May was the bear’s month, the largest crypto asset by market cap is down almost 32% this month. However, BITCOIN bounced back up after taking support at key levels indicating that bulls are buying the dip. BTC is up by 4.5% over the past 24 hours. Its dominance is currently at 45.86 (compared to 44.4% last week) and the market capitalization is $577bn.
At the time of writing, BTC was trading at $30,375.
For the first time in history, BITCOIN has traded in the red for the past nine weeks in a row, The asset has taken multiple support around $28,800 in the past and this time too it is doing exactly the same and is not sustaining below the support. Technically, on a daily time frame, after making a ‘Long Legged Doji’ candle at the low, BTC is trading sideways in a range between $28,500 to $31,500. Breakouts on either side of the range will further decide the trend for the asset.
Support 2Support 1AssetResistance 1Resistance 2$25,000$28,800BTC$31,500$37,000
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.