BTCUSD 1D BITFINEX
The parabolic structure was destroyed with the 50% drop which weakend the derivatives market.
Spot buys are dominating here.
Basic support
31K, basic resistance 40K, expecting a boring June and ranging here, followed by a move on the upper range and ranging until the end of the summer.
250DMA provides a crutial support, would not count on it to be broken in anyway. I dont expect a daily close painting a lower low. The volume of the spot buys in the low 30s is just too large to let that happen.
21WEMA provides a critical resistance, we must break it in order for the market participants to gain confidence and leverage long again.
This is accumulation phase, means anything under 40K is a good spot buy and if you are a scalpler you can try timing the market with this range, tbh looks like an easy work, just dont overleverage.
Im full expecting a new ATH in October this year.
Spot buys are dominating here.
Basic support
31K, basic resistance 40K, expecting a boring June and ranging here, followed by a move on the upper range and ranging until the end of the summer.250DMA provides a crutial support, would not count on it to be broken in anyway. I dont expect a daily close painting a lower low. The volume of the spot buys in the low 30s is just too large to let that happen.
21WEMA provides a critical resistance, we must break it in order for the market participants to gain confidence and leverage long again.
This is accumulation phase, means anything under 40K is a good spot buy and if you are a scalpler you can try timing the market with this range, tbh looks like an easy work, just dont overleverage.
Im full expecting a new ATH in October this year.
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