Bitcoin (BTC), Ethereum (ETH) & NEO (NEO) Price Analysis 2nd – 3rd June: Bulls Taking Control of the Market
After several months of price drops, Bitcoin looks set to rebound. This is quite clear in the weekly charts where it has broken above last week’s high of $6500. That’s an indicator that bullish momentum has returned to the market, and that bitcoin could be on a long-term bullish reversal.
It’s also noteworthy that this upside break is coming in an environment of low market volumes. This might well mean that after a 6-month bear run, the number of sellers in the market has declined, and new money in now chasing a very limited number of bitcoins.
A look at the day charts reveals a similar situation (early bulls). That’s because bitcoin has closed higher for the last 4 days in a row. That’s an indicator that buying momentum is on the rise.
On top of that, there is no clear resistance point to the upside, while the downside is firmly capped at $5700, which is a strong bullish signal.
For a more accurate buy entry with a 24-hour target, one needs to look at the 12-hour chart. On this chart, the buy signal looks fully confirmed. That’s because bitcoin (BTC) has clearly broken above the 55-day moving average resistance level. That’s an indication of strong bullish momentum.
For an entry with a 24-hour target, the value of this market, the next target to the upside is at $7600, which is the level at which, the price has lagged in the past.
Bitcoin (BTC)’s recent upside break has pushed up the rest of the market with it, including Ethereum (ETH). In the weekly charts, Ethereum has opened the week on a high, trading higher than last week’s close of $452. That shows that there is strong bullish momentum in Ethereum at the moment.
Looking at the day charts, Ethereum is a good buy. It has closed higher for 4 days consecutively, a sign that there is some serious buying momentum in the market, pushed mainly by the bullish sentiment in the entire crypto market.
To make an entry into Ethereum, the 12-hour chart looks set to grow, having broken clear from a 48-hour consolidation. This breakout is a signal that there is strong buying momentum in Ethereum. In the next 24-hours, Ethereum (ETH) could test $539, which is the first resistance level to the upside.
NEO (NEO) was one of the biggest losers in the last 6 month crypto bear run. However, it is making some major gains and could see its value skyrocket, now that bulls look set to take control of the market.
In the weekly charts, NEO (NEO) has closed way higher than last week’s close of $30.
NEO (NEO)’s upside break is clear, and it looks to test $56 on the 55-day moving average. This trend is confirmed on the 12-hour chart, where NEO (NEO) has formed three bullish candles, which is usually a clear bullish indicator. An entry at this level should have $40 as the first target in the next 24-hours.
Disclaimer: This content is for information purposes only and is not intended as financial advice or any other advice. It is not an offer or solicitation to buy or sell nor is it meant as an endorsement or recommendation for any security. The information is general in nature and does not take into account your individual financial position. You should seek advice from a registered professional investment adviser and undertake due diligence before making investment decisions.