Performance overview: BTC, ETH, ADA, XRP, Polkadot
Investing.com – There has been a lot going on in the crypto market over the past week, especially for the bulls. Finally, it ended its three-day course correction from Tuesday to Thursday with a bang, when it rose above $ 3,400 to $ 47,834 on Friday, its highest level since mid-May. And on Saturday the cop party continued. For a short time, the most important crypto currency in terms of market capitalization even stood at over $ 48,000 per BTC token. But then the mood changed. In a matter of hours, Bitcoin plunged nearly $ 2,000 before the 5-day line halted at $ 45,969. Then a small countermovement set in, so that the Bitcoin price is currently quoted at 46,479 dollars – an increase of 7.53 percent over the last seven trading days.
Bitcoin does not come close to the performance of (more, and) and (more, and), which have gained a good 46 percent in value over the same period. The same applies to and, which with +4.5 percent and +4.0 percent together with BTC form the bottom of the performance table among the most important crypto currencies.
Bitcoin is currently moving in highly critical chart territory, which consists of the upper Bollinger Band and the neckline of a large shoulder-head-shoulder formation, which was undershot in mid-May. To negate the risk of a deeper setback, Bitcoin must not slide below the support cluster from the 5-, 10- and 200-day lines, nor below the bottom of the neckline in the $ 46,100 to $ 44,806 range.
From the point of view of chart technology, however, darker clouds would only appear on the chart horizon if BTC / USD breaks sustainably below the former breakout level at 42,375 dollars, a level that is additionally reinforced by the Bollinger smoothing of the last 20 days.
If, on the other hand, Bitcoin manages to overcome the resistance zone at $ 48,000 to $ 49,086, there is a chance of a rally to the $ 50,000 mark, which can then serve as a springboard for higher prices in the direction of $ 51,555 and then $ 53,777.
A notice: This article constitutes neither investment advice nor a solicitation to buy or sell any assets. The article also does not purport to predict the development of the Bitcoin price. It is only a subsequent comment on the BTC development, which is intended to inform Bitcoin investors about the latest crypto news and the technical starting position of BTC / USD.
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