Bitcoin (BTC) price corrected higher from trading below $8,800 during the intraday trading on Thursday 26.The cryptocurrency market is fairly quiet except for the recent news that Mt. Gox moved about $165 million worth of Bitcoin (BTC) and Bitcoin Cash (BCH) from some of its wallets.
The now-defunct cryptocurrency exchange was reported to have transferred a total of 16,000 BTC and 16,000 BCH from wallets associated with it. It is not clear if the moved coins were sold or just transferred to various wallets in batches. Such huge sums of cryptocurrencies have been known to cause severe drops in price. However, the market is lagging its reaction to these events.
BTC/USD upside correction has been capped below $9,400, although there is a bullish momentum in progress above $9,300. The moving averages’ gap is reducing signalling that buying pressure is present. Besides, the MACD momentum indicator is slightly moving towards the positive region to show that the bulls are holding tight. A short-term support has been formed at $9,200 (former resistance level), but the major support for BTC/USD is at $8,800. Similarly, the moving averages will act as support lines in case of declines towards $9,000. The bulls are eyeing $9,400 but for now, the upside has been capped below $9,400.
Ethereum (ETH) Price Analysis
There is a current bullish upside breakout on the 30’ timeframe chart as I do this analysis. ETH/USD is dancing with the 23.6% Fib retracement level with the previous swing high of $711 and a low of $601 close to $684. The upside correction was initiated during the trading on Thursday around $630. The 100 SMA worked as a support line to the price, but the Bulls battled to push the price higher.
Ethereum price finally broke above the resistance level at $650, forming another bullish pennant pattern. At the moment ETH/USD is experiencing an upside breakout pending a bullish flag pattern that could see it trade above $700. Recently Ethereum exchanged hands above $710 as it rallied following the bullish trend across the entire crypto market.
The 50 SMA is moving upwards; a cross above the longer term 200 SMA could signal more buying entries pushing the price even higher. The immediate hurdle for Ethereum (ETH) price is at $690, but the MACD is moving further into the positive region (+7.0) to confirm the bullish trend for intraday short trades. There is a short-term support at $660, while the 200 SMA will also support the price below this level. Consequently, the major support zone is at $630 in the event of a trend reversal.
NEO Price Analysis
NEO price is trading between moving averages support and resistance with the 200 SMA offering resistance to the upside, while the 50 SMA working as the immediate support on the downside. NEO/USD upside has been capped below the 50% Fib retracement level with the previous swing high of $84.9 and a low of $69.7.
The recent Bull Run pushed NEO price to new April highs but resistance was encountered below $85 opening the gate for downside corrections that began mid-week. There was a breakout from the bottom selling pressure above $72 where NEO/USD broke past the resistance level at $75. However, at the moment, indicators show that downside corrections are looming. A short-term support has been formed at $75.00 (61.8% Fib retracement level), but $72.00 will provide a stronger support.