Insights > Technical analysis > A new bullrun on Bitcoin when the $10,000 mark will break?

A new bullrun on Bitcoin when the $10,000 mark will break?

20 May 2020

Temps de lecture 6 minutes

Julien Moretto

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A week of indecision in the crypto market. The price of Bitcoin, up 12% in a week, is nevertheless ranging between $9,000 and $10,000 to settle around €9,000 ($9,800) on May 20. The €9,200 ($10,000) resistance level is about to be tested for the third time in two weeks. The more the price consolidates under this resistance, the greater the chances of a bullish break taking place.

Altcoins remain correlated to Bitcoin, even if some values stand out this week, such as Zcash with +19% and especially OmiseGo with +60%. Ethereum remains in its resistance zone between $200 and $220. Indecision is also noticeable in the stock markets. The U.S. S&P500 index has been hovering for several weeks around 2850 points, a potential bearish reversal level after several weeks of rebounding. The correlation between the crypto sector and the stock markets therefore seems to be continuing. Analysis.

  • According to CoinGecko, capitalization is up again this week to $259 billion, up from $246 billion seven days ago.
  • Bitcoin’s dominance remains high at 66.7% compared to 66.3% last week.
  • The OmiseGo Altcoin (OMG) offers the best performance in the top 50 with +60% over the week.
  • JPMorgan Bank is now opening up to cryptos companies and is beginning to grant customer accounts to a few platforms.

We invite you to discover our analysis in video (recorded on may 19, in french)

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Bitcoin (BTC)

Coinhouse’s Recommendation : 

  • We still have to be patient this week on Bitcoin. The €9,200 ($10,000) resistance zone is being tested again. The probabilities remain on the buyers’ side as the uptrend on the daily timeframe, initiated since March 13, remains intact.
  • For those who would like to strengthen their purchases, you have to wait until the price breaks up above the €9,300 ($10,100) level on the daily timeframe. This would then be a buy signal. The price would then move to the next resistance zone, between €10,300 and €11,100 ($11,500 and $12,500), which is a good area for strong profit taking.
  • On the contrary, if the $10,000 still stands in the way, the sellers will take over. The first support to watch out for will be the €7,400 and €7,600 ($7,900 and $8,200) level, but the chances of it holding will be low. Breaking this intermediate support will be a sell signal and will trigger a more powerful bearish reversal, which should eventually lead the price towards the major support of €6,000 to €6,200 ($6,500 to $6,800).

Ethereum (ETH)

Coinhouse’s Recommendation : 
Search for a buy entry point

  • Ethereum (ETH) earns 13% over one week to settle around €195 ($213) on 20 May. But in the end, the price remains in its potential reversal zone of €185 to €200 ($200 to $220). If buyer pressure continues, this zone should eventually break, it will be a buy signal and the price will move to the next resistance zone of €250 ($260), which corresponds to a previous market peak worked in February. Profit taking can then take place at this level.
  • Conversely, if the current price zone still rejects the price, it will redirect itself to the €165-€170 ($180-$190) support. Beware, if the bearish reversal amplifies, this intermediate support won’t hold and you’ll have to look for purchases at the chartist level of €140 ($160) instead.

Litecoin (LTC)

Coinhouse’s Recommendation : 

  • Litecoin (LTC) appreciates 8% this week to €41.70 ($45.50) on May 20.
  • Since the sharp fall in March, Litecoin has recovered much less compared to Bitcoin and Ethereum, showing that this asset remains weaker. It is moving in a very slightly bullish regression channel, which is more akin to a correction after the sharp drop in March. Thus, the bottom of the pivot zone at €35.50 ($40) appears to be a support that must be held or else a new bearish trend will occur on Litecoin.
  • To buy on Litecoin again, you will have to break the regression channel from the top, which means breaking the €50 ($55) level. Before doing so, we advise to stay away from this asset which is unable to start a strong uptrend at this stage.

Top & flops of the week (top 50 marketcap)


1- OmiseGo (OMG) : +62%
2- Theta Network (THETA) : +52%
3- NANO : +50%


1- DigiByte (DGB) : -2,6%
2- Maker (MKR) : +1,6%
3- 0x (ZRX) : +1,8%

Latest crypto news

  • Reddit also starts tokenizing rewards.
    Community Points” are given to contributors of the r/CryptoCurrency and r/FortNiteBR sub-reddits, which each have one million users. These points allow you to have more influence in votes and polls as well as to benefit from exclusive emojis or GIFs. Reddit has a community of 400 million users. Remember that the number of unique Ethereum addresses is 10 million.
  • Uniswap, the most popular decentralized marketplace, is launching its second iteration.
    New features are planned, such as the possibility for users to provide liquidity on ERC20/ERC20 pairs without going through ETH. A routing system that will allow any token to be traded against another even if the pair does not exist directly. An enhanced oracle system that will make Uniswap V2 an additional choice for decentralized applications. A “Flash Swap” system that allows you to borrow money during the time of a transaction, for arbitrage purposes, for example. The V1, a stand-alone Ethereum contract on the Ethereum blockchain, will continue to exist as long as Ethereum stands.
  • Ripple Labs wants to develop lending and borrowing services
    These would allow RippleNet customers to borrow capital through Ripple Labs’ On-Demand Liquidity (ODL) solution. Ripple Labs is looking not only to expand its range of services, but also to develop the use of the XRP token, which is used in ODL.

Investors’ attention is drawn to the fact that the content of the articles does not constitute investment advice.
Investment in cryptocurrencies carries a risk of total capital loss.
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