Bitcoin failed to make it back into five-figures on Monday despite a promising start and has since retreated to the mid-$9,000s. However, odds are reasonably high that it will once again kick start a new rally to reclaim the lost ground above $10k.
Meanwhile, new data from the cryptocurrency research platform, The Tie, shows that the Bitcoin’s post-halving sentiment score has surged to an all-time high. The firm added that more investors are today speaking positively about the cryptocurrency than they did at any point in the past two-and-a-half years.
A major spike in open interest on Bitcoin futures also indicates that market activities are steadily on the rise, which is indeed a positive sign for the overall health of the Bitcoin ecosystem
Check out BeInCrypto’s Bitcoin analysis for May 18 to gain an insight into where the price could be heading in the coming days. Our technical analyst, Valdrin, argues that the alpha-crypto may have entered a long-term bullish trend already.
Bitcoin Analysis
In the short-term, the Bitcoin price is following an even steeper ascending support line. Furthermore, it has begun to generate some bearish divergence in the RSI. One likely scenario is that the price bounces on this support line and then heads towards the resistance at $10,450.
- The Bitcoin price has created a weekly bullish engulfing candlestick and moved above a long-term descending resistance line.
- There is weekly and daily resistance at $11,400 and $10,450 while support is found at $6,500 and $9,200.
- The price has been following a steep ascending support line since the March 13 bottom.
Bitcoin Billionaire Tyler Winklevoss Slams YouTube Censorship
YouTube has recently come under intense criticism for allegedly censoring any content that is critical of the World Health Organization’s mishandling of the COVID-19 pandemic. And now it turns out, the Google-owned video-sharing platform is also actively removing any video critical of the nationwide lockdown in the U.S.
Lending support to these criticisms, serial entrepreneur and Bitcoin billionaire, Tyler Winklevoss, tweeted earlier today that the situation has got to the level that he has now started to forget which country he lives in.
These 4 Altcoins Could Soon Initiate Upward Movements
In this quick analysis, we discuss the following four altcoins that have been showing a high breakout potential as of late: Contentos (COS), Vibe (VIBE), Ethereum Classic (ETC), Origin Protocol (OGN).
- COS has been showing signs of a reversal but is still following a descending resistance line.
- VIBE is following a descending resistance line and has yet to show any signs of a reversal.
- ETC has fallen below an important support level and the 200-day MA.
- OGN has created a triple-bottom and looks primed to break out from its descending resistance line.
BitMEX Being Sued in the United States
BitMEX has found itself on the receiving end of a new controversy after a complaint was filed against the exchange in the U.S. District Court for the Northern District of California, San Francisco Division. The plaintiff also accused BitMEX of manipulating its trading venue and deliberately freezing services to cause the maximum liquidation during high volatility.
Ethereum (ETH) Braces for a Downward Move
Since beginning an upward movement on Jan 13, Ethereum has been following an ascending support line. However, the price broke down from this line on May 5 and has unsuccessfully tried to move above it since. This is a bearish sign that suggests that the price has failed to sustain its upward movement and will soon decrease.
The post Cryptocurrency News Roundup for May 18, 2020 appeared first on BeInCrypto.
