A month after the first halving, Bitcoin (BTC) moved upwards by 7% merely following the second halving, the price slipped past 10% in a month. This suggests that if history were to repeat itself, the tiptop-ranked cryptocurrency on CoinMarketCap will remain volatile but a large move in either direction is unlikely in the first month. Yet, the derivatives markets could be giving a betoken that this time is different.

This week CME Bitcoin options open interest increased to about $142 million, an increase of over 1000% since the finish of April, according to data from Skew. This shows that the options traders are expecting a precipitous move in price within the adjacent few days.

There are approximately $661.7 meg worth of long positions open, compared to $252 million in short positions, on the three major futures exchanges. This suggests that the futures traders are property on to their long positions equally they are confident that Bitcoin could before long break above the psychological bulwark of $10,000.

Daily cryptocurrency market place performance. Source: Coin360

Murmurs of negative interest rates have also increased in the U.S. and a written report by Stack Funds suggests that if negative rates become a reality, institutional investors would exist forced to look for alternative avails to generate higher returns.

With Bitcoin outperforming the U.S. stock markets by a broad margin and doubling gilded's gains year-to-date, institutional interest is likely to rising.

The fundamentals of Bitcoin continue to pigment a bullish motion picture and the derivatives traders are also expecting a trend defining motility to start soon.

Let's study the charts to spot the critical levels that could indicate the beginning of a new trend in major cryptocurrencies.

BTC/USD

Bitcoin (BTC) rallied sharply in the by three days and reached a loftier of $9,941.68 on May 14. Even so, the bears are unwilling to allow the bulls to have a field day. Currently at that place is stiff resistance most $10,000.

BTC–USD daily nautical chart. Source: Tradingview

Nevertheless, the bulls continue to buy the dips, which is a positive sign. Both moving averages are sloping upward and the relative strength index is above threescore level, which suggests that the buyers take the upper hand.

If the BTC/USD pair can consolidate betwixt $9,200-$10,000 levels for a few days, it will increase the possibility of a breakout and rally towards the resistance line of the symmetrical triangle around $x,600.

This bullish view volition be invalidated if the pair turns down and breaks below $ix,200. That tin drag the pair to the 20-mean solar day exponential moving boilerplate ($eight,851) and below it to the uptrend line. A intermission beneath this back up volition be the first indication that bulls are losing their grip. A possible change in trend will exist signaled on a suspension below $8,130.58.

Traders tin can keep an center on the developing bearish divergence on the RSI, which is a negative sign.

ETH/USD

Ether (ETH) climbed above the 20-day EMA ($197) on May thirteen and reached the downtrend line on May 14. Although the bears are attempting to defend the downtrend line, the bulls have not given upwards much ground.

ETH–USD daily chart. Source: Tradingview

If the second-ranked cryptocurrency on CoinMarketCap bounces off the 20-day EMA and breaks in a higher place the downtrend line, a rally to $227.097 is possible. This could present a buying opportunity for traders.

However, if the ETH/USD pair breaks beneath the 20-twenty-four hours EMA and the support line of the ascending channel, a drop to $176.103 is likely. A break below this critical support can signal the first of a downtrend.

XRP/USD

XRP bounced off the critical back up at $0.17372 but hit a wall at the 20-day EMA ($0.twenty). This suggests that buying dries upward at college levels. If the cost turns downwardly from the current levels and breaks below the 50-day simple moving average, a driblet to $0.17372 is likely.

XRP–USD daily chart. Source: Tradingview

Conversely, if the bulls propel the 3rd-ranked cryptocurrency on CoinMarketCap to a higher place the 20-mean solar day EMA, a move to the downtrend line is possible. This level might over again act as a resistance but if crossed, a rally to $0.23612 is probable.

Equally both moving averages are flat and the RSI is shut to 50 levels, this suggests a balance between the bulls and bears. Hence, traders can expect on the sidelines until the bulls signal that they are dorsum in control.

BCH/USD

Bitcoin Cash (BCH) is facing resistance at the 20-mean solar day EMA ($243). If the toll turns down from this level, the bears will endeavor to sink the altcoin dorsum towards $200.

BCH–USD daily chart. Source: Tradingview

Conversely, a pause higher up the twenty-day EMA can bulldoze the fifth-ranked cryptocurrency on CoinMarketCap to $280.47.

The apartment moving averages and RSI close to the midpoint suggests a rest betwixt supply and demand. The next trending move is likely to start simply on a breakout of $280.47 or on a interruption below $200. Until and so, the BCH/USD pair is likely to remain range-bound.

