DAILY CRYPTOCURRENCY NEWS

Financial Stability Report from European Central Bank

In the Financial Stability Report published by the European Central Bank last week, it was stated that the risks arising from crypto assets in financial institutions are limited.

US CCO Comments on Cryptocurrencies

US CCO has stated that they will review the crypto assets guides and will support the innovative developments. The Innovation Office has reviewed the frame of the national banks and accepted cryptocurrency storage as a part of banking.

US Congressman Comments on Legislation

U.S. Congressman Jim Himes says that they are not ready to introduce a cryptocurrency legislation anytime soon, as the lawmakers lack a deep understanding of cryptocurrencies.

Russian Lawmakers Move to Allow Crypto Payments Under Contracts

The State Duma is now working on amendments that will lift the barriers before using cryptocurrency as a contractual means of payment. Russia has earlier forbidden the use of cryptocurrencies for purchasing products and services.

Beijing Pressure on Crypto Mining in China

While the latest bans imposed by China, where 70% of the total mining is carried out, cover both the cryptocurrency mining and the crypto investment. With these bans Beijing is considered to lose its power in the crypto world against other countries.

One River Filed a Carbon Neutral BTC ETF

Digital asset hedge fund One River has announced that it has applied to the SEC to create an exchange traded fund that includes purchasing carbon credits to make Bitcoin carbon neutral.

Goldman Sachs Head of Digital Assets Comments on Bitcoin

Goldman Sachs Head of Digital Assets McDermott has stated that Bitcoin has not still fully adapted and carries some risks specific to it. McDermott has also added that Bitcoin is an investment instrument especially adopted by the customers.

A New Institutional Investor to Bitcoin

American IT company Globant of $8.6 billion value has announced that it has made a total of $500,000 BTC purchase in the first quarter of 2021.

Kimchi Premium in South Korea

Cryptocurrencies like BTC have been experiencing “kimchi premium” once more. Bitcoin is priced 8% higher than its global price.

 

DAILY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 353048.73 TRY

Bitcoin is pricing at $38,400 this morning with a horizontal change. The entire news flow seems to have been absorbed in this zone, as both prices and investor morale have declined, following the heavily negative and overlapping news flows. However, with the participation of new institutional investors in the crypto money market, the market's appetite for risk may increase again. However, for this, the $42,000 level must be permanently exceeded. Bitcoin's withdrawal volume tested the highest in 14 months. However, Globant, a new institutional investor, announced that he had bought $500,000 Bitcoin.

When we consider BTC/USDT technically, the market started to think that this is the bottom after holding on to the major trend that has existed since March 2020. In addition, the downtrend in the 4-hour period has been broken and BTC moving above the Bollinger middle band may continue its reaction up to the Bollinger upper band of $42,400 if the right moves come. Likewise, the starting recovery on the 4-hour charts finds support with momentum. Progress is horizontal but open to upward reactions; Support points are still important in retreats, and market tranquility is not yet complete.

RESISTANCES 40.431 / 42.640 / 45.333
SUPPORTS 35.529 / 32.836 / 30.627

BITCOIN [BTC] 353048.73 TRY +7.00 +0.03 VOL 21 BTC

ETHEREUM [ETH] 24600.73 TRY

Ethereum is trading behind the $2,600 level this morning. ETH, which has been reacting fast since yesterday's low level of $1,730, has gone from the bottom to its current level by 60%. The market weight of ETH, which is 18.4% in terms of dominance, and the holding of BTC can positively reflect on the markets and this movement can spread to the others. In addition, while the number of ETH in wallets increased, the number of wallets with at least 0.1 ETH broke a record. In the period when Bitcoin was introduced to be sold to stock exchanges, the amount of ETH, which is believed to be a future project, decreased to the lowest level in 4 months. Goldman Sachs also made claims in its latest report that Ethereum will surpass Bitcoin. For this reason, the hype of ETH is increasing.

When we consider ETH/USDT technically, after the break of two minor downtrends, the last two descending trends remain. The breakdown of the $2,760 and $3,400 levels, respectively, is important for the breakdown of these trends from the $4,300 and $4,170 levels. If the current level of $2,650 is not broken, the current band will be $1,960-2,650 with Fibo'23.6 and ‘38, 2 slices. Progress is positive, but being at the point of resistance may bring some retreat.

RESISTANCES 2841 / 3117 / 3484
SUPPORTS 1554 / 1830 / 2197

ETHEREUM [ETH] 24600.73 TRY +7.00 +0.03 VOL 21 ETH

AVALANCHE [AVAX] 319.63 TRY

AVAX fell below the $14 level yesterday, negatively impacted by the market's performance for the past two weeks. If it is remembered, the rise in the price that started in this zone in February had reached the level of 60 $. AVAX, which diverged positively from the general market outlook this morning, is rising above 3%. Technically, the general story of the market about AVAX can be repositioned if the AVAX that creates the V formation can go above $25. Along with tweets from AVAX's executives, ETH comparisons and new collaborations could also fundamentally support the return of AVAX.

After the technically formed V formation, the level of $22.60 should be exceeded. AVAX responded 67% since the trough it tested yesterday. The $19.95 and $18.90 levels are in support in the pullbacks. In the uptrends, the $25.10 level should be broken. The look is in the direction of reaction.

