High likelihood of a minor correction 🔆
This is a closed weekly market overview by Mikhail Hypov - Partner and CGO of Crypto Executives, specially for CE club members.
Hello, friends! I'm glad to welcome you to my blog. I've been involved in analytics and trading for 15 years. Every day, I closely monitor the market for my internal tasks. Thanks to the regular weekly newsletter, I'm happy to share my thoughts with you. If you find this material interesting and useful, please write about it in the comments. It's important for me to know that I'm not spending time writing this article in vain :)
I'll describe the situation from the beginning.
Weekly timeframe - we see a bullish trend starting from February 2023.
In the first half of February, there was a significant event for everyone who follows the cryptocurrency market. The price of Bitcoin rose and crossed a strong resistance level at 48-49k and secured above 50k.
The sloping Fibonacci levels indicate resistance around 52700.
Looking at the hourly or minute timeframe, it's apparent that the market tried to overcome this level, but so far, there's not enough buying power for it.
On the other hand, support is visible at the local level of 50600 USDT.
It's obvious that there is a redistribution of Bitcoin from some holders to others.
As part of the consolidation, we see that the number of crypto wallets holding a balance of 1MM USDT and more is decreasing.
Similar dynamics for wallets with a balance of 10k USDT and more.
Meanwhile, we are observing a rapid increase in wallets with a balance of more than 1 USDT
It's also indicative that the market remains in a phase of Extreme Greed
alternative.me/crypto/fear-and-greed-index/
All the factors listed above suggest a high probability of a corrective movement within the bullish trend.
Smart money and insiders trim positions and take some profits. The buyer is a retail user with paper hands and no inside information.
Nevertheless, I do not expect a trend break and market reversal, but the likelihood of a correction to the 48-49k area next week is higher than securing above 53k.
Important! This information is not financial advice and is purely for educational purposes.
Look forward to more analytics in our upcoming newsletters from Crypto Executives 🔆
Hello, friends! I'm glad to welcome you to my blog. I've been involved in analytics and trading for 15 years. Every day, I closely monitor the market for my internal tasks. Thanks to the regular weekly newsletter, I'm happy to share my thoughts with you. If you find this material interesting and useful, please write about it in the comments. It's important for me to know that I'm not spending time writing this article in vain :)
I'll describe the situation from the beginning.
Weekly timeframe - we see a bullish trend starting from February 2023.
In the first half of February, there was a significant event for everyone who follows the cryptocurrency market. The price of Bitcoin rose and crossed a strong resistance level at 48-49k and secured above 50k.
The sloping Fibonacci levels indicate resistance around 52700.
Looking at the hourly or minute timeframe, it's apparent that the market tried to overcome this level, but so far, there's not enough buying power for it.
On the other hand, support is visible at the local level of 50600 USDT.
It's obvious that there is a redistribution of Bitcoin from some holders to others.
As part of the consolidation, we see that the number of crypto wallets holding a balance of 1MM USDT and more is decreasing.
Similar dynamics for wallets with a balance of 10k USDT and more.
Meanwhile, we are observing a rapid increase in wallets with a balance of more than 1 USDT
It's also indicative that the market remains in a phase of Extreme Greed
alternative.me/crypto/fear-and-greed-index/
All the factors listed above suggest a high probability of a corrective movement within the bullish trend.
Smart money and insiders trim positions and take some profits. The buyer is a retail user with paper hands and no inside information.
Nevertheless, I do not expect a trend break and market reversal, but the likelihood of a correction to the 48-49k area next week is higher than securing above 53k.
Important! This information is not financial advice and is purely for educational purposes.
Look forward to more analytics in our upcoming newsletters from Crypto Executives 🔆
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