Daily Pump & Dump | June 2, 2022 Crypto Market Report: BTC, ETH, ICP
02 Juni 2022 - 10:31PM
NEWSBTC
The daily pump & dump is a weekday update on the crypto
market providing you with an abbreviated breakdown of price
action related to Bitcoin, Ethereum, and other trending
altcoins. Today’s summary: Bitcoin retests $30,000 after a
rejection. Why is Ethereum lagging behind the rest of crypto? ICP
posts insane intraday rally. Bitcoin Retests $30,000, Can The Key
Level Hold? Bitcoin price was fiercely rejected from resistance at
$32,000, sending the cryptocurrency back to retest support at
$30,000. The fall took BTCUSD daily to the middle-Bollinger Band –
which is a 20-day simple moving average. Holding the line could
lead to further upside, while losing it suggests continuation of
downside. Bitcoin is trying to hold above the 20-day
SMA | Source: BTCUSD on TradingView.com A close above $32,000 is
now the immediate hurdle for bulls to overcome, while bears remain
within striking distance of new lows. Related Reading | Hammer
Time: The Bullish Signal That Could Save Bitcoin Ethereum Losing
Its Head (And Shoulders) Against BTC Compared to Bitcoin, Ethereum
isn’t performing as well. The top altcoin is not representative of
the state of alts as a whole, which have in some cases seen strong
recoveries today. Ethereum could head down further against
BTC | Source: ETHUSD on TradingView.com Upon closer inspection,
ETHUSD is far below the same middle-Bollinger Band and 20-day SMA
as Bitcoin on daily timeframes. The discrepancy is demonstrated in
the ETHBTC pair, which is at risk of further breakdown if
horizontal support is breached. Internet Computer Boots Up 20%
Rally One outlier across the market today is Internet Computer. The
Dfinity Foundation coin posted double digit gains on the
day. Much like Bitcoin is visually more bullish than Ethereum
considering price action and its location within the Bollinger
Bands, ICP looks the most poised for aggressive expansion. The
Bollinger Bands are a volatility measuring tool. When the bands
tighten, it indicates volatility will soon arrive. Closing outside
of the upper band isn’t always a bullish signal and can result in
reversal. If volume does arrive as price closes outside of the
upper band, a strong move higher is possible. ICP requires strong
volume to keep the recovery going | Source: ICPUSD on
TradingView.com The 20% intraday climb is to be expected given a
98% fall since its crypto market debut. At launch, it bid at more
than $500 per ICP putting the coin immediately in the top ten
cryptocurrencies by market cap. Related Reading | LUNA Aftermath:
Total Crypto Market More Oversold Than Black Thursday From a risk
versus reward perspective, returning anywhere near close to debut
prices from today’s price of $9 per ICP would represent nearly a
5,000% ROI or a 50x on the capital. This may be proving too
enticing to pass up. Follow @TonySpilotroBTC on Twitter or
join the TonyTradesBTC Telegram for exclusive daily market
insights and technical analysis education. Please note: Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com
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