Bitcoin has maintained a sort of quasi-stability in the mid-$9,000s since Tuesday, leaving bulls patiently waiting for that march towards five-figures.
There’s stiff resistance around $9,900 whereas the closest support lies in the $9,300 – $9,350 range. Over the short-to-medium haul, the BTC price is trading inside a descending wedge, which is often deciphered as a bullish sign.
The long-term prospect, however, doesn’t seem very encouraging at this juncture – unless, of course, it can break out above $10,000.
There is also a notable increase in the number of Bitcoin whales since the May halving, which indicates that the overall market sentiment among the more influential traders and investors is largely on the positive side.
Going into specifics, new data from blockchain analytics firm Glassnode has revealed that on May 1, 2020, 1,811 unique entities were holding at least 1,000 BTC. Since May 11, that number has increased to 1,840.
Meanwhile, in other important news from the past 24 hours:
A Bitcoin Breakout Could Carry BTC to a Crucial Resistance Level
It appears that Bitcoin’s daily RSI has bounced above 50 and is moving upwards – a bullish sign. As for its pattern, BTC seems to be trading inside a descending wedge, which is a bullish reversal signal.
The wedge resistance line holds near $9,650. A breakout from the wedge could take the price all the way up to between $9,800 – $10,000.
- The Bitcoin price is possibly trading inside a descending wedge.
- The price has found support above the 50-day MA and the daily RSI has bounced at 50.
- Bitcoin is trading inside a short-term symmetrical triangle.
Check Out These 2 Altcoins That May Have Finished Correcting
ICON (ICX) and Hedera Hashgraph (HBAR) have been correcting since April and recent price action suggests these assets are on the verge of changing direction.
Their declines look to have halted, at least for the moment. ICX, in particular, is showing a strong sign of imminent reversal. As for HBAR, a breakout from its current position would indicate that the correction has indeed ended, and the price will likely move towards the 864 satoshi high.
New ‘Fishiness Indicator’ Challenges Binance’s Derivative Volume
A new analytics metric gives traders a more definitive way to find out which exchanges are cooking their volume figures. The new ‘Fishiness Indicator’ is challenging the accuracy of Binance’s self-proclaimed 24-hour derivative trading volume.
The indicator may prove to be quite useful to the cryptocurrency ecosystem as crypto derivatives fast become one of the most dynamic and influential arenas in the industry.
There’s a catch, though. The Fishiness Indicator operates under the assumption that while volume can be faked, open interest can’t. In other words, it isn’t bullet-proof.
STEEM and OMG Could Be Gearing up to Rally
If you have added Steem (STEEM) and OmiseGO (OMG) to your portfolio (or plan on doing so in the near future), BeInCrypto’s technical analyst Valdrin has some important data to share with you.
STEEM’s short-term chart reveals that it has been trading inside a descending wedge, which is generally considered a bullish reversal pattern. So, the odds are relatively high that the STEEM price could be bracing for an imminent breakout.
As for OMG, a bullish cross has formed between the 50 and 200-day MAs, a sign that the price is also likely to rise.
The First DeFi Unicorn is Finally Here, and It’s Called COMP Token
Industry observer, Camila Russo, noted the remarkable achievement in her DeFi newsletter, The Defiant. The former Bloomberg correspondent added that the market frenzy surrounding the COMP token distribution has ‘spread magic to the rest of DeFi.’
Compound initiated the token distribution on Monday with 4.3 million of the total 10 million tokens going out to users of the platform.
The post Bitcoin’s Current Pattern, Fishiness Indicator (and more): Crypto News Roundup appeared first on BeInCrypto.
Source: Be In Crypto