Ethereum Classic Price Analysis — May 31

Azeez Mustapha
31 May 2021 | Updated: 31 May 2021

Ethereum Classic (ETC) and other cryptocurrencies have had a very rocky price action over the past few weeks following crackdown actions by the Chinese government on the crypto space and Tesla’s decision to stop accepting Bitcoin as payment.

Meanwhile, the United States financial authorities are taking a more active stance in regulating the cryptocurrency industry as concerns for investor protection grows.

The new government stance is a break away from the Trump administration’s, which was generally friendlier to the crypto industry. However, these efforts could take a while to produce meaningful progress as US regulators parse who has the legal authority to oversee this volatile industry.

In a recent interview with the Financial Times, Michael Hsu, the acting Comptroller of the Currency, noted that he is hopeful that the US officials work cohesively to develop a “regulatory perimeter” for cryptocurrencies.

Hsu stated that:

“It really comes down to coordinating across the agencies,” said Hsu, who heads the Treasury Department bureau that oversees national banks. “Just in talking to some of my peers, there is interest in coordinating a lot more of these things.”

The US has organized a meeting of an inter-agency crypto “sprint team,” involving the office of the Comptroller of the Currency, the Federal Reserve, and the Federal Deposit Insurance Corporation.

According to Hsu, the objective of this team is to “put some ideas in front of the agencies to consider” as they try to keep up with the ever-growing crypto industry.

Key Ethereum Classic Levels to Watch — May 31

After breaking out of its recent descent in the previous market crash, Ethereum Classic fell into a prolonged consolidation between $80 and $70. However, after a few days, ETC fell below the consolidation range and entered another consolidation range between $70 and $60.

ETCUSD – Hourly Chart

The cryptocurrency faces the task of climbing back above the 200 SMA at $68.50 over the coming hours. While we could see a modest bullish rally emanate from a break above the 200 SMA line, failure to break would send ETC into more consolidation and lower consolidation areas.

Meanwhile, our resistance levels are $70.00, $75.00, and $80.00, and our support levels are $65.00, $60.00, and $55.00.

Total Market Capitalization: $1.62 trillion

Ethereum Classic Market Capitalization: $7.91 billion

Ethereum Classic Dominance: 0.49%

Market Rank: #19

 

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Pound, Dollar Weaken As Australian Dollar Held Steady Before RBA Statement

Azeez Mustapha
31 May 2021 | Updated: 1 June 2021

Since the United States and the United Kingdom are both on vacation, trading has been pretty quiet. The pound is slightly weaker, followed by the dollar and the Swiss franc. The Australian dollar, on the other hand, is slightly rising ahead of the RBA’s rate statement in the Asian session.

The central bank is unlikely to change its forward guidance, which states that the prerequisites for a rate hike would not be met until 2024 at the earliest. However, the Aussie could be caught off guard by a hawkish bombshell.

In terms of technical analysis, the 0.7673 support in the AUD/USD pair will be the primary priority in the approaching session. Analysts predict the advance from 0.7530 to begin sooner or later as long as this support prevails.

If the 0.7890 resistance is broken, the primary buying impulse should be reinforced, allowing for a test of the 0.8004 high. If such transpires, it should be supported by a breach of 1.5723 slight support in EUR/AUD, which would lead to a further drop to 1.5418 floors.

RBA’s Controls May Remain Unaltered

Bloomberg predicts that the Reserve Bank of Australia (RBA) will keep its policy settings unchanged at its monetary policy meeting on Tuesday. “The Reserve Bank will likely hold preliminary discussions on whether to prolong the three-year yield target and execute further quantitative easing,” the analytical article added.

Bloomberg adds that “the strength of recent economic data implies the central bank may choose not to roll its yield target maturity to November 2024 from April 2024 and trim purchases under its longer-dated bond-buying program,” citing the central bank’s recent economic statistics.

The report also mentions the risk to the RBA’s recent guarded optimism, stating, “A commitment to this dovish posture is maintaining a lid on any currency rise, especially if other central banks pivot.”

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Bitcoin Cash (BCH) Rebounds above $500 Support, Resumes up Trending

Azeez Mustapha
31 May 2021 | Updated: 31 May 2021

Key Highlights
BCH recovers from a downtrend above $467
The altcoin resumes a fresh uptrend

Bitcoin Cash (BCH) Current Statistics
The current price: $696.72
Market Capitalization: $14,604,040,003
Trading Volume: $14,604,040,003
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis May 31, 2021
On May 23, Bitcoin Cash fell to the low $467 as bulls bought the dips. The altcoin has recovered from its downtrend but the upward move is stalled at the $800 high. Since May 24, BCH has been compelled to a sideways move below the $800 resistance. On the upside, if the bulls break the resistance at 800, the coin will rally to $1,000 high. Presently, BCH is rising to retest the resistance at $800 high.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The coin has risen to level 42 of the Relative Strength Index period 14. The crypto is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

BCH/USD -4 Hour Chart

Conclusion
Bitcoin Cash has recovered from the bear market. The uptrend is facing a major resistance at $800 high. Meanwhile, On May 24 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that BCH will rise to level 1.618 Fibonacci extension or level $973. 54


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EURUSD Daily Volatility Continues Around 1.2200 Amid US Bank Holiday

Azeez Mustapha
31 May 2021 | Updated: 31 May 2021

EURUSD Price Analysis – May 31

On Monday, the EURUSD trades in a limited range as daily volatility continues around 1.2200. Despite a broad-based stabilization in global markets and a lack of volatility following the US markets’ inactivity due to the Memorial Day weekend, the single currency trades without a clear direction.

