Crypto Markets Analysis: Trading volume increases for both bitcoin and ether, but trails their 20-day moving averages. CoinDesk’s Bitcoin Trend Indicator signals neutral again. GWilliamsJr_CMT reports
is trading 1.9% below its respective 20-day average. Investors will likely be watching to see if both assets can recapture their average, following a breach of the lower end of their Bollinger Bands in the prior week.
The steady decline in trading volume for the two assets implies a reluctance for new market participants to take on risk, and existing market participants to add more. As an illustration of such, CoinDesk’s Bitcoin Trend Indicator remains within the “neutral” range that it signaled on May 10. Since 2015, BTC and ETH’s 30-day performance following similar RSI readings has been relatively mild, with bitcoin historically finishing 4.1% higher, and ETH finishing 2% lower.
Lower volumes indicate greater buying power while higher values indicate the opposite. In this regard, the 11% decline in the SSR since May 5, implies that additional buying strength exists within BTC markets.
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