BTC has been consolidating in a triangle after losing the weekly trendline last week.
I think in the next days, BTC/USD pair will revisit $26000.
If we trace a Trendbased Fibonacci extension (using three anchor points $69000 - $33000 - $48000), BTC has lost the Fib 0.5 (at $30118) on 11th May. Now it is revisiting this level (see the snapshot below).
However, buy pressure is quite limited this week and I think at the beginning of next week the situation will not be improved. In short & mid term, LUNA/UST still has negative impact on crypto market, alongside many other bad economical/geopolitcal instabilities.
I think in the next days, BTC/USD pair will revisit $26000.
If we trace a Trendbased Fibonacci extension (using three anchor points $69000 - $33000 - $48000), BTC has lost the Fib 0.5 (at $30118) on 11th May. Now it is revisiting this level (see the snapshot below).
However, buy pressure is quite limited this week and I think at the beginning of next week the situation will not be improved. In short & mid term, LUNA/UST still has negative impact on crypto market, alongside many other bad economical/geopolitcal instabilities.
