CRYPTONAIRE WEEKLY MAGAZINE 231ST EDITION IS OUT NOW
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➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖ This could be a cause for concern to the crypto investors because some equity analysts anticipate Nasdaq to correct sharply. Veteran trader Peter Brandt tweeted a chart of the Nasdaq 100 index and highlighted similarities between the current chart structure and the one that formed just before the dotcom crash.
The weak performance of cryptocurrencies in 2022 and their tight correlation with US equity markets has resulted in sharp withdrawal from crypto exchange-traded funds.
According to UBS analysis, crypto-ETFs witnessed outflows of $417 million in April, the largest on record.
Google Trends data has shown that worldwide searches for Bitcoin have fallen off the cliff compared to May 2021 readings. This suggests that the retail interest in Bitcoin may be waning.
We had suggested in our previous analysis that bulls will aggressively defend the strong support at $37,000 and that is what happened on April 25. Strong buying at lower levels lead to a sharp recovery in Bitcoin from $38,210.
The BTC/USD pair has reached the 20-day exponential moving average (EMA), which is likely to act as a resistance. If the price turns down sharply from the current level, it will increase the possibility of a drop to $37,000.
This is an important level to watch out for because a break and close below it could intensify selling and the pair may plummet to $32,933.
Contrary to this assumption, if buyers drive the price above the 50-day simple moving average (SMA), the bullish momentum could pick up and the pair may rally to the overhead resistance zone between $45,855 and $48,240. The bears are likely to mount a strong defence in this zone.
Until Bitcoin breaks above $48,240 or plummets below $32,933, volatile random range-bound action is likely to continue.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this weeks Edition:
- Loop Ventures
- ZiberBugs
- Artex
- Have NFT
- Charity Token
- Maxxer
- 3QualiTy
- CleanCarbon
- SolidrayRead More
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