Crypto Market Strategy & Weekly Research – 17 May 2021

Posted on May 17, 2021 in Articles, Market Movements
Crypto Market Strategy & Weekly Research – 17 May 2021
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Total Crypto Market Capitalization

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The overall digital asset market showed a significant movement in the past week with a wide range of oscillation and lower momentum. This distribution phases represents the movement of fund flow from one group to another. Investors should be cautious and have an emergency reserved plan in the case that the market responded in an unexpected way.

Total Crypto Market Capitalization (Excluding BTC)

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Total Crypto Market Capitalization (Dominance %)

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DeFi Index Perpetual Futures

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Crypto News

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Non-Farm Payrolls

Nonfarm Payrolls (NFP) in the US rose only by 266,000 in April, according to the US Bureau of Labor Statistics. This reading followed March’s increase of 770,000 (revised from 916,000) and missed the market expectation of 978,000 by a wide margin.

Consumer Price Index (CPI)

United States Department of Labor (DOL) releases the CPI on 12 May 2021.

Zipmex crypto news

On May 11, 2021, the Brooker Group Public Company Limited or “BROOK” issued the document. “Voluntary Disclosure of Investment in Digital Assets” with the Stock Exchange of Thailand, saying that BROOK and its subsidiaries invested in bitcoin in 1Q2021 for US$ 122.3158, valued at approximately US$ 6.6 million and may invest up to US$ 48 million or approximately THB 1,500 million, to diversify their investment beyond BTC.

A digital asset division has been established with the aim of the digital asset plan is to explore new ways of business creation.

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On May 13, 2021, Tesla’s CEO, Elon Musk tweeted that Tesla has suspended payments for cars with Bitcoin due to energy consumption for bitcoin mining and other transactions, but still believe that crypto investment is a good investment for the future. Tesla will not be selling any bitcoin and intend to use if for transactions as soon as the energy consumption for mining transaction become more sustainable. Tesla is looking into other cryptocurrencies that use less than 1% of Bitcoin’s energy transaction. 

Crypto Insight

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Crypto Compare

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Technical Signal Trading

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Bitcoin Strategy

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Technical analysis for BTC is bearish as failures to move through the week’s pivot level could potentially delivery another week of losses. BTC continues to test the resistance levels of the EMA Bands multiple times in both the medium-term and long-term. Despite its potential growth in the long-run, investors should be cautious as initial capital may be too high for entry at the moment. It is reasonable to wait until there is a deeper support line. 

Ethereum Strategy

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Ethereum continues to gain interest as popularity in DeFi increases. The price at the lower frame is much wider – this indicates a rapid adjustment upwards, such fast increase is not always a good sign. The trailing stop is established where the resistance and support levels meet at 3,600 ETH/USD. However, 1,975-2,000 ETH/USD is also another support level to be considered. 

Ripple Strategy

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XRP is currently forming an average cost (triangle formation). This formation indicates the possibility of the price breaking through both ceiling and floor. If the price breaks through the veiling, investors can buy and then sell at the target price. If the price decreases, there is no need to take action – investors can wait and see. 

Litecoin Strategy

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There is a significant fluctuation in terms of range within channel uptrend for LTC during the past week. Investors should be cautious as if the price breaks through the bottom of the channel and EMA Bands – this is a strong sell signal and means this uptrend has come to an end. 

Gold Strategy

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The price of Gold tests the resistance level at 1,800 GOLD/USD due to various economics factors.  Inflation in commodity prices and potential increase in interest rates. This has led many investors to look for alternative assets such as gold. Although there is a high change of price increase, the RSI indicator shows a movement from oversold to overbought. Therefore, the formation of the price to find average cost is better than breaking through the resistance zone. 

Strategy from ZIPMEX

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However, Zipmex will not take any responsibilities for the above analyses. Investors must realize that every investment is at risk.

Please use your own judgement when investing.