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Wild weekend for the price of Bitcoin? Detention in the United States eases on Memorial Day

May 23, 2020

Since falling below the rising channel trendline at $ 8,815 on May 21, the price of Bitcoin (BTC) has recovered 4.78%. The BTC / USD pair continues to face resistance on a 20-day moving average, hampering traders’ desire to push the price above USD 9,300.

Daily summary of the cryptocurrency market. Source: Coin360

Wild weekend for the price of Bitcoin? Detention in the United States eases on Memorial Day
Wild weekend for the price of Bitcoin? Detention in the United States eases on Memorial Day

In the U.S., this weekend includes Memorial Day, which means traditional markets are closed on Monday and the crypto market is up to you.

Trading volume usually decreases on weekends, so investors who find time to break free from the family grill will see whether the big players use the market to push the price of the highest asset on CoinMarketCap into a new one. Direction.

4 hour BTC / USDT pair table. Source: TradingView

On the 4-hour chart, we can see Bitcoin’s price marching along the trendline of the ascending channel and painting the highest lows. The price continues to face resistance from the 20-day moving average of the Bollinger Band indicator. However, traders will also find that the MACD has a bullish cross and the indicator histogram printed a green bar above 0.

The RSI is also below the neutral zone (50) and is currently falling at an angle of 45. In such situations, the purchase volume is the key signal to look out for, and at the time of writing this article, both the purchase volume and sales volume have stopped. The volume tends to precede the price, so the signal is to keep an eye on the increase in the buying or selling volume in the shortest possible time.

The neutral doji candle also shows buyers and sellers in the same dispute over the price direction. Based on the current configuration, Bitcoin could fall into the Bollinger Band’s forearm at $ 8,865, where there are likely to be buyers.

Alternatively, a move above the 20-day moving average would allow the price to hit $ 9,600, taking advantage of the VPVR volume gap created by the rapid decline from $ 9,634 to $ 8,820 on May 21.

BTC / USD 1-month chart. Source: TradingView

On May 22, Cointelegraph employee filbfilb warned that Bitcoin’s price has only one week to take a decisive step that defines whether Bitcoin takes a decisive step that favors bulls or bears. filbfilb published the table above and explained that:

Bitcoin’s monthly chart clearly shows that Bitcoin has a long-term challenge to overcome, namely the $ 10,000 call. More specifically, a closing price of $ 9,300 per month has escaped Bitcoin in the past 10 months, setting the tone for the current price movement.

Bitcoin weekly price chart. Source: Coin360

When Bitcoin slowly recovered on Friday, many altcoins used the side trade to achieve strong double-digit rallies.

OmiseGo (OMG) continued its strong upward move on day two, up 14.92%. Cardano (ADA) continued to grow 7.27% and Neo (NEO) rose 7.66%.

According to CoinMarketCap, the market cap for cryptocurrencies is now $ 257.9 billion and Bitcoin’s dominance rate is 66.1%.

Track the major crypto markets in real time here