“Sales Season” continues, and it’s a good time to be “greedy when others are fearful.”
While Bitcoin and Ethereum continued their free-fall against the U.S Dollar, exchange rates between the other cryptocurrencies remained volatile.
In May the ETH/BTC pair rose from 0.075 to 0.085 before dropping back to 0.075. A steady 10 milliether range to be exploited by those traders not on the sideline.
So, while some talk of Bitcoin’s “doom and gloom,” some smart investors see an opportunity to make a profit.
Bitcoin dips lower this week, having lost about 25% since the beginning of May where touched the $10k level. Currently BTC is back down to the 11.4% Fibonacci retracement level of the downtrend from the $20,000 high to the $6,000 low. 50-day EMA is again crossing 200-day EMA, establishing Death Cross pattern. From the current market overview, retesting February lows is becoming more and more likely.
Ethereum crossed below 50, 100 and even 200-day EMAs, consolidating at the 23.6% Fibonacci retracement level of the last decline from the $1,400 high to the $350 low. This week shows no positive signs for ETH to hold its current level around $600 and we can see the decline continuing below $500.
With the fifth month of the year coming to an end, we are left with only 7 months for the much-vaunted Bitcoin/cryptocurrency recovery and the analyst’s promise of all-time highs by year end.