Key Levels
Resistance Levels: 1.2413, 1.2350, 1.2266
Support Levels: 1.2150, 1.2100, 1.2050
EURUSD Long term Trend: Ranging
Last week, the EURUSD reached new 4-month highs nearing 1.2270 before sellers pulled it down to the 1.2130 zones, where there has been some solid contest thus far. As of now, the pair is up 0.07 percent at 1.2200, with the following resistance levels being 1.2266 (monthly high May 25), 1.2300 level, and lastly 1.2349. (2021 high Jan.6).

A break below 1.2132 (low May 28) would target 1.2051 low of May 13 en route to 1.1985 on the other hand. In a broader sense, the EURUSD is expected to maintain its bullish bias as long as it trades above May 5 lows at 1.1985 sitting at the confluence of the horizontal support line and ascending trendline.
EURUSD Short term Trend: Ranging
The EURUSD intraday bias has shifted to neutral, with the 4-hour Relative Strength Index remaining above its midpoint. On the downside, a strong break of the 1.1985 support level should establish that the consolidation pattern that began in 1.2348 has entered its third phase.

The price would then drop much more, returning to the 1.1703 support level. Above 1.2266, however, the rally from 1.1703 will resume, with a retest of the 1.2349 high. The short-term bias is bearish, although any drop is unlikely to reach the main support zone near 1.1850. On a shorter-term basis, May’s low near 1.1985 is already a solid support level.

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Sichuan Energy Authorities Convene to Discuss Cryptocurrency Mining

Azeez Mustapha
31 May 2021 | Updated: 31 May 2021

Recently, the Chinese government has gotten more conscious about the cryptocurrency economy, with a lot of attention focused on Bitcoin mining operations.

The Chinese government has stated its plans to get the country to carbon neutrality by 2060 and capture a good percentage of this neutrality by 2030.

That said, many crypto-based companies have begun halting services to mainland China, following a few meetings from the Chinese Financial Stability Board. Some crypto-based companies that have cut ties with China include Huobi, Btc.top, Hashcow, and OKEx.

A new report shows that the Sichuan Energy Regulatory Office has scheduled to meet next week to discuss the implications of Bitcoin mining operations. A columnist from the state-backed media house the Global Times stated that:

“The Sichuan Energy Regulatory Office announced on Thursday that the office [would] hold a meeting on June 2 to fully understand the situation of crypto-currency mining activities in the southwestern province, which is required by the National Energy Administration.”

A reporter in the region, Colin Wu, recently tweeted that there are “rumors that China will introduce a crackdown policy on Friday night.

However, these rumors got dissipated as the minutes from the Sichuan Energy Regulatory meeting got publicized. Projections show that the Sichuan province and Xinjiang region in China are the most concentrated Bitcoin miners areas.

Cryptocurrency Mining Pools in China Accounts for 66% of Global BTC Hashrate

As of yesterday, the Bitcoin network’s hashrate hovered above the 165 exahash per second (EH/s) mark. Statistics show that the top mining pools with the highest hashrate emanate from China.

Currently, the top mining pools dedicating the most hashrate to the Bitcoin network include F2pool, Antpool, Viabtc, Btc.com, and Poolin. The large mining pools situated in China account for about 66% of the global Bitcoin hashrate.

 

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US Oil Validates Its Breakout!

Olimpiu Tuns
31 May 2021 | Updated: 31 May 2021

US Oil decreased a little in the short term but the outlook remains bullish. It has decreased to test and retest the immediate support levels before jumping higher. Technically, the breakout above the near-term strong resistance levels signaled a potential further growth.

Still, the rate could move sideways before resuming its upwards movement. The US Oil rallied after the US Crude Inventories release on Wednesday. The economic indicator dropped from 1.3M to -1.7M much below -1.0M expected.

US Oil H4 Chart Technical Analysis!

US Oil has increased as much as 67.49 on Friday failing to reach the 67.94 higher high. Still, the rate has taken out strong resistance levels, that’s why the price could resume its growth.

It has finally managed to stabilize above 66.68 static resistance and outside of the descending pitchfork’s body. I’ve told you in the live sessions or in my previous analysis that an upside breakout through the UML could confirm an upside continuation.

Now it has decreased to retest the 66.58 and the ascending pitchfork’s median line (ml). Staying above these levels and registering a new higher high could really signal potential growth.

Conclusion!

Its breakout above 66.58 and through the upper median line (UML) could signal more gains ahead. It could increase as long as it stays above the ascending pitchfork’s median line (ml).