BSV/USD

The bounciness in Bitcoin SV (BSV) has stalled shut to the 20-day EMA ($196). Both moving averages are apartment and the RSI is just below the midpoint, which suggests a balance between supply and need. If the price turns down from the twenty-day EMA, a retest of $170 will be on the cards.

BSV–USD daily nautical chart. Source: Tradingview

Conversely, a break above the 20-day EMA can carry the 6th-ranked cryptocurrency on CoinMarketCap to $227.

The BSV/USD pair is in a well-defined range. Hence, the best place to initiate a merchandise is to purchase almost the support and sell about the resistance. Another possibility could open up subsequently the pair breaks out of the range, as information technology will indicate the possible start of a new trending move. Until and then, traders should trade with caution.

LTC/USD

The rebound off the critical back up at $39 is facing resistance at the 20-day EMA ($44.42). This suggests that buying dries upwards at higher levels. With both moving averages apartment and the RSI below the midpoint, Litecoin (LTC) is likely to consolidate for a few days.

LTC–USD daily chart. Source: Tradingview

If the 7th-ranked cryptocurrency on CoinMarketCap turns down from the current levels, a retest of $39 is possible. If the price bounces off this support once again, it could offering a buying opportunity.

On the upside, if the bulls can push the price above the 20-day EMA, a motility to the downtrend line then to $50.7864-$52.2803 zone is possible.

BNB/USD

Binance Coin (BNB) has been range-bound betwixt $18.1377-$13.65 for the past few days. The sharp bounce off the support of the range has carried the altcoin to $sixteen.xxx which is acting as a resistance.

BNB–USD daily chart. Source: Tradingview

This suggests that the bears are likely to mount a stiff resistance between $16.30 and the downtrend line. If the 8th-ranked crypto-asset on CoinMarketCap turns down from this level, a driblet to $13.65 is possible.

Conversely, a break to a higher place the downtrend line will articulate the path for a move to the resistance of the range at $18.1377. A breakout of the range will be a positive move as it will resume the up motion towards $21.fifty.

EOS/USD

EOS is attempting to intermission out of the downtrend line. If successful, an upwardly move to $2.8319 is likely. This is an important level to watch out for because if the altcoin turns downwardly from here, it will be at hazard of forming the right shoulder of a bearish caput and shoulders pattern.

EOS–USD daily chart. Source: Tradingview

This setup will consummate on a breakdown and close (UTC fourth dimension) below $2.3314. If that happens, it will exist a huge negative because the H&S pattern has a target objective of $1.5524.

Both moving averages are flat and the RSI is shut to the center, indicating a balance between supply and demand.

If the bulls can propel the 9th-ranked cryptocurrency on CoinMarketCap to a higher place $two.8319, a rally to $iii.1104-$3.1802 resistance zone is possible. Above this zone, the EOS/USD pair is likely to pick up momentum.

XTZ/USD

Tezos (XTZ) is at a critical level as the price is getting squeezed between the 20-day EMA ($2.58) and the support line of the ascending channel. A breakout and close (UTC time) above the 20-day EMA is probable to resume the up movement.

XTZ–USD daily chart. Source: Tradingview

The first target on the upside is the downtrend line and above it, the rally tin extend to the $3.07369-$3.2712 resistance zone. Therefore, a suspension above the 20-twenty-four hour period EMA can offer a buying opportunity to the traders.

Conversely, if the bears sink the 10th-ranked cryptocurrency on CoinMarketCap below the support line of the ascending channel, a retest of $2.24 is possible. A break beneath this level could start a downtrend.

XLM/USD

Stellar Lumens (XLM) remains in an uptrend merely the bears take been defending the uptrend line for the by three days. However, the positive matter is that the bulls have non given upwards much basis and have kept the price to a higher place the 20-24-hour interval EMA ($0.067).

XLM–USD daily chart. Source: Tradingview

Presently, the bulls are likely to make another attempt to drive the 11th-ranked cryptocurrency on CoinMarketCap to a higher place the uptrend line. If successful, the upward move is likely to resume with the first target being $0.076994 and then $0.088311.

Conversely, if the XLM/USD pair turns downwards either from the downtrend line or from the electric current levels and breaks below the 20-day EMA, a retest of $0.060 is possible. A break below this level will signal a possible alter in trend.

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 movement involves gamble. Y'all should conduct your own inquiry when making a decision.

Marketplace data is provided by HitBTC substitution.