Fundamental Development: - Data from Coin telegraph Markets Pro and Trading View flagged the largest cryptocurrency heading for nine weeks of downtrend in a row — the most in history. Already at a dubious record, Bitcoin’s weekly chart closes provided the backdrop to a weakness that continued to disappoint analysts over the weekend. Even stock markets, troubled by central bank tightening, managed to put in gains over the week, while Bitcoin and the majority of altcoins added to losses.“Most concerning has been the divergence between Equities and Crypto. S&P and NASDAQ have traded about 10% higher since 20 May lows while both BTC and ETH have traded lower in the same period,” trading firm QCP Capital wrote to subscribers of its markets newsletter, the latest edition of which was released on May 29:“This is not the direction of decoupling we were hoping for! QCP echoed existing sentiment over Bitcoin’s under performance compared to previously highly-correlated equities. Continuing the idea, popular Twitter account Il Capo of Crypto forecast fresh pressure thanks to those indexes now encountering sell-side friction of their own.“Last time SPX rallied making a new high while $BTC was making lower highs, we saw bearish continuation once SPX reversed. Now SPX is at resistance,” a post on the day read.
Short Term Technical View: BTC is trading below 200 simple moving averages and it is trading in a very tight range between $27,900 to $31,900. BTC is currently trading around $30,500-$30,600. An immediate resistance on the upside is near the $30,850 level. The next major resistance is near the $31,600 level. A clear move above the $30,850 resistance level might call for a trend change. If Bitcoin fails to clear the $30,850 resistance zone, it could start a downside correction. An immediate support on the downside is near the $29,500 level.
Alternative Scenario: If Bitcoin fails to clear the $30,850 resistance zone, it could start another decline. An immediate support on the downside is near the $29,500 level.
Short Term Technical View: BTC is trading below 200 simple moving averages and it is trading in a very tight range between $27,900 to $31,900. BTC is currently trading around $30,500-$30,600. An immediate resistance on the upside is near the $30,850 level. The next major resistance is near the $31,600 level. A clear move above the $30,850 resistance level might call for a trend change. If Bitcoin fails to clear the $30,850 resistance zone, it could start a downside correction. An immediate support on the downside is near the $29,500 level.
Alternative Scenario: If Bitcoin fails to clear the $30,850 resistance zone, it could start another decline. An immediate support on the downside is near the $29,500 level.