Bitcoin & Ethereum: resistances still cover prices

The courses of Bitcoin and of Ethereum remain covered by technical resistance, in one crypto market overall calm compared to other asset classes.

Key technical factors of the article:

• The crypto market is fairly waterproof against the shocks of other asset classes, US crude oil delivery in May fell negative yesterday. The proximity of halving BTC seems to support.
• From a technical point of view, the bitcoin price and of Ethereum however failed to overcome their major resistance. Let's do the technical point.

The Financial market volatility has rebounded since the start of the week, in particular on risky assets. The stock market and industrial raw materials are re-entering a bearish phase, after a month of technical rebound in European and American stocks.

In the raw materials market, it’s the oil compartment which experienced a historic shock yesterday, with a future Texas crude oil contract which closed in negative on the May deadline.

Huge quantities of crude oil being delivered face a disappearance of demand, the brutal economic shutdown of Western economies has removed all intrinsic value from black gold which is highly perishable in raw format. The Bitcoin price has shown itself to be tight against the fall of oil below zero, there is no correlation between these two markets.

It is true that the BTC no longer really has the right to make mistakes, especially after the fall in prices between $ 10,000 and $ 3,850. The mining activity represents a cost, the incompressible part of which is generally around $ 5,000. The average breakeven point is more around $ 7K, so a new bearish shock on the BTC would be a disaster for the crypto market.

We are now just over three weeks away from Bitcoin's fourth halving. Falling prices represent the sword of Damocles that the crypto industry cannot tolerate. In the immediate future, the price of Bitcoin and first-tier altcoins have moved to the standby position, a neutral market sequence which is deployed below the levels of major resistance, namely $ 7,200 for BTC and $ 190 for ETH. . As long as these resistances are not overwhelmed, the economic risk is present. These are the institutional capital flows, and only they, who have the hand to shelter the miners by halving. Between the support at $ 6,500 and the resistance at $ 7,200, the uncertainty remains.

Bitcoin price with Ichimoku system daily and weekly

Follow Vincent Ganne on Trading View for further analysis on the financial markets. The technical thresholds and the trend indicated above are based on the technical approach "price, momentum, sentiment, ichimoku". The data come from Bitstamp and the graphics of TradingView. You can consult the history of our technical points on cryptocurrencies in click here.

This content is provided for informational purposes only and does not constitute an investment recommendation. We remind you that theinvestment in crypto assets, including Bitcoin, is extremely risky. Cryptocurrency prices are prone to large and unpredictable price swings.