 

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Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.

EURUSD’s upside capped by Friday’s highs

Avatar
31 May 2021 | Updated: 23 July 2021

Key Support: 1.2180
Key Resistance: 1.22 – 1.2235 – 1.2260

The EURUSD dipped last Friday’s on some very bullish USD momentum pre NY open to test the long term bullish structure and the previous week’s lows.

The USD remains very much fundamentally under pressure and last Friday the DXY faked out of a massive resistance zone and printed a big daily rejection candle closing the week back inside the mid term bearish structure.

We are looking for further bullish momentum here but in order for our setup to be valid we need price to break Friday’s highs. Should this scenario play out we could be looking at a retest of last week’s highs around the 1.2260 level.

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Bitcoin SV Price Awaiting a Breakout

Azeez Mustapha
31 May 2021 | Updated: 31 May 2021

Bitcoin SV Price Analysis – May 31

When the bulls increase their pressure, the resistance level of $171 may be penetrated and there may be an increase to $198 and $217 price level. Should the support level of $152 hold, ranging movement may continue, however, the support level below the current price are found at $152, $134,and$115.

Key Levels:

Resistance levels: $171, $198, $217

Support levels: $152, $134, $115

BSV/USD Long-term Trend: Ranging

Bitcoin SV is ranging on the daily chart. The bearish trend that commenced on May 12 with the formation of strong bearish engulfing candle has placed the coin at the low of $152 support level. The mentioned level holds and the bears’ pressure could not penetrate the level downside. The bulls’ momentum is weak and further price increase is interrupted.

BSVUSD daily chart, may 31

The price retain its trading below the 9 periods EMA and the 21 periods EMA as a sign of bearish momentum. When the bulls increase their pressure, the resistance level of $171 may be penetrated and there may be an increase to $198 and $217 price level. Should the support level of $152 hold, ranging movement may continue, however, the support level below the current price are found at $152, $134,and$115.

BSV/USD Medium-term Trend: Ranging

Bitcoin SV is on the ranging movement on the medium-term outlook. When the price decreased to the support level of $152, the bears lose the momentum and further price decrease was halted. The price could not continue a bullish trend because of low bullish pressure. The price commenced consolidation movement on May 25 and it may continue until there is a breakout.

BSVUSD 4hour chart, May 31

The price is trading over and around the 9 periods EMA and 21 periods EMA which indicate that consolidation is in progress. The relative strength period 14 is displaying a bullish signal above 40 levels. You can purchase crypto coins here: Buy coins

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Azeez Mustapha

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NASDAQ100 (NAS100) Fluctuates between Levels 13000 and 14000, Faces Resistance at Level 13800

Azeez Mustapha
31 May 2021 | Updated: 31 May 2021

Key Resistance Zones: 14000, 14100, 14200
Key Support Zones: 13400, 13300, 13200

NASDAQ 100 (NAS100) Long-term Trend: Ranging
NAS100 is in an upward move. The index has been facing rejection at level 14000. The current upward move is facing resistance level 13800. In the previous price action, the bulls were resisted twice at the resistance of 14000. The index slumped to level 13000 and resumed an upward move. The index price has broken above the moving averages suggesting a further upward move.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
NAS100 has risen to level 55 of the Relative Strength Index period 14. It indicates that the index is in the uptrend zone and above the centerline 50. The 50-day SMA and the 21-day SMA are sloping horizontally indicating the sideways move. The index price is above the moving averages which indicates a further upward move.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. Meanwhile, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will rise to level 1.618 Fibonacci extension or level 13959.03.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below the 80% range of the daily stochastic. It indicates that the index is in a bearish momentum. This is contrary to the price action as price is moving upward. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
The NAS100 index is in an upward move. The uptrend is facing resistance below level 13800. Since February, the market has been facing resistance at level 14000. The current uptrend will resume if the resistance is breached.


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NZD/USD Faces Rejection at Level 0.7300 as Kiwi Finds Support aboveLevel 0.7220

Azeez Mustapha
31 May 2021 | Updated: 4 August 2021

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Ranging
Since April 28, NZD/USD is in a sideways move. On February 28, the bulls were repelled at the 0.7300 resistance as the market declined to level 0.7212. The pair is making another upward move at the recent low. Meanwhile, on May 26 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.618 Fibonacci extension or level 0.7412. The Kiwi may reach the recent high if the resistance at 0.7300 is breached.

Daily Chart Indicators Reading:
The Kiwi is at level 54 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the Kiwi is also in a sideways trend below level 0.7300. Meanwhile, On May 26 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will rise to level 61.8 Fibonacci extension or the high of level 0.7370.

4-hour Chart Indicators Reading
The pair is above the 30% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend. The Kiwi price has a bullish crossover as the 21-day SMA crosses above the 50-day SMA.

General Outlook for NZD/USD
The NZD/USD pair is range-bound below the 0.7300 overhead resistance. The pair will resume upside momentum once the resistance at level 0.7300 is breached. Otherwise, the range-bound movement will linger on.


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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.