it’s low in September 2019, the price has been making structural higher lows.

ETH BTC 1-day chart. Source: TradingView

ETH BTC 1-day chart. Source: TradingView

Through that, the trend for ETH/BTC can be classified as an uptrend. What are the next significant hurdles for Ether?

First of all, a breakthrough above the 0.024 sats level should be beneficial for continuation. The 0.024 sats level is confluent with the 200-day MA and needs to be broken for a sustainable extension. As discussed, finding support above the 200-day MA is a vital indicator for further bullish momentum.

Once the price of Ether is above the resistance level (whether or not a retest of the 0.021 sats level occurs), a new higher high should be made.

By creating a new higher high, the price of Ether will finally break out of this range. If the 0.027 sats level is broken to the upside, the next target lies at 0.034 sats.

Where Ether is still fighting the moving averages, is ADA/BTC is already leading the pack and acting above them.

ADA BTC 1-day chart. Source: TradingView

ADA BTC 1-day chart. Source: TradingView

The Cardano chart in the BTC pair is showing an apparent breakthrough in the resistance at 0.00000625 sats, after which the price rallied towards the next resistance at 0.00000680-0.00000700 sats.

This is the last hurdle before a further surge. Preferably, the price should come down for a retest of the 0.00000625-0.00000640 sats level for support.

However, once the price of ADA/BTC breaks through the 0.00000690 sats level, a further, mpre sustainable rally towards 0.00001000 – 0.00001070 sats level is on the table. Such a rally would mean a new surge of 60%-70%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

News source CoinTelegraph.com