May was a bear’s month. The largest crypto asset market cap fell almost 32% in May. BITCOIN rebounded after gaining support at key levels, indicating that bulls are purchasing the dip. Over the last 24 hours, BTC has risen by 4.5%. Its current dominance is at 45.86 (compared with 44.4% last Wednesday) and the market capitalization stands at $577bn.
BTC traded at $30,375 as of the writing of this article.
BITCOIN traded in the red for nine consecutive weeks, the first time this has happened in history. The asset has been trading at multiple support levels of $28,800 over the past, and it is now doing the exact same thing and is not sustaining below that level. Technically, BTC trades sideways between $28,500 and $31,500 on a daily basis, having made a Long Legged Doji’ candle at the low. The trend will be further determined by breakouts on either end of the range. Key Levels:
Support 2Support 1AssetResistance 1Resistance 2$25,000$28,800BTC$31,500$37,000
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, correctness, completeness, reliability, or fairness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in response to new events or circumstances after the date of the report was made. Trading and Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash and Ethereum. These are highly speculative investments and can be subject to market risk. The author’s analysis is intended to be used as information only and not as investment advice.
Leave a Reply