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Healthy Correction and ABC Pattern - Contd. Part V
Will Bitcoin continue to correct or are we seeing a reversal? Today's Trade Letter discusses the scenarios!
Why do we keep chopping around?
In this Trade Letter, we'll be diving into everything behind the recent price action of Bitcoin. What do we see in on-chain data and funding rates?
Altcoin Friday: Are we continuing the Bear Cycle or are Altcoins undervalued?
In this update we'll be looking at some specific altcoins, and, additionally, we'll be looking at some interesting altcoins on setups which might be possible to take.
A New Dawn … in Principle
With the debt ceiling drama entering its last act “Agreement Reached … in Principle” the market got into a good mood. While (long) weekend price action, especially around Memorial Day, should be looked at with suspicion (“returns the day after the last eight Memorial Days were negative”), Bitcoin managed to break out of its recent consolidation, while stock indices are getting close to their key retracement levels. Let’s dive right in.
CME gap is closed, can we continue the rally?
After witnessing a significant upward move over the weekend, we observed a retracement in the market at the beginning of this trading week. This retracement has completely filled the CME gap that occurred over the weekend. The question now is whether we are experiencing a retracement and can expect continuation, or if we are going to make new lows. To answer that question, let's dive into the charts of Bitcoin and Ethereum. We will also discuss the Nasdaq in this trade letter. Enjoy reading!
Crypto Left Out?
The breakout attempt last week ultimately failed and price is now back in the consolidation range, with imminent support at 26.7k and resistance at 27.6k.