- Crypto majors bounce back after a couple of very tough sessions.
- US-listed crypto miner Canaan smashes expectations.
- OMG coin shoots to the moon after listing on Coinbase.
- Bitcoin CoT report data shows mixed a picture.
Crypto majors bounce back after a couple of very tough sessions.
Bitcoin has pushed past the 9K level once again as all of the majors bounced back. The price has so far made a lower high on the daily chart and moved back below the 21 period simple moving average. There is some good news on the technical front, the Relative Strength Index indicator bounced off the 50 mid-line as the price moved higher. This move lower could just be a retracement but where there could be a deeper retracement is if the price breaks below 8106.70.
Ripple’s XRP has pushed higher on Friday breaking back above the 0.20 handle. The main test will be at the red resistance zone on the 4-hour chart below at 0.2071. The price bounced off the 0.19 level and this coincided with being oversold on the Relative Strength Index indicator.
On the downside, if the price does bounce back off the aforementioned 0.2071 resistance zone the 0.1800 could be the target for the bears. crucially the price is back below the 55 exponential (EMA) and 200 simple moving averages (SMA). There has also been a bearish moving average cross where the 55 EMA has crossed the 200 SMA to add to the bearish woes.
US-listed crypto miner Canaan smashes expectations.
Canaan became the first Chinese Hangzhou-headquartered supercomputing company to become publicly traded in New York in November 2019 and raised USD 90 million.
The company posted strong revenue growth for the first quarter despite challenges from the Covid-19 outbreak.
Canaan said it has recently developed a SaaS product (Software as a service) which its partners can use to build and operate a cloud mining platform. Cloud mining allows users to mine digital currency without having to buy and maintain mining hardware and spend on electricity a trend that has been gaining popularity. This also puts the company in a great position against its competitors.
- Total net revenues increased by 44.6% to RMB68.3 million (US$9.6 million) from RMB47.2 million in the same period of 2019.
- Gross profit increased by 417.0% to RMB2.4 million (US$0.3 million) from RMB0.5 million in the same period of 2019, while gross margin
OMG coin shoots to the moon after listing on Coinbase.
Coinbase last week announced OmiseGo will be trading on the exchange’s professional platform that caters to more experienced traders, Coinbase Pro. Coinbase Pro were able to make OMG transfers and will be allowed soon to buy and sell OMG with the US dollar and Bitcoin. They also plan to allow other currencies like euro (EUR) and pound (GBP) transactions but said this will take some time.
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Bitcoin CoT report data shows mixed a picture
The latest Commitment of Traders report from the CME shows futures trades are unclear about the future path of the digital gold.
Asset managers increase short positions 80 vs 60 but still hold more long contracts in general (342 long vs 193 short).
Leveraged funds increased longs by 535 and added 338 shorts and in total the group hold 6815 shorts and 5458 long contracts.
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