This Week Overview
Today, May 20:
-Crypto Expo Dubai 2024
Wednesday, May 22:
-Bitcoin Pizza Day 2024 🚀
-NVIDIA Earnings Report (AI coins will pump)
-UK CPI data
Thursday, May 23:
-ETH ETF Decision
Friday, May 24:
-Federal Reserve Meeting Minutes
Bitcoin Analysis
Another interesting week with Crypto Expo Dubai today, Bitcoin Pizza day on May 22 etc. This weekend the volatility was low. $BTC CME close was $67,215 and the current price is $67,057.69.
After taking liquidity at 56k level where i predicted the low, it has broken through first arch shaded resistance and now at the second, still looks strong after reclaiming $66,155.74. It should go higher as long as it stays above the $65k level, with the next target being the 2021 ATH ($69k-$70k) and the second target being the upper liquidity zone ($72k and Above ).
The 22 MAY NVIDIA Earnings Report
Another important event is the NVIDIA Earnings. In my opinion it's going to be a good result, and it could impact the crypto market in a good way, especially to the crypto AI sector. AI coins are most likely to rise.
Ethereum Analysis: 23 May ETHETF Decision and Altcoin expectations.
If BTC remains bullish these days, money should keep flowing to lower capitalization coins. Which is a vital category of determining altseason and altcoin potential uptrend.
After a break of structure, retest is always expected which we have seen during the weekend as predicted. Above $3174.69 I am expecting $ETH to pump towards the arch shaded area to be broken above.
ETH ETF Decision
The ETH ETF decision is going to be important, but we must know, SEC is considering the security question for ETH in this upcoming spot ETF order, raising the likelihood of Ethereum ETFs being denied by claiming Ethereum is a security. This marks the first public mention in SEC documents, though it's not a guarantee that it will be denied.
In Conclusion
Bitcoin will continue going upwards until proven otherwise, money will continue flowing back to altcoins as we are now a stone throw away to altseason. AI coins will continue its surge especially on 22 May NVIDIA Earnings Report.
Good Luck Traders.
