Pending the technical choice of BTC and Ethereum leaders

Credit: Bitcoin – Pixabay

The course of Bitcoin is waiting under $ 10K, the cryptocurrency market is suspended from the immediate behavior of the BTC leader.

Key technical factors of the article:

• The price of Bitcoin remains stuck to the resistance of $ 10,000, the open position on the futures market of the Chicago Stock Exchange is on its annual record.
• 76.70% is the combined weight of Bitcoin and Ethereum in terms of dominance. Their technical signals are put under high surveillance.

Will pass, will not pass? The cryptocurrency market has its eyes on the Bitcoin price, which remains in a waiting position below $ 10,000. My previous technical tickets for Cryptaut described the scope of this resistance, the BTC is in starting blocks mode, but the shot is not fired.

I think that an attempt to overtake will take place, but it may remain futile in the end. The key still lies in institutional capital, whose open position is in its annual record on the options and future BTC market on the Chicago Stock Exchange.

Bitcoin price in Japanese candles daily

The next weekly (May 24) and monthly (May 31) closings will set the tempo for all of summer 2020. A bullish technical breakout with volume and on the way for $ 14K, a bearish rejection again and the BTC will remain in the range between $ 8,500 and $ 10K. The technical challenge is therefore simple, we must now make a choice.

The graph below shows the relative weight of each cryptocurrency within the total cryptographic market capitalization, this is called dominance. In terms of dominance, the combined weight of BTC and Ethereum reaches 76.70% of the entire market, these are the two locomotives, nothing will be done without their technical choice.

The pivotal technical thresholds are $ 10,000 and $ 220, respectively BTC and ETH. If "it passes", we can expect a global bullish surge in cryptos. If not, summer will be bleak for this asset class. More on the next article on Friday.

Dominance cryptocurrency market – tradingView source

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.

This content is offered 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.