BTC analytics May 30
Hello all!
As usual, the fundamentals go first. Market Cap is 1159bn, domination index 48.15%. Fear and Greed Index is 51 (neutral market sentiment). The news background is extremely contradictory. On the one hand, the default in the US has been postponed for at least 2 years. Also, we expect Hong Kong to enter the crypto market. That's all, no other positive news has been brought in yet.
But even that was enough for BTC to show unusual weekend growth. However, the price failed to consolidate above 28324 and correction followed. Statistically, the upside correction goes to 0.5-0.6 Fibonacci price levels. In our case, these are levels 26830 to 27132. This range coincides with the centre of the local downtrend channel, so there is a probability of getting an upside reaction from this zone.
Therefore, as usual, we will consider several scenarios.
1. Downside followed by upside - after consolidation below the trend line the price continues to move to the levels 26830 - 27132. In addition, the wild rally over the weekend left a nice gap in the CME at 27100-27900. Therefore, we should expect the gap to be closed.
2. Just downside, everything is falling - an option is possible when the price goes below 26830 - 27132, that could send us to 25000 and below. This case is possible with a bad news backdrop. Don't forget the saying "Sell in May and go away" and May is not over yet.
3. The rapid growth in the current momentum - this situation is possible, but in terms of setting targets - it may hit the level of 29000 and go back down. In case of consolidation higher, the way to 29900-30000 is open.
As always, we wish you success and patience!
Always in touch,
Relictum Analytics
As usual, the fundamentals go first. Market Cap is 1159bn, domination index 48.15%. Fear and Greed Index is 51 (neutral market sentiment). The news background is extremely contradictory. On the one hand, the default in the US has been postponed for at least 2 years. Also, we expect Hong Kong to enter the crypto market. That's all, no other positive news has been brought in yet.
But even that was enough for BTC to show unusual weekend growth. However, the price failed to consolidate above 28324 and correction followed. Statistically, the upside correction goes to 0.5-0.6 Fibonacci price levels. In our case, these are levels 26830 to 27132. This range coincides with the centre of the local downtrend channel, so there is a probability of getting an upside reaction from this zone.
Therefore, as usual, we will consider several scenarios.
1. Downside followed by upside - after consolidation below the trend line the price continues to move to the levels 26830 - 27132. In addition, the wild rally over the weekend left a nice gap in the CME at 27100-27900. Therefore, we should expect the gap to be closed.
2. Just downside, everything is falling - an option is possible when the price goes below 26830 - 27132, that could send us to 25000 and below. This case is possible with a bad news backdrop. Don't forget the saying "Sell in May and go away" and May is not over yet.
3. The rapid growth in the current momentum - this situation is possible, but in terms of setting targets - it may hit the level of 29000 and go back down. In case of consolidation higher, the way to 29900-30000 is open.
As always, we wish you success and patience!
Always in touch,
Relictum Analytics
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