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Crypto SnippetMay 5, 2021

Crypto Snippet - May 2021

Neeraj Thakur
May 5, 2021
What's in this post?
    Crypto Snippet is a brief overview of the crypto market; focused on Derivatives. This is not financial advice.

    Crypto Pair: BTC-USDT

    Date: 5th May 2021

    In ourprevious snippets, we mentioned thatBTChas 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.

    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.

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