Bitcoin [BTC] and the cryptocurrency markets have been eerily trading in the low volatility range or so it feels like. The 30-Day volatility on Bitcoin is about 4.11%, which is the first time this high towards the upside in a year.
As analyst had predicted the $8000-$10000 levels will act as huge resistance to the upside, Bitcoin hasn’t been able to break above $8400. Nevertheless, it hasn’t gone through a pullback as well. Hence, the uncertainty between the bulls and bears seems to be favoring the bulls slightly as the market refuses to sell.
The price of Bitcoin [BTC] at 13: 45 hours UTC on 22nd May 2019 is $7822. It is trading 0.96% lower on a daily scale.
Mati Greenspan and B.Biddles have independently pointed to the formation of an ascending triangle that is indicative of a bull. However, some comments to the tweet think it might be a ‘bull trap.’ B. Biddles also drew a similar analysis here.
Who can name this chart pattern forming in $BTC right now?
Bonus points for saying if it's a bullish or bearish signal. pic.twitter.com/WxkqLb6TIt
— Mati Greenspan (@MatiGreenspan) May 22, 2019
Ethereum, Litecoin and Bitcoin Cash [BCH]
The altcoins gains have been considerable since the beginning of the month as well. While Bitcoin continues to attain stream attention, the monetary gains from Bitcoin have poured in on the altcoins as well. Subsequently, the altcoins have also held onto the last resistance turned support psychological they broke.
Ethereum [ETH] is trading just above $250 while Bitcoin Cash [BCH] is also trading above $400. Litecoin too has continued to find support near $90.
Binance Coin [BNB]
Binance [BNB] Coin has been on a steady rise for a long time. It has been linearly consistent ever since Binance [BNB] started recovering above $20 after the Binance hack resolution.
The price of BNB at 13: 45 Hours UTC on 22nd May 2019 is $31.34. It is trading 6.11% higher on a daily scale.
BSV Hold Above $100 On Copyright FOMO
Craig Wright one of the lead proponents of Bitcoin SV [BSV] has registered the Copyright of the Bitcoin Whitepaper authored by alias Satoshi Nakamoto with the US Copyright Office. BSV gained almost 200% at some exchanges when the news broke.
The price of Bitcoin SV [BSV] at 13: 45 hours UTC on 22nd May 2019 is $103. It is trading 12% higher on a daily scale. Moreover, it is trading about 50% higher on a 2-Day scale.
The total market capitalization of the cryptocurrency market is just below $250 billion. The other top altcoins have also held onto their gains. Stellar [XLM], Tron [TRX], EOS, and Tezos [XTZ] traded above their recent higher support levels at $0.13 for XLM, $0.028 for TRX, $6 for EOS and $1.6 for XTZ.
Will the market hold these levels or the volatility will increase again? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com