21st May 2018 1PM SGT
Hi Cyptoholders Family
Welcome to the Greatest Financial Revolution of this Decade called Cryptocurrencies !!!
As always we begin with the Disclaimer : I am not a Financial Advisor and none of this is Professional Advice. Please Do Your Own Research before taking any decisions
Going forward, I will be splitting my analysis into three parts : Fundamentals, Technicals & Sentiments
As always we start with the Market barometer BTC
Fundamentals : The one Big Investor or the Group of Large Investors who had started the reversal from the lows of USD 6,387 seen in early April 2018 seemingly took some profits along with the Mt. Gox Trustee just before the Consensus 2018 in NY thus causing the downward correction. The additional KYC/AML requirements imposed by one of the Biggest BTC-USD trading exchanges (Bitfinex) and printing of USD 250 MILLION of Tether also had a bearish impact on the markets. However the Selling seems to be over and the Buyers seem to be returning as Summer brings in Highs as observed in the previous years
Technicals : BTC rebounded after breaching sub US$ 8000 and now is moving in an upward channel with US$ 8,370 acting as an intermediary Support . However the Key resistance to break and close will be US$ 8,780 sometime during this week. In case of any FUD, the strong Support of US$7,800 still remains intact
Sentiments: After the Euphoria of Consensus NY, the Blockchain week in Europe is coming up. The Bulls & Bears are evenly poised and sentiments may turn Bullish once we get back above 9,000
Next to analyse will be the Largest Alt – ETH
Fundamentals : The Chinese government agency has recently ranked ETH the No.1 in terms of all parameters, which is bullish. However the looming uncertainty of the SEC falling hard on ETH as a security may reign in the mega bulls. Today the ETH network is hit by 4chan Invading Ethereum With Meme Games. Txn time & fees are up.
Technicals: Short term support at US$ 703 to 705 and short term resistance at US$ 730 to 735
Sentiments: Positive as the ICO season is doing well and majority of the best ICOs need contribution in ETH as of now
Other Alts: Tron has its Mainnet launch on May 31st & Virtual Machine launch on May 25th compatible with the Ethereum Virtual machine which means Dapps bulit on ETH network can migrate to the Tron Network. Expect TRX to outperform the market till these dates. Other Alts will take cues from BTC
All in all expecting the BTC movement broadly in the range of USD 7,800 to USD 8,800 levels , any break below or above these levels will trigger volumes & action in the market.
Happy Monday to all !
Crypto1
