Anthony Pompigliano, co-founder of Morgan Creek Digital, highlighted the Santiment data, which showed that the 30-day correlation between Bitcoin (BTC) and the S&P 500 is 0. Pomp confirmed that no correlation shows Bitcoin as a store of value.
In addition, Bitcoin has also surpassed the most traditional asset classes such as gold, the S&P 500, crude oil and the US dollar after a widespread sector collapse in March when fears of coronavirus peaked.
Abra co-founder and CEO Bill Bargidt recently said that “Bitcoin is the best one-time investment opportunity in the world right now,” and has skyrocketed its Bitcoin holdings in recent days. Since his last purchase, around 50% of Bargidt’s entire investment portfolio is now concentrated on bitcoin.
Is it likely that Bitcoin will resume its upward trend, or will it stop and consolidate for a few days before the next trend moves? Let’s break down the maps of the top 10 cryptocurrencies to find out.
Bitcoin / US dollars
The bulls are struggling to push Bitcoin (BTC) over the $ 13,200 resistance zone to $ 13,343.66. This indicates that after the initial hype, purchases dried up at higher levels.
Failure to hold above $ 13,200 could result in traders taking short-term profits, leading to a $ 12,460 to $ 12,050 withdrawal against the support range.
However, the bullish moving averages and RSI are in the overbought zone, indicating that the bulls are in control of the market. Therefore, bulls can buy on dip to the 20-day exponential moving average ($ 12,034).
If BTC / USD falls sharply from the 20-day moving average, the bulls will make another attempt to resume the trend. If they succeed, the price is likely to rise to $ 14,000.
Conversely, if the bears manage to get the pair below the 20-day moving average, it could fall to the 50-day simple moving average ($ 11,109).
ETH / USD
Consolidation of the narrow area over the last three days solved the problem of the downtrend. The Bears fell Ether (ETH) below $ 395, but the bulls try to keep the price above the 20-day moving average ($ 383).
If the ETH / USD pair bounces off the 20-day moving average and rally above the $ 400 mark, it will indicate a strong rally at lower levels. A break of $ 420 will mean that the bullish trend may have resumed.
However, the 20-day moving average disappears and the RSI is just above the midpoint, indicating a balance between supply and demand.
If the bears fall the price below the 20-day moving average, this indicates weak momentum. A break below the uptrend line could increase sales.
XRP / US Dollar
The bulls’ inability to push the XRP above the $ 0.26 resistance level in recent days may have attracted profits from short-term traders. The alternative currency has broken below the 20-day moving average ($ 0.249) and is currently trying to stay above the 50-day simple moving average ($ 0.244).
If XRP / USD bounces off the 50-day simple moving average, the bulls will make another attempt to push the price above $ 0.26. If they manage to pull it off, the pair will likely pick up steam and rise to $ 0.30.
On the other hand, if the price falls below the 50-day simple moving average, the pair may extend their stay in the $ 0.2295-0.26 range for a few more days.
A smoothing of the moving average and relative strength index (RSI) just below 50 indicates potential movement within the area in the short term.
BCH / USD
The bulls’ inability to push Bitcoin Cash (BCH) over the $ 280 resistance has attracted traders to short-term profits. This sale drove the price down to the 20-day moving average ($ 252).
If the BCH / USD declines sharply from the 20-day EMA, it will indicate gains at lower levels. The bulls will again try to push the price above the upper resistance to $ 280.
If successful, the rally can last for up to $ 300 and up to $ 326.30. Conversely, if the price falls below the 20-day moving average, Bitcoin Cash / USD may fall to $ 242. This movement will indicate that this pair may remain in the range for several days.