Bitcoin (BTC) Price Prediction – May 21
BTC/USD likely to consolidate at lower levels; $9,200 and $9,000 based on the prevailing technical levels.
Resistance Levels: $10,800, $11,000, $11,200
Support Levels: $8,500, $8,300, $8,100
BTC/USD is dropping below $9,500 during the early Asian hours of trading but the coin failed to recover above the critical level so far. At the time of writing, the price of Bitcoin is moving around $9,474 as the coin is down with 0.37%. The number one cryptocurrency hit a brick wall on the approach to $10,000 and dropped under the pivotal area within 2 days.
However, an upside break above the 9-day and 21-day moving averages around $9,700 is a must to start a substantial recovery. Meanwhile, the next hurdles may be seen near the resistance levels of $10,800, $11,000, and $11,200. On the downside, initial support is below the 21-day MA at $9,000 level and if there is a successful break below the support level of $8,800, the bears are likely to gain strength by bringing the price to a low of $8,500, $8,300 and $8,100 respectively.
Currently, Bitcoin price follows a dominant bearish bias and a glance at the technical indicator RSI (14) displays a negative picture for BTC in the near-term. In addition, maintaining a gradual downward trend in the negative region, the signal line of RSI (14) decreases as it faces a downward trend for an increase in selling entries.
Looking at the 4-hour chart, the bears are seen dominating the market tremendously, but the bulls are trying to defend the $9,200 support as well. Meanwhile, the $9,100 and below may come into play if BTC breaks below the mentioned support.
But if the buyers can reinforce and power the market, traders can expect a retest at $9,600 resistance level, and breaking this level may further allow the bulls to reach $9,700 and above. The RSI (14) crosses below the 45-level which indicates that more bearish signals may play out.
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Author: Published 18 hours ago on May 20, 2020
Forex Signals Brief for May 21: Can US Jobs Improve? – Forex News by FX Leaders
The recovery in US equity markets continues to gather some steam as the S&P 500 made fresh two-month highs overnights.
The moves were spurred on by the tech sector continuing to lead the way, with the NASDAQ pushing higher as well. News that the US Government is going to make it hard for Chinese companies to stay listed on US exchanges did weight on markets, however, overall the news appeared to get shrugged off.
The Greenback was under pressure for most of the session and that helped prop up a number of the majors. However, the GBP/USD which was strong throughout the session, fell away on news the BOE would consider going to negative rates.
We’ve got a very busy session in Europe today as a host of PMI readings will likely dominate early trade and make for some stop-start price action.
The main release of note for the EUR/USD will be German Manufacturing PMI, which is expected to show a small improvement on the prior reading. We’ll also have the broader PMI manufacturing data from the Eurozone and some of the individual countries.
In the UK, it’s a similar story for the GBP/USD as we look towards Manufacturing and Services PMI – both of which will be on the soft side.
Later in the day, the attention is once again back on US jobless claims, which is predicted to show 2,400K new applications. The other worrying figure is the continuing claims which are coming in at 24,765K. While initial claims are falling by the week, the continuing claims numbers must be starting to weigh heavily.
Other US data points of note will be the Philly Fed and Existing Homes Sales, so across the board it is a very busy day of top-tier releases.
The FX Leaders Team hit 4 straight winners with another one closing out in the green this morning, making for a very solid 24 hours.
Make sure you follow our live signals as we are looking to close the week on the front foot.
The NZD/USD is doing its best to try and break to the upside and as you can see it is sitting right under key resistance. We are looking for a long signal here on a break of that resistance.
The GOLD trade continues to be a bullish one and price is slowly recovering from the sharp selling early in the week. We continue to hunt for a long signal.
Although BTC continues to hold under the $10,000 level, there was some action yesterday.
The sudden sell-off, which sent the wider cryptocurrency market lower and pushed Bitcoin under the $9,500 level, was caused by a whale transferring 50 coins that were mined a decade ago.