RESISTANCES 20,90 / 23,25 / 26,00
SUPPORTS 10,69 / 13,05 / 15,79

AVALANCHE [AVAX] 319.63 TRY +7.00 +0.03 VOL 21 AVAX

RIPPLE [XRP] 8.23 TRY

Ripple, which we see moving sideways in the morning, is priced at $0.99 levels. Ripple saw levels of $0.65 with market declines, hitting $1.05, up 63% since the low of about yesterday. Ripple will respond to the document given by the SEC today regarding the excessive involvement of the defendants in the case and the relevant document will be submitted to the case. A positive opinion of the judge for Ripple on this issue may support the upward movement of the price.

When we consider the XRP/USDT parity technically, XRP, moving in line with the decreasing trend, tested $0.69, which corresponds to the Fibo'200 correction level on May 23, and with support found and found support, it closed daily above $0.88, which corresponds to the Fibo'161.8 slice, and $0.992, which corresponds to the Fibo'141.4 slice. After this close, XRP, which rose to $1.06, which corresponds to the Fibo'127.2 zone, experienced a retreat from these levels. XRP, which closes daily on the 7-day DEMA, is priced close to the 14-day DEMA value of $0.0996. In case of persistence at these levels, we think that bullish movements will be seen towards the $1.20 levels, which corresponds to the Fibo'100 slice.

RESISTANCES 1,0928 / 1,2020 / 1,3465
SUPPORTS 0,5854 / 0,6946 / 0,8391

RIPPLE [XRP] 8.23 TRY +7.00 +0.03 VOL 21 XRP

LITECOIN [LTC] 968.62 TRY

Litecoin is pricing around $179 this morning, with a loss of about 3%. When we look at the chain data for Litecoin, which started to rise with the general recovery in the markets, we see that the number of active and new addresses increased with the recovery in the price. In the cryptocurrency market, which gives a return signal, LTC has again attracted the attention of the investor.

When we consider LTC/USDT technically, it has reached to $194 today, rising 67% from the bottom level with the rebound dominating the market from $117, which was the bottom level it saw on May 23 yesterday. When we check the metrics for the 4-hour period of LTC, which has found itself above the $168 level, which is the Fibo'100 zone, with support from the $131 levels, which is the Fibo'127 zone, we see that they confirmed the upward movement by breaking the falling trends of the MACD and momentum. We expect the upward movements towards the upward trend shown on the chart to continue. We see $168, the Fibo'100 slice, as support in possible retracements.

RESISTANCES 201,29 / 221,56 / 248,13
SUPPORTS 107,61 / 127,88 / 154,45

LITECOIN [LTC] 968.62 TRY +7.00 +0.03 VOL 21 LTC

LINK is pricing at $25.8 this morning, with a loss of about 2.5%. With the recovery throughout the market, it rose to $27.00 from the low of $15.00 on May 23, with reactions. When we look at chain data, the number of addresses with a balance greater than 0 reached the peak level, this metric shows us that many investors' interest in LINK has been renewed with the recovery in prices. However, despite the decline in the markets, Grayscale purchased 856 new LINKs in the last 24 hours. We think the institutional investor side sees the price drop in LINK as an investment opportunity.

When we consider LINK/USDT technically, LINK started its uptrend with the support it received from the $16 levels corresponding to the Fibo'78.6 slice yesterday, and broke the upward trend from the lows of March and December 2020 from the $22 levels yesterday. Continuing its upward movement with this break, LINK saw a reaction from the $26.30 level, which corresponds to the Fibo'127.2 slice and continues to price just below this level. Breaking the downtrend in momentum upward on May 23 in the 4-hour period, LINK broke the downtrend in the MACD yesterday. If the $26.3 upward break, which corresponds to the Fibo'127.2 slice priced just below, is broken, we think that the movements will continue towards the $37 level where the downtrend is indicated in green on the chart. On the bullish side, $30.00, which is the Fibo'141.4 zone and $37.2, which is the Fibo'161.8 zone, are the resistance levels to be followed. In case of withdrawals that may be experienced, the rising trend passing through the band of $23.00-22.00 is read as a support point.

RESISTANCES 28,30 / 30,96 / 34,53
SUPPORTS 15,84 / 18,50 / 22,07

BASIC ATTENTION TOKEN [BAT] 5.52 TRY

Basic Attention Token is priced at $0.714 this morning, with a loss of about 1%. Although there has been a decline in the markets in the past weeks, when we look at the chain data for BAT, we see that there is an increase in the number of addresses with a balance greater than 0 during this decline. This shows that investors' interest in BAT continues despite the market conditions.

When we consider the BAT/USDT parity technically, BAT, which returns to pricing within the main descending channel with the reaction it received from the sag area parallel to the descending channel we mentioned yesterday, is priced close to the channel sub-band. It closed daily above $0.669, which is the Fibo'78.6 slice, with support from the sag area yesterday. In case of persistence above this level, we anticipate that movements towards the channel middle band and the $0.88-0.90 band corresponding to the Fibo'161.8 slice will continue. Looking at the daily period, we see that momentum is about to break its downward trend. However, we think that the MACD histogram is dipping, that is, the downward movement has lost momentum and the upward movements may continue. In possible retracements, $0.699, which corresponds to the Fibo 0.78.6 slice, is seen as our first support level.

RESISTANCES 0,7981 / 0,8802 / 0,9874
SUPPORTS 0,4195 / 0,5016 / 0,6088

BASIC ATTENTION TOKEN [BAT] 5.52 TRY +7.00 +0.03 VOL 21 BAT

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