BTC began a new week with another failed attempt to break through the $8,300 barrier, in a sign that the bulls may finally have run out of steam. A drop to around $7,750 was quickly eaten up however, presenting the counter argument that there is still enough appetite to continue a march towards $10,000. Alt coins largely continued to enjoy the show, with all three Binance IEOs posting massive gains and others continuing to hold.
Greed Index at All Time High
As usual the weekly close brought with it differing opinions on BTC’s immediate fate, with some seeing the failure to push through $8,300 as an indication that the run may be put on hold, at least temporarily, while others saw it as a quick refuel before another attack on the zone before a push towards five figures:
Weekly resistance: ~8215
Weekly support: ~7300 pic.twitter.com/NpMIPxkcaY
— The Crypto Dog? (@TheCryptoDog) 20 May 2019
— red (@redxbt) 19 May 2019
The Fear and Greed index, which gathers data such as market movement, social media sentiment, and coin dominance, currently has the meter at 73% greed, indicating that the current mood of the market is definitely one of exuberance. Some may see this as a sign that there is enough optimism to push the markets further up, while others see it as a sign of bulls getting cocky, meaning a correction is imminent. Until recently the highest score was 74, recorded in February 2018, right before a $2,000 drop to $9,400.
Binance IEO Coins Lead the Way
Three coins that enjoyed huge success this weekend were the three Binance IEO coins – MATIC, FET, and CELR – who saw 30%+ gains each on Sunday and into Monday:
Surprise surprise … Guess which 3 #Binance coins are the top gainers again today ???
— Crypto Bull Coins ? YouTube (@CryptoBullCoins) 20 May 2019
It is somewhat coincidental that the three coins all pumped hugely just as another IEO, Harmony, is coming out, something that some in the space were quick to pick up on:
The IEO coins definitely looked bottomed with huge bull divs and nice uptrend, but wouldnt surprise me if the projects signed a contract with binance that if they ever go below 1x they would have to do some marketmaking pampinomics
— hyuk (@TraderHyuk) 20 May 2019
— CryptoRoy [top BearHunter?] (@ktsananroy) 20 May 2019
We here at BitStarz News aren’t ones to promote conspiracy theories, but in a world as manipulated as cryptocurrency, situations like this do sometimes make you sit up and wonder, especially with the Harmony IEO around the corner.