Bitcoin Moves Sideways, But Looks Set For A Moon Week

Bitcoin re-tested resistance on its way up to $60,000 and was pushed back to support. At the time of writing, BTC trades at $57,500 with sideway movement in the lower and higher timeframes.


Anonymous trader IncomeSharks has set support at $53,000 with $59,000 as an initial price target which BTC managed to reach. However, selling pressure on that mark appears high with a lot of retail investors still driving the price action.

In the coming days, trader Pentoshi expects BTC’s price to gain enough momentum to break resistance to the detriment of altcoins. As the trader stated, Bitcoin’s dominance could recover in the short term, after dropping below 50%:

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I think $BTC is going to break out in a big way this next week. 90 Day range PoC is confluence with all 4hr ema’s both acting as support. Last thing I want to do is be over-exposed on this move.

Analyst Willy Woo shares the same thesis and predicts a migration of capital from altcoins into BTC soon. As shown below, BTC’s dominance has entered a zone of “high probability” for a trend reversal, as Woo claimed.


Many investors wonder if BTC has reached a local top, as it did in January 2018 when a 3-year bear market began. However, Woo believes this cycle has different indicators with a lot of BTC switching from short-term investors to “strong holders”.


As seen above, in 2017 BTC had a parabolic run, and the number of coins held by short-term investors grew. The opposite has occurred in this bull run. As BTC’s price rises, the percentage of its supply going into long-term holders increases in an “unprecedented” fashion. Woo added:

No way are we entering a bear market. That’s obvious this week from price action, but not so obvious 2 weeks ago when the sky was falling. Coins moving to corporate treasuries likely making an impact.

Bitcoin’s Fundamental Support Bullish Sentiment

Several BTC indicators point towards price appreciation. Analyst William Clement indicated that Bitcoin’s supply held by entities with 100-1,000 BTC shows similarities with a period of consolidation during January.

At this time, the metric registered almost no oscillation until it increased. This coincided with BTC’s price gaining momentum and reaching new all-time highs. As seen below, the chart appears to be similar.


During April, the derivatives market for BTC saw high variations in the funding rate across all exchange platforms. In contrast, May has been more stable more for this sector with funding rates belove 0.05% which suggests a “healthier” price action.



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One Sleeping Giant Ready for 7x Rally, Says Prominent Crypto Trader

High-profile crypto trader and crypto strategist Kaleo is preparing for one mid-cap altcoin to surge by over 600%.

In a series of tweets, the pseudonymous analyst charts a bullish path ahead for scalable blockchain network Tron (TRX).


Kaleo says that Tron is prepared to resume a breakout in its Bitcoin pair (TRX/BTC) after getting rejected at 0.0000029.

“TRX/BTC. Rejected at the April high, I’m still betting we see a sharp recovery and a push back to the upper diagonal resistance.”

Source: Kaleo

Kaleo adds that the asset appears to have bottomed out on the USD chart, revealing to his 271,000 followers that he added to his position after TRX retested diagonal support of $0.146.

“I just added heavily to TRX on the retest. No guts, no glory.”

Source: Kaleo

As for his TRX top prediction, Kaleo believes the asset will at least reach the $1.00 level, which would represent a 7x surge from its current price of around $0.144.

The two other altcoins the analyst is keeping his eye on are meme coin Dogecoin (DOGE) and scaling solution OMG Network (OMG).

Kaleo is confident that DOGE will live up to its hype and surpass the $1 mark in the next few days.

“DOGE/Dogecoin. I’m not saying I gave you the exact road map for what was about to happen several days ago, but I gave you the exact road map for what’s happened so far several days ago.”

Source: Kaleo

OMG, which has been on a tear as of late, growing in price by over 80% in the past two weeks, is set to skyrocket after soaring past the $10 mark, asserts Kaleo. The analyst believes the asset now has the potential to revisit its all-time high of $28.35.

“OMG A clean break above the current range highs should open up a clear path to $20+ w/ an upside of the January 2018 all-time high.”

Source: Kaleo

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Binance CEO says volatility ‘is not unique to crypto’: Data shows it’s Bitcoin’s jet fuel

During an interview with Bloomberg TV on May 3, Binance CEO Changpeng Zhao suggested that Bitcoin (BTC) “is probably less volatile” than the stock prices of Apple (AAPL) and Tesla (TSLA).

Zhao argued that crypto’s volatility was not unlike the stock market, adding: that “volatility is everywhere” and that “it is not unique to crypto.”

However, those involved in cryptocurrency trading probably know that cryptocurrency prices fluctuate a lot more than listed trillion-dollar companies. This begs one to question whether or not Zhao is detecting a trend that some may have missed?

60-day historical volatility, BTC vs. stocks. Source: Cointelegraph

The first obvious reading from the chart above is that both Bitcoin and Tesla share different volatility levels when compared to trillion-dollar stocks like Apple and Amazon.

Moreover, stocks seem to have experienced a 60-day volatility peak in November 2020, while Bitcoin was relatively calm.

Tesla is an exception rather than the norm

Another thing to consider is that Tesla’s market capitalization is $633 billion, and it has yet to post a quarterly net income above $500 million. Meanwhile, every single top-20 global company is incredibly profitable. These include Microsoft (MSFT), Google (GOOG), Facebook (FB), Saudi Aramco (ARAMCO.AB), Alibaba (BABA), and TSM Semiconductor (TSM).

The 12 most volatile $200 billion market cap stocks. Source:

The list above shows the top-12 and bottom-12 most volatile stocks to show how Tesla’s (TSLA) price swings are far off the average of other $200 billion market cap companies. The volatility seen in cryptocurrencies has been the norm, given that there is a lack of earnings, a very early adoption-stage cycle, and a lack of an established valuation model.

One doesn’t need to be an expert in statistics to ascertain that the S&P 500 index performance has been pretty much stable over the past year, apart from a couple of weeks back in September and October 2020.

12-month S&P 500 performance, 5-day chart. Source: TradingView

Zhao may be the founder of the leading crypto exchange, but he doesn’t personally trade. On the contrary, he actually recommends holding (HODL) instead of trading in every instance possible.

Volatility does not measure returns

Exclusively analyzing volatility presents another big problem. The indicator leaves out the most important metric for investors, the return. Whether an asset is more or less volatile doesn’t matter if, on average, one asset consistently posts higher gains than others.

MicroStrategy has listed almost every currency, stock index, and S&P 500 index component, and curious analysts can compare returns and the sharpe ratio side-by-side with Bitcoin’s.

As explained in the footnotes:

“The Sharpe ratio is a measure of risk-adjusted (really volatility-adjusted) returns. It is a way to measure how much return an investment generated for the risk (volatility) endured over some time horizon.”

Bitcoin return and sharpe ratio vs. major assets and indexes. Source: Microstrategy

As the data clearly states, Bitcoin is the winner on risk-return metrics against every major asset and index over the past 12 months. A similar outcome also takes place when using a 5-year timeframe.

Therefore, Zhao may have simply incorrectly stated that Bitcoin’s volatility is similar to the stock of trillion-dollar companies. However, when adjusting the metric based on returns, it is the incontestable winner.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.