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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Daily Pump & Dump | May 31, 2022 Crypto Market Report

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
crypto market pump and dump bitcoin Ethereum

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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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 reclaims $30,000 over memorial day weekend
  • How Ethereum could lose its head against BTC
  • What’s going on with Cardano?

Bitcoin Makes Memorial Day Weekend Memorable

Over the US Memorial Day holiday, bulls took advantage of thin order books and low volume, pushing the price per BTC to more than $31,500 at close. Of note, the daily candle closed above the upper Bollinger Band. Bulls must stampede with high volume within the next 24 hours or are at risk of a pullback to at minimum the middle-SMA at around $29,766.

BTCUSD_2022-05-31_15-46-20

Will bulls follow through? | Source: BTCUSD on TradingView.com

A strong close above $32,000 could lead to continuation to targets between $34,000 and $38,000. Tonight is also the monthly close for BTCUSD. A close above $29,000 should keep the top cryptocurrency well above support, while closing above $33,000 would be a healthier sign of further recovery ahead.

Related Reading | LUNA Aftermath: Total Crypto Market More Oversold Than Black Thursday

Ethereum Losing Its Head (And Shoulders) Against BTC

The LUNA debacle has significantly hurt altcoin sentiment. The associated selloff and panic took many top altcoins down by 80-90% across the board. Ethereum held up well by comparison to other altcoins, dropping only 64%. Bitcoin fell 62% in total.

ETHBTC_2022-05-31_15-59-27

Ethereum could head down further against BTC | Source: ETHBTC on TradingView.com

The long-running outperformance on the ETHBTC trading pair could soon swing further in favor of the top cryptocurrency as BTC dominance strengthens. The ETHBTC trading pair also appears to exhibit a head and shoulders pattern at risk of confirmation and further breakdown. The target would be close to the 0.04 level.

Cardano Surges 40% In 48 Hours, But Why?

Knife-catching is never a recommended strategy, yet traders everywhere are regularly tempted by this high-risk technique. The reason is because there can be significant reward for getting it right. Cardano has been substantially oversold, falling a full 87% from over $3 to the 30-cent range.

ADAUSD_2022-05-31_16-01-29

Was the R:R too good to pass up? | Source: ADAUSD on TradingView.com

Because the altcoin was hit particularly hard, it now represents a strong risk versus reward setup. Bulls who missed their chance on the way up the last time around, could see another 8x if the altcoin revisits prices set late last year.

Related Reading | Hammer Time: The Bullish Signal That Could Save Bitcoin

Although the reward is high, so is the risk. During the 2018 bear market, after plummeting 90%, ADA then crashed another 78%. On Black Thursday, ADA reached one-cent.

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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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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