A Major Move In Crypto

 Warning . 
Please remember that I'm not a financial
adviser so always do your own research before investing .
Past Analysis 
Past results are 
not indicative of future performance all
right before we dive into the charts
we'll first take a look at some of the
bigger picture data and also short-term
data too starting out with this here
where we're looking at 24-hour volume up

Market Data

Around 52% but this is off the back of
the second smallest daily range and one
of the lowest levels of volume Bitcoin
seen in over 6 months so it's no
surprise to see such a large influx in
volume but overall volume is still
extremely low which we're going to be
getting to in just a moment on this
chart here but what we can also see here
is that the 24 our long short ratio is
relatively balanced 50.5% versus
49.5% favoring the long side of the
market what I like about this is that
most of those price games over the last
few weeks are still holding up quite
well we'll jump into the charts pretty
soon but in terms of overall long short
ratio it's looking pretty good because
we are holding most of those gains so
far also what we can see here is that
longs are slightly getting a little bit
more wrecked than shorts. 

 levels of
volume

 Again we're
looking at very very low levels of
volume so I wouldn't be reading into
this too much just yet when we start to
see over around quarter of a billion in
liquidations that's when things are
starting to heat up now for a quick look
at our daily exchange volume chart we
did have a nice little pickup last week
but do remember we're looking out for
some sustainable moves once we start to
get some breakouts and higher lows now
we could be forming that right now but
don't be too filled just yet because as
you can see last time we had a few false
breaks but overall the market just
tracked sideways for a really long time
this is looking at last year's period
where the price was just oscillating
between around 25 and 30,000 bucks
before we really started to see some
nice sustainable moves to the north side
of the market so we have seen a nice
push up so far in the daily exchange
volume but we yet to see that high low
and that next move up once we do see
something like that take place I'd be
expecting some more sustainable moves
North in the market but so far the price
action is still holding up really really
well now in terms of our retail fear and
greed barometer by using the spot ETFs
as a bit of a proxy here we've had a
nice steady increase at the end of May
miday and also end of May and we're now
just starting to see some outflows take
place but nothing too major but overall
I this is quite positive and bullish
because we haven't seen extreme levels
of inflow which is typically what you
see around intermediate tops in the
market just like we saw in January and March as well we're getting some
pretty extreme levels of inflows in our
spot ETFs what we've been seeing
recently is just some more balanced
inflows in the market so overall this is
still looking pretty good now it doesn't
mean the Market's going to be going up
only from here it is just looking like a
nice steady inflow of uh spot ETF buying
now what we're looking at on this here
is our forexfactory.com calendar we are
looking at the high impact announcements
coming out of the US which typically can
give us some volatility in the market
now we have the unemployment rate
non-farm employment change and also the
unemployment claims now I'm not
expecting this to be shaking.
cryptocurrency up too much but it's
still worth keeping these dates and
times on your trading in your trading
journal rather because if we start to
see some big volatility happening in the
stock market and traditional currencies
that can still flow over into
cryptocurrency and that's all happening
at the end of this week now from here we
can take a look at the US dollar chart
because that's one of the best proxies
to the market right now. 

US Dollar

looking at here on the daily time frame
is that we have likely seen a major top
print in the US dollar we still don't have
the confirmation I'm looking out for I
am looking out for some weekly closes
and lower highs beneath these two tops
here that took place in the middle of
February and also at the start of April
and we're starting to get some really
good signs that the US dollar is getting
ready to break down to put in a larger
move lower we still don't have that
confirmation yet we're getting really
really close but overall this chart here
is looking quite weak on the lower term
time frames and this is very positive
for stock markets and cryptocurrency if
we do see this chart go down because
it's an inverse relationship anything
priced in dollars will go up when the US
dollar goes down provided there's no
other major supply and demand Factor
changes in the underlying asset so
overall for the US dollar it's still
looking like it wants to break down
we're getting very close to getting that
confirmation and this is one I'll be
racking really really closely on the
channel for you guys as I have been
doing for quite some time now now before
we get into the high time frame stuff
we'll start out on the hourly chart and
Bitcoin 1-Hour
then work our way up to those High term
time frames on our 1 hour chart you can
see that with have just been rejected
away from the same Pivot Point I've been
sharing with you guys for many many
months now and the way I treat pivot
Points is that I'm expecting selling to
come into the market when they're
approaching the underside and buying to
come into the market when they're
approaching the over side but if price
just breezes straight through one of the
lines it's just a matter of looking up
to that next line so you can see we have
our 50% level this red line here where
it was approached from the underside
selling came in then we started to
bounce along the pivot point on the
underside and we've just now happened to
Peak our head above the 50% level up to
that next pivot point now that price
comes in at around $68,400 our Trends
are starting to turn up on our lower
term time frames I will just get that up
for you so you can see exactly what I'm
talking about here you can see that
we're up on our 1 Hour 1 bar and our 1
hour two bar Trends which does increase
the chance that our 4-Hour trend is also
going to turn back up it is currently
neutral at the moment so do keep an eye
on that now this is off the swing
indicator it's the second link in the
description below if you want to learn
about this swing overlay and also the
trend Confluence table but in terms of
Trends they are turning up in our lower
term time frames but do keep in mind
lower term time frame Trends change far
more frequently than the higher term
time frames in terms of pivot Points
overhead the next level does come in at
around $
69,00 so if we can see some continued
support right around where we are now on
this 50% level and above those last two
hourly swing tops there I'd be expecting
a further continuation at least up to
around that 50% level in that trend line
now in terms of really solid price
action and when we can expect some
higher time frame continuations on
something like the daily chart it'll be
getting on top of our 50% level and our
trend line overhead and that currently
comes in at around $669,500 just for
some round numbers there now on the
underside of the market anything above
this recent consolidation zone I'm still
seeing is quite positive and bullish and
more likely reaccumulating and that line
comes in at around 67,800 bucks but once
we start to see some breakdowns or if we
see some breakdowns beneath that zone
it'll be a lead that we're getting ready
to retest some lower prices in the
$66,000 range potentially even going
lower up now to the 4-Hour time frame.

