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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Daily Pump & Dump | June 2, 2022 Crypto Market Report: BTC, ETH, ICP

Tony "The Bull" Severino
Tony "The Bull" Severino
2 years ago
3 mins read
crypto bitcoin Ethereum internet computer

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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 retests $30,000 after a rejection.
  • Why is Ethereum lagging behind the rest of crypto?
  • ICP posts insane intraday rally.

Bitcoin Retests $30,000, Can The Key Level Hold?

Bitcoin price was fiercely rejected from resistance at $32,000, sending the cryptocurrency back to retest support at $30,000.

The fall took BTCUSD daily to the middle-Bollinger Band – which is a 20-day simple moving average. Holding the line could lead to further upside, while losing it suggests continuation of downside. 

 

BTCUSD_2022-06-02_16-11-14

Bitcoin is trying to hold above the 20-day SMA | Source: BTCUSD on TradingView.com

A close above $32,000 is now the immediate hurdle for bulls to overcome, while bears remain within striking distance of new lows.

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

Ethereum Losing Its Head (And Shoulders) Against BTC

Compared to Bitcoin, Ethereum isn’t performing as well. The top altcoin is not representative of the state of alts as a whole, which have in some cases seen strong recoveries today. 

ETHBTC_2022-06-02_16-18-41

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

Upon closer inspection, ETHUSD is far below the same middle-Bollinger Band and 20-day SMA as Bitcoin on daily timeframes. The discrepancy is demonstrated in the ETHBTC pair, which is at risk of further breakdown if horizontal support is breached.

Internet Computer Boots Up 20% Rally

One outlier across the market today is Internet Computer. The Dfinity Foundation coin posted double digit gains on the day. Much like Bitcoin is visually more bullish than Ethereum considering price action and its location within the Bollinger Bands, ICP looks the most poised for aggressive expansion.

The Bollinger Bands are a volatility measuring tool. When the bands tighten, it indicates volatility will soon arrive. Closing outside of the upper band isn’t always a bullish signal and can result in reversal. If volume does arrive as price closes outside of the upper band, a strong move higher is possible.

ICPUSD_2022-06-02_16-20-54

ICP requires strong volume to keep the recovery going | Source: ICPUSD on TradingView.com

The 20% intraday climb is to be expected given a 98% fall since its crypto market debut. At launch, it bid at more than $500 per ICP putting the coin immediately in the top ten cryptocurrencies by market cap.

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

From a risk versus reward perspective, returning anywhere near close to debut prices from today’s price of $9 per ICP would represent nearly a 5,000% ROI or a 50x on the capital. This may be proving too enticing to pass up.

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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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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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