In 2017, JPMorgan CEO Jamie Dimon called bitcoin a dangerous fraud, threatening his employee to be “fired in a second” if any trader who touched the stuff. “If you’re stupid enough to buy it, you’ll pay the price for it one day,”
After making this incenting statement that tumbled the crypto industry, the financial institution now welcome Bitcoin open heartedly.
JPMorgan Chase is preparing to offer an actively managed Bitcoin fund to certain clients, becoming the latest, largest financial institutions in the lites of PayPal.
From a fundamental perspective, this fuel Bitcoin and Altcoins to recover quickly from the last week dip.
The total market capitalization climbed back to $2.09 trillion yesterday.
BTC price cooled off the massive sell-off on 22nd April with consolidation for two consecutive days with a range bound of $48953.42 and $51347.04.
Previous day session saw BTC price printed a double bottom and also a long tail doji candle as rejection for the price to the downsize.
Yesterday, BTC opened the trading with strong engulfing candle that broke the EMA crosses and 20-day SMA simultaneously during the Asian session.
Crypto enthusiast got optimistic and loaded up more buy pressure to propel the digital asset to tap into $54261.29 lower part of the range structure built on 18th and 20th of April.
RSI downtick to face south as traders booked for profit at press time. In the next few sessions, the bulls will need to increase their buying pressure to flip BTC price above the 100 EMA to retest the overhead resistance at $56593.43.
But from a bearish perspective , if the bear defend $54261.25 and the first 4hour of the Asian session printed an evening star candle , this indicate a bearish signal for correction of yesterday moves to the upside. BTC could fall to retest $51479.41 to gain volume.
LTC price printed a fallen wedge triangular market pattern with lower highs and lower lows. After the last week sell-off, LTC followed suit with BTC to create a solid consolidation zone.
Yesterday trading session saw LTC rise to the upside with a strong bullish engulfing candle as the buying pressure intensified during the Asian session.
The bulls broke the EMA crosses which acted as a dynamic resistance in previous session and meander on the upper band of the Bollinger band at an intraday high of $254.43.
At press time, LTC price got pulled back due to a psychological level (a broken support) of $254.43.
The charkin money flow index registered out low of cash as traders booked for profit and this index downtick to the south for corrections of yesterday moves. The bulls will need broader market support to thrust LTC price above the resistance of $254.43 in other to lift LTC price above the fallen wedge pattern. Uptrend will resume if the bulls break the overhead resistance of $280.14 in the next few sessions.
QTUM made 78.6% Fibonacci retracement after it rallied to April’s all time high of $20.90. This correction was made as the broader market were in red sea last week.
Yesterday, QTUM price broke out of two days consecutive consolidation with a range bound of $11.45 and $12.97 to the upside. The bulls made a parabolic move to retest $14.820 key price range.
The Bollinger band diverged as a sign of bullish sentiment towards the QTUM. The EMA crosses and the 20-day SMA trail with price action as a dynamic support.
In the day ahead, a breakout of the key price range at $14.82 will result to QTUM rally back to the all-times high of $20.90.
But on the contrary , the charkin flow index lies on a key index of 0.1414. If this index flips lower, this means traders are cashing out and could result to plunge of QTUM to revisit $13.20 upper part of previous consolidation zone.