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<div><strong>Crypto Snippet</strong> is a brief overview of the crypto market; focused on Derivatives. This is not financial advice.</div>
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<p><strong>Crypto Pair: <a href="https://delta.exchange/app/futures/trade/BTC/BTCUSDT">BTC-USDT</a></strong></p>
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<p><strong>Date:</strong> 5th May 2021</p>
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<div data-start-index="7684" data-end-index="7689"><span data-start-index="7689" data-end-index="7743">In our <a href="https://delta.exchange/blog/crypto-snippet-april-2021/" target="_blank" rel="noopener" data-start-index="7780" data-end-index="7914"><strong data-start-index="7914" data-end-index="7922">previous snippets</strong></a>, we mentioned that <a href="https://delta.exchange/app/futures/trade/BTC/BTCUSDT" target="_blank" rel="noopener" data-start-index="7972" data-end-index="8104"><strong data-start-index="8104" data-end-index="8112">BTC</strong></a> has lost its short term upward momentum after crossing below 50 DMA. Price action in the last few days confirms that view. Despite bouncing sharply from the $48-$50K range, Bitcoin couldn’t sustain above $58K; $60K is the major resistance here. BTC got heavily sold from the $58K level and has crossed below 20 DMA. </span></div>
<div data-start-index="8476" data-end-index="8481"><br data-start-index="8481" data-end-index="8487" /><span data-start-index="8488" data-end-index="8542">On the other hand, alts continue to show strength with blow-off moves in DOGE and ETH. This price action indicates that we have most likely hit a short term top at $64K. BTC may challenge $40K in the coming weeks after crossing below $50K levels conclusively. On charts $50K act as a neckline for a H&S pattern with head at $64K and shoulder at $58-$60K. Any move below $50K in BTC will lead to sharp increase in market volatility and all crypto assets including BTC and ETH should move lower. Traders would keenly watch $60K level as a major resistance in case of any bull trap rally.</span></div>
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<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-27994" src="http://prod-wp.delta.exchange/wp-content/uploads/2021/05/Screen-Shot-2021-05-05-at-1.15.01-PM.png" alt="BTC - USDT Futures" width="2678" height="1346" srcset="https://prod-wp.delta.exchange/wp-content/uploads/2021/05/Screen-Shot-2021-05-05-at-1.15.01-PM.png 2678w, https://prod-wp.delta.exchange/wp-content/uploads/2021/05/Screen-Shot-2021-05-05-at-1.15.01-PM-300x151.png 300w, https://prod-wp.delta.exchange/wp-content/uploads/2021/05/Screen-Shot-2021-05-05-at-1.15.01-PM-1024x515.png 1024w, https://prod-wp.delta.exchange/wp-content/uploads/2021/05/Screen-Shot-2021-05-05-at-1.15.01-PM-768x386.png 768w, https://prod-wp.delta.exchange/wp-content/uploads/2021/05/Screen-Shot-2021-05-05-at-1.15.01-PM-1536x772.png 1536w, https://prod-wp.delta.exchange/wp-content/uploads/2021/05/Screen-Shot-2021-05-05-at-1.15.01-PM-2048x1029.png 2048w, https://prod-wp.delta.exchange/wp-content/uploads/2021/05/Screen-Shot-2021-05-05-at-1.15.01-PM-24x12.png 24w, https://prod-wp.delta.exchange/wp-content/uploads/2021/05/Screen-Shot-2021-05-05-at-1.15.01-PM-36x18.png 36w, https://prod-wp.delta.exchange/wp-content/uploads/2021/05/Screen-Shot-2021-05-05-at-1.15.01-PM-48x24.png 48w" sizes="(max-width: 2678px) 100vw, 2678px" /></p>
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<p>Trade <a href="https://delta.exchange/app/futures/trade/BTC/BTCUSDT"><strong>BTC-USDT</strong></a> on Delta.</p>
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Crypto Snippet is a brief overview of the crypto market; focused on Derivatives. This is not financial advice.





 

Crypto Pair: BTC-USDT

 

Date: 5th M

Crypto Snippet - May 2021

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