BTC/USDT Binance
4H hollow candlesticks
Fibonacci Retracement Extension shows our main Resistance area.
The Bar Pattern fractal shows possible price movement.
So IF
Price breaks out of:
1. Fibonacci channel Golden Ratio downtrend diagonal line.
2. Trend-Based Fibonacci Extension.
3. Support & Resistance levels.
A New TA is needed.
Low Volume.
Building Stable Support
• Transaction history shows that Bitcoin has formed a stable support floor. Roughly 1,350,194 addresses acquired more than 926,620 BTC at an average price of $29,814.67.
• Bitcoin would have a great chance of rebounding as long as it is able to hold above $29,814.67 because on-chain data reveals no significant resistance ahead.
The most considerable supply wall sits around $34,434.10 where 386,280 addresses hold over 243,403 BTC.
Bitcoin at Crossroads
• At about $30,284.00 on Sunday, May 22nd, Bitcoin continues to consolidate within a tight price range.
• From a technical perspective, a death cross between the 50- and 200-day moving averages developed on BTC’s three-day chart.
Such a bearish formation suggests that despite the probability of a rebound, the gains could be limited to $38,531.60 as Bitcoin’s price grows weaker. A decisive close below $26,828.20 can result in a downswing to $20,732.70.
• On Binance Futures, the BTC/USDT Long/Short Ratio hit 1.91 on May 22nd. Traders remain optimistic about the future price action, as 65.85% of all accounts with an opened position in Bitcoin are net-long.
Bitcoin Price (BTC) = $29,757.43 +1.07%
15.19 ETH +1.57%
Market Cap: $1,266,900,739,826
24h Vol: $71,292,103,641
Dominance: BTC: 44.8%
ETH: 18.7%
Good Luck
#CryptoHellas Team
4H hollow candlesticks
Fibonacci Retracement Extension shows our main Resistance area.
The Bar Pattern fractal shows possible price movement.
So IF
Price breaks out of:
1. Fibonacci channel Golden Ratio downtrend diagonal line.
2. Trend-Based Fibonacci Extension.
3. Support & Resistance levels.
A New TA is needed.
Low Volume.
Building Stable Support
• Transaction history shows that Bitcoin has formed a stable support floor. Roughly 1,350,194 addresses acquired more than 926,620 BTC at an average price of $29,814.67.
• Bitcoin would have a great chance of rebounding as long as it is able to hold above $29,814.67 because on-chain data reveals no significant resistance ahead.
The most considerable supply wall sits around $34,434.10 where 386,280 addresses hold over 243,403 BTC.
Bitcoin at Crossroads
• At about $30,284.00 on Sunday, May 22nd, Bitcoin continues to consolidate within a tight price range.
• From a technical perspective, a death cross between the 50- and 200-day moving averages developed on BTC’s three-day chart.
Such a bearish formation suggests that despite the probability of a rebound, the gains could be limited to $38,531.60 as Bitcoin’s price grows weaker. A decisive close below $26,828.20 can result in a downswing to $20,732.70.
• On Binance Futures, the BTC/USDT Long/Short Ratio hit 1.91 on May 22nd. Traders remain optimistic about the future price action, as 65.85% of all accounts with an opened position in Bitcoin are net-long.
Bitcoin Price (BTC) = $29,757.43 +1.07%
15.19 ETH +1.57%
Market Cap: $1,266,900,739,826
24h Vol: $71,292,103,641
Dominance: BTC: 44.8%
ETH: 18.7%
Good Luck
#CryptoHellas Team
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.