Bitcoin Affected By Bearish Pressure from Short Sellers
TradFi:
This morning, stock futures are showing an upward trend, buoyed by the rebound of regional banks and investors looking to finish the week on a positive note. The S&P500 continues to flirt with the top-end of the ascending triangle pattern on the daily chart.
Bitcoin (BTC):
Bitcoin confirmed the breakdown of its Head-and-Shoulders pattern, which is bearish for the crypto markets. This pattern gets invalidated only if prices break above $29,500.
- BTC > $27,000 → Bullish
- BTC < $27,000 → Neutral with a bearish bias
- BTC < $25,250 → Bearish
Ethereum (ETH):
ETH is sliding alongside the rest of the market. It is now in a low volume zone, but approaching a high volume range between $1,500-$1,675 which should be a short-term support.
- ETH > $1,890 → Bullish
- ETH < $1,890 → Neutral with a bearish bias
- ETH < $1,710 → Bearish
Chainlink (LINK):
Chainlink is approaching an attractive price range for long-term buyers. Since last May, every time LINK gets close to $5.30 & $6.50, we've witnessed a double digit rise in the following weeks, sometimes as high as 55%. Above $5.30 & $5.90, we expect upside towards $7.5.
View the full report here:?Market Note — May 12,?2023
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