That in and of itself is interesting as this is the kind of thing we’ve been seeing at this level continually with big traders liquidating positions.
That said, price did rebound so we are really at an inflection point at the moment.
Ethereum Prediction: These Signals Can Boost ETH’s Price
The focus has been on Bitcoin a lot these days before and right after the halving.
There’s an important reason for this – the halving passed, and the markets are getting back to their normal daily fluctuations.
Cointelegraph reveals that altcoins can finally get more attention these days.
They bring up Ethereum and the native token ETH.
Ethereum was recently in the spotlight not too long ago, when enthusiasts are celebrating that physically-settled Ether (ETH) futures contracts are available.
Chicago-based exchange ErisX launched the contracts a couple of days ago, and this marks the first Ether futures contracts in the US.
The online publication mentioned above pointed out the fact that while Bitcoin has been acting inside a range after the halving, ETH did the very same thing.
“The price of ETH has found support in the $168–$175 area, while the price is still unable to break through the upper barrier at $215–$230,” they note.
At the moment of writing this article, ETH is trading in the red just like the other coins out there, and the digital asset is priced at $209.85.
Also, another thing worth noting is that the total market cap of cryptos is showing some impressive and significant indications of potential upward momentum.
The total crypto market cap is reportedly flipping the 2018 level for support all over again. This can be classified as the support for BTC at $6,000.
BTC’s price saw a lot of bounces at that specific level back in 2018 before the massive crash took place.
Based on this, now the total market cap is lagging behind as the price of Bitcoin is currently at $9,504.54. Cointelegraph concludes that the altcoins are lagging.
The chart that they are showing reveals an increase in volume. This means accumulation and increased interest in the asset – in other words, a bullish signal.
Regarding the upward targets for ETH, here are their predictions: “The first major target is found at $250–$252. The second major target is $280–$290 (the high in February). After that, the $320–$340 level is marked as the third level of significance.”
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Altcoins to watch as crypto market signals bullish momentum
Tezos (XTZ), Cardano (ADA) and Chainlink (LINK) are surging over 5% today, as major Altcoins flash green.
The Altcoin market has been in Bitcoin’s shadow for much of May following the top cryptocurrency’s halving and attempts to breach $10k being the focal points for the entire cryptocurrency market.
Bitcoin, along with Ethereum, XRP, Bitcoin Cash, EOS, and Litecoin have all had slight gains in the past 24 hours.
Tezos, Cardano, and Chainlink, however, have seen big moves over the same period and are now sitting atop the market as the big gainers among Altcoins.
As of press time, Chainlink has gained over 6.5% in the past 24 hours, seeing its value climb to $4.09 bringing its weekly gains to 12%. Current levels put the Altcoin over 150% up from its year-to-date price. The crypto’s upside has seen it climb into 12th position, with a market cap now worth over $1.41 billion. Over $421 million worth of LINK tokens have been traded in the last 24 hours.
Tezos has also posted significant gains since yesterday, surging by over 6.1%; seeing its value touch a high of $2.85 against the USD.
The cryptocurrency has now spiked over 12% on weekly charts and is up over 30% in the past month. With a market cap of $2.01 billion, over $125 million worth of the token has been traded in one day, with the strong performance potentially coming off the back of Bitcoin Suisse adding the coin for staking.
Tezos is also surging at a time when French startup, Digycode, has partnered with over 10,000 stores in the country to promote the purchase of the tokens via gift cards and prepaid vouchers.
Cardano has also seen gains, spiking by 6.08%, with much of the day seeing it trade at price levels above $0.0578. In weekly charts, Cardano has gained over 11.8%, with a market cap of $1.48 which now makes it the 11th largest cryptocurrency.
XRP has also picked up momentum after spending the better part of the day in the red. It has now added 1.39% to its value, with weekly gains at just over 3%.
Ethereum is up 1.2%, trading at $213 at press time, whereas Bitcoin is still looking to breach $9,800 with a late surge as markets open in the US.
Author: Benson Toti
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