Bitcoin & Altcoin Market Update 24-05-20

Going to be a quick one this week given the in-depth market analysis posted last week. Let's jump straight into the charts.


Bitcoin Weekly

Fundamentally I'm as bullish as anyone when it comes to Bitcoin, especially given global macro context and commentary from some notable investors like Paul Tudor Jones. However, the weekly BTC chart just doesn't scream buy now to me; a close above $10,500 is a screaming buy as would be another shot at $7700 or so but not right here. We're still technically in a macro downtrend - the downtrend from ATH is intact, we've set a lower high again (the last one had some pretty ugly follow through) and Bitcoin was rejected by a key weekly level.


Long story short, I'm not a buyer right here. I'll always have some spot exposure and as long as the 20 week moving average holds I'm looking for longs as opposed to actively shorting, but I'd rather miss out on 15-20% and buy on a confirmed macro uptrend or buy 10-15% lower.


Altcoins

Here's an updated look at the Bitcoin dominance chart covered the other day (Altseason incoming?) - looks like Altcoins have more upside in store. That being said, USDT pairings (which is what I typically trade) are looking a bit weak and could be hit hard if Bitcoin dips further. BTC pairings generally look stronger.


As always, I'm trading BTC on Bybit which remains the undisputed best option for trading Bitcoin with leverage in my opinion. They are currently offering up to $90 bonus for new sign-ups so if you want to learn more you can also read my full review of Bybit.

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