BTC 4-Hour Analyses

where you can see we're neutral on our
4H Hour 1 bar and 4our 2 bar Trends but
aily trend is is currently up and
if you also take a look at this trend
line from beneath the market we are just
hugging it ever so closely so that does
come from the low all the way back on
the 1st of May up to these next higher
lows coming in in the middle of May but
if we do happen to see a breakdown
beneath this on our 4-Hour chart that is
also going to be a lead that our higher
term time frame is going to be flipping
from up to at least neutral and likely
even reversing back down again now you
can also see that we're still weak on
our 50% level coming from this last top
down to this bottom here this little
correction here and we're also beneath
our overhead trend line so we are still
seeing multiple layers of weakness on
our 4our chart so do keep that in mind
and like I was pointing out on the
hourly time frame a much healthier
better place to be would be above around
69,500 bucks so keep that in mind in
terms of your overhead resistance now in
terms of Underside support we know that
we have our 1H hour Pivot Point at
around 67,800 bucks and we've also got
our trend line on our 4H hour time frame
which is just critical right now because
it has been acting as some very key
Support over the last few days and we
don't want to see that support get lost
if support does break down it'll very
likely become resist resistance if it's
retested from the underside so keep that
in mind in terms of support and
resistance up now to our daily time
frame which is just holding above.

Daily breakout Zone

 you can see these last
three tops here 1 2 3 we had a nice
breakout which were all over a couple of
weeks ago but since then the Market's
just been starting to track a little bit
sideways and go quiet a danger sign is
dropping back beneath the breakdown Zone
rather breakout Zone it's getting very
close to doing that we have seen a few
daily closes beneath the line which is
not a good sign we are coming back to
retest this resistance at 69,000 bucks
so whether we can get through it or not
is going to be really critical to the
price action this week if we don't get
through the 69k which is also the
previous all-time high it would be
suggesting we're going to be correcting
a little bit harder so far we've barely
seen much of a correction after that
really nice clean move up and failed to
get back on top of that 69k soon is just
increasing the chance it's just been
some short-term distribution and we're
going to be retesting some lower prices
but of course time will tell we're still
holding above all the critical support.
zone so far so we'll be keeping really
close to this one this week to see what
does come of the price action whether
the bull is going to be holding the
market up a little bit longer or if in
fact a bigger correction is coming up
now to our macro time frame here this is
Macro Analysis
the total market cap you can see that
we two bar and monthly time frames
throughout this entire correction so far
we've not seen any breakdown of our
higher term time frame Trends so even
though the price was correcting 20 30
40% depending which markets you were
looking at our macro trends that did
remain up this entire time which is why
it's so important just to have some kind
of objective way to know what the trend
is doing we have seen lower term time
frames flip back and forth which is is
always the case but in terms of our
macro Trends they have remained up now
on our higher term time frames one of
the most important pivot Points is this
correction low if we do see a breakdown
beneath that correction low we see some
closes beneath it be a big red flag that
we're going to be heading down for a
very long period of time but until that
comes about the macro Trends do remain
up we are just seeing higher low after
higher low and very even balance
correction so far so things are still
looking good on the macro time frame of
course a better place to be is breaking
above those previous tops that you can
see we are holding a above the top that
we saw in I think that's September and
also the lower high that we saw in
December so that's good news there but
of course we've got this next resistance
overhead from that Peak before the Peak.
in May of 2021 I do believe once we
start to see some lower term time frame
action above that zone some Clos and
high lows we will be retesting this
cycle top to put in new highs and even
coming back to retest the current
all-time high for the total market cap
so we'll be staying really close to that
one there in terms of some short-term
signs of danger it will be dropping
beneath 50% of the correction so far so
do keep that one on your chart and I'll
also be covering that really closely on
the channel for you guys too so that's a
wrap for some of the data that I am
tracking this week in cryptocurrency
including some lower term and higher
term time frame analysis in Bitcoin the
US dollar and of course the total market
cap too do stay really close to those
support levels beneath the market for
early leads that maybe we are going to
be breaking down but overall those High
term time frame Trends still do remain
very very strong with some key pivot
Points to be watching beneath the market
now that's all I've got for you in
today's market update if you want more
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from me wishing you more health wealth
and happiness and until next time.