Crypto SnippetJune 2, 2021
Crypto Snippet - June 2021
Crypto Snippet is a brief overview of the crypto market; focused on Derivatives. This is not financial advice.
Crypto Pair: BTC-USDT
Date: 2nd June 2021
has been trading in a small range since breaking down below 200 DMA last month. Price action signifies demand at $30-$35K levels and huge offers above $40K. BTC is forming a classic symmetric triangle and any breakout/breakdown will lead to significant price move. If BTC breakouts $40K conclusively, a move till $45K can be expected.
On the other hand, any breakdown below $34K will lead to continuation of downward trend and BTC may touch its yearly low near $28K USDT. Traders would be keenly watching these levels before taking any decisive action. That said, risk to the Bulls remains higher compared to that of Bears, as longer term price action is in downward direction. We expect a large supply being offered in case BTC reaches above $45K USDT.
Trade BTC-USDT on Delta.