BTC analytics, May 17
Greetings, everyone!
Let's start with global analytics. Crypto market cap is 1122bn, BTC dominance index 47.89%. Fear & Greed Index is 50, interpreted as a neutral market sentiment. A negative news backdrop regarding the US government debt ceiling could add to the volatility during the week.
In the last few days, BTC has been traded in a narrow range, continuously testing the support level at 26500. On the upside, we have several resistance levels at 27200 (local downtrend channel boundary + 233 MA), then 28300 (order block from May 10) and 30000 (previous high).
There is a liquidity pool at 25800-25900, which in addition is the middle of the descending local channel, as well as the level of 25000, the lower boundary of the global uptrend channel.
The strategy is to trade from level to level. The area of uncertainty is 26500-27200.
Option 1: Downside.
The reversal level is 27200. With a downwards bounce of the price - priorities for the movement are downwards as well, with small corrections at the support levels of 25800 and 25200. With negative news the price may go lower. Keep an eye on the news and do not forget about risk management.
Option 2. Upside.
Upon 27200 break - the priority is to move up to the next level 28300, from which a correction back to the indefinite area is possible (as shown on the chart). Further it is necessary to follow the price in the resistance areas, to consider the risks. If the price manages to overcome the level 28300 - the next step is to take the level of 30000.
Good luck and patience to everyone, patience is always rewarded.
Always in touch with you,
Relictum Analytics
Let's start with global analytics. Crypto market cap is 1122bn, BTC dominance index 47.89%. Fear & Greed Index is 50, interpreted as a neutral market sentiment. A negative news backdrop regarding the US government debt ceiling could add to the volatility during the week.
In the last few days, BTC has been traded in a narrow range, continuously testing the support level at 26500. On the upside, we have several resistance levels at 27200 (local downtrend channel boundary + 233 MA), then 28300 (order block from May 10) and 30000 (previous high).
There is a liquidity pool at 25800-25900, which in addition is the middle of the descending local channel, as well as the level of 25000, the lower boundary of the global uptrend channel.
The strategy is to trade from level to level. The area of uncertainty is 26500-27200.
Option 1: Downside.
The reversal level is 27200. With a downwards bounce of the price - priorities for the movement are downwards as well, with small corrections at the support levels of 25800 and 25200. With negative news the price may go lower. Keep an eye on the news and do not forget about risk management.
Option 2. Upside.
Upon 27200 break - the priority is to move up to the next level 28300, from which a correction back to the indefinite area is possible (as shown on the chart). Further it is necessary to follow the price in the resistance areas, to consider the risks. If the price manages to overcome the level 28300 - the next step is to take the level of 30000.
Good luck and patience to everyone, patience is always rewarded.
Always in touch with you,
Relictum Analytics
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