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💰 Fear and Greed is at 40 fear this morning and StochRSI is starting to exit the oversold area. My personal opinion: as long as BTC's price doesn't drop below 60K, the target retest of 64K is still valid. However, if it drops below 60K, the next target is the orange zone in the range of 56507 - 53046. Let's see how the market makers draw BTC's chart in the future. ⚠️Keep calm, always manage your risk.
During bull market uptrends, the percent of Bitcoin supply in profit breaks above 90%, signaling the Pre-Euphoria phase and incentivizing long-term holders to take profits after enduring the previous bear market. As prices make a new all-time high, the market enters the Euphoria phase where supply in profit fluctuates around 90% for 6-12 months. The current Euphoria phase is relatively young at 2.5 months, with 93.4% of supply in profit now. Long-term holders distributing to new buyers is a recurring pattern driving these cycles.
After hitting the POI zone, $SOL executed a V-shaped recovery. This pattern typically indicates a fundamental shift in market sentiment. This is backed by this morning's positive inflation data.
A divergence on the hourly chart also suggests a rebound. In an alternate wave count with a larger triangle, we saw an ABC pattern break to the downside.
🫴 The correction seems to have completed. I expect a rebound and a push to a new local high soon.
After rejecting the main horizontal resistance of the ascending triangle, the price is currently rebounding from the support trendline of the pattern. The Ichimoku cloud indicates bearish momentum, while the 200 MA is acting as support. We need to wait for a decisive breakout or breakdown before taking further action.
BTC.D has recently broken down from a rising wedge pattern on the weekly timeframe, a bearish indicator that suggests potential for further decline. Currently, BTC.D is in the process of retesting the lower boundary of the wedge. If this retest is successful and BTC.D continues to fall, it could signal a significant downward movement.
This scenario typically indicates a shift in market sentiment. Consequently, a downward trend in BTC.D often aligns with a bull run in altcoins, as capital flows into these assets, driving up their prices and leading to a robust performance in the altcoin market.
Pavel Durov spoke about the growth of his NOT tokens fourfold
Telegram founder Pavel Durov said that the 1 billion NOT gifted to him two weeks ago has quadrupled in price, from $6 million to $24 million.
On May 16, NOT was listed on the largest cryptocurrency exchanges. The next day, the team of the gaming Web3 project Notcoin reported that users sent Durov 1,030,383,291,362 NOT.
The entrepreneur announced his intention to use the received coins until their price rises to $680 million. After that, the founder of Telegram plans to buy additional servers for the messenger with them.