Crypto review for May 13 - Bitcoin, cryptocurrencies improving but still lacking momentum

The leading digital currencies show a small upward bias, although the bullish momentum is still lacking as if investors were waiting for some piece of news. Bitcoin has advanced 1.9% and reached its $9,000 range, as Ethereum (+1.44%) holds above $190. The best performers in the last 24 hours were Waves (+15.76%) and Digibyte (+26%). Other notable movers were NANO(+5.4%), Stellar(+7.1%), NEM (+4.5%), Ravencoin (+6.43%) and Siacoin(+6.91%).
Among the Ethereum tokens, there are excellent movers such as BAT(+6,62%)m SNX(+7.3%), ENJ (+10.4%) CENNZ (+15.5%) and KCS (+22.96%).

Fig 1 - 72H Crypto Sector Heat Map

The market capitalization is currently $240.573 billion, 1.28% higher than 24 hours before. The traded volume in the last 24 hours descended to $45.968 billion (-33%), whereas the dominance of Bitcoin hasn't changed much at 67.5%.

News Sentiment Analysis

Crypto-related news

• IRS Solicits Contractors to Help Examine Crypto Traders’ Tax Returns ( Coindesk)

• New Bitcoin Hashrate All-time High Confirms Dominance Over BCH and BSV (Nulltx)

• ConsenSys fintech executive dissects Facebook's Libra project, the growth of the stablecoin market, and how fintech and crypto can coexist (The Block)

• Vitalik Buterin Clarifies Remarks on Expected Launch Date of Eth 2.0 (Coindesk)

• Nearly Everyone Flocks to Ethereum to Issue Crypto Tokens (Nulltx)

• Total stablecoin supply surpasses $10B, growing more than 70% since February (The Block)

• Will the Chinese Dream of Digital Yuan put US Dollar’s dominance in jeopardy? (Ambcrypto)

• 17,000 People Have Filed Claims for Refunds From QuadrigaCX, Auditor EY Says (Coindesk)

• MakerDAO shuts down the Single-Collateral DAI system (The Block)

• Bitcoin locked in DeFi marks an ATH, as Ethereum continues to trend low (Ambcrypto)

Mainstream news

• U.K. GDP drops 2% in first-quarter in the worst fall since the financial crisis (Marketwatch)

• Fed’s Mester calls for more fiscal support to ward off ‘dire scenarios’ facing U.S. economy (Marketwatch)

• Stock futures little changed following losses from the previous session (CNBC)

• The US is running out of time to stave off a depression without reopening, Jim Cramer warns (CNBC)

• South Korea's jobs fall in April at the sharpest pace since 1999 (Investing)

• Asian markets follow Wall Street downhill amid worries about reopening economy (Marketwatch)

• Oil falls on second-wave outbreak fears, rise in US inventories (CNBC)

• Putin's coronavirus crisis deepens with fatal hospital fire and spokesman's diagnosis (CNN)

• European markets head for lower open as coronavirus fears weigh on investor confidence (CNBC)

Sentiment analysis

Japan’s Nikkei NIK, dropped 0.48%, while Hong Kong’s Hang Seng Index HSI is slightly below zero at -0.17%. The Shanghai Composite SHCOMP is also slightly negative at -0.2%, while the smaller-cap Shenzhen Composite is somewhat up 0.30%. South Korea’s Kospi gains currently 0.25%, while benchmark indexes Singapore STI fells 0.50%, and Indonesia's JAKIDX sheds 1.11%. Also, Taiwan's Y9999 is rising +0.54%, whereas Australia’s S&P/ASX 200 is down 0.24%.
As for Europe, the stock markets are expected to have a negative opening as London’s FTSE futures move 88 points lower at 5,915, Germany’s DAX is 195 points down at 10,643, France’s CAC 40 futures move 71 points lower at 4,410, and Italy’s FTSE MIB contracts ae 237 points weaker at 17,149.

Technical Analysis

Total Market

Fig 2 - Total Market Daily

The market capitalization has advanced 2.72% in Tuesday's session and made an engulfing pattern to the previous high wave candle, possibly signaling a bullish direction. The current candlestick is still moving below the highs of yesterday's range; thus, we still have to see a confirmation of this assumption. The price is now slightly above the mean Bollinger line, as the RSI curves up, and the 50-day SMA approaches the 200-day SMA.

Technical Factors

• Bollinger bands slope is positive +

• Linear regression channel points upward +

• Price above its 20- 50- and 200-day SMA +

• Price made an engulfing pattern to the high wave figure +

• Price slightly above the mid-Bollinger line +

• 50-SMA below its 200-SMA -

• RSI curved upwards at the middle of the range +

Total Market Outlook

The volume is low as the price moves up, so we still think the market is in consolidation mode. We should note, though, that the mid-term indicators show a bullish bias.

Bitcoin

Fig 3 - Bitcoin 8H Chart

Bitcoin's price is creating an ascending triangle with its upper edge at the $9,000 level. This shows there is currently no buying demand above that level, as the volume is thin. We still see the price moving in the lower side of the Bollinger bands, and the RSI shows weakness and lack of momentum. The good news is the price is currently above its 50-period SMA.

Technical Factors

• Price above its 50- and 200-period SMA +

• The slope of the Linear Regression Channel is positive +

• The price moves in the lower channel of Bollinger bands and on the lower half of the regression channel -

• The Bollinger bands point downwards -

• Price rejected from $9,000 resistance -

• RSI weak -

Bitcoin's Outlook

Although the long-term technical indicators, SMA's and Linear regression slope, point to a bullish trend, the short-term indicators show that the price action is still in range mode. The last 24 hours have been positive, but BTC needs to confirm a new leg up by breaking the $9,000 resistance line.

Pivot Levels

Ethereum

Fig 4 - Ethereum 4H Chart

Ethereum continues moving sideways after the sharp dop on Sunday. The price has crossed over the $190 level but lacks the strength to continue. We see the Bollinger bands shrinking sharply, as the price hovers above its 200-period SMA, and the RSI improves slightly.

Technical Factors

• Bollinger shrinking N

• The price is well below its 50-SMA but held by its 200-SMA N

• The price still below the bottom of the ascending channel -

• The slope of the linear regression channel is positive +

• The price still inside the short-term descending channel -

• RSI is still weak -

Ethereum's Outlook

Ethereum moves in a sideways path. There is no buying strength to move its price further up, even when the $190 key level has been conquered. Buyers would need to see a strong action above $193 on increasing volume to get in. Sellers should wait for a break of the $190 level and the breakdown of the 200-period SMA line, at about $187.

Pivot Levels

Ripple

Fig 5 - Ripple 4H Chart

Ripple is also moving sideways after the sharp drop made on Sunday. XRP is "using" the same channel it was moving before its previous bullish ascent. Currently, it is near the top of the range, as the Bollinger bands shrink, and the RSI moves slightly upwards. We see also that the price is below both its 50- and 200-period SMAs.

Technical Factors

• 50-SMA still above the 200-SMA +

• RSI ascending and above the 40 level +

• Linear regression channel has a positive slope +

• Price below the lower edge of the ascending channel -

• Bollinger bands pointing down and expanding -

• Price below its 50-, and 200-SMA -

• 200-SMA turning down -

• Price rejected from the $0.20 level -

Ripple's Outlook

Ripple's upward trend is in danger. The price below its 200-period SMA and currently moving below the ascending regression channel is not good news for buyers. The current short-term action is sideways. Therefore, buyers should wait for a breakout of the $0.20 level with good volume, whereas sellers may keep fading the rallies, looking for a visit of the $0.19.

Pivot Points

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