In the cryptocurrency world, markets can be turbulent and volatile places. This is especially true for Bitcoin (BTC). Bitcoin (BTC) has seen quite a few ups and downs over the past few days. Jackis, a prominent analyst in the cryptocurrency community, recently commented on the state of the market and his words may be of interest to investors.
Bitcoin Could Break $31,000
according to According to Jackis, Bitcoin’s weekly structure remains bullish, which means the overall trend is up despite the potential downside. He suggests that even a deeper pullback should be seen as a potential low in a bullish trend that would eventually lead to a breakout of the $31,000 level. But Jacquis also warns that this bullish trend needs to be proven, and until then investors should be cautious.
H4:
There is certainly a decent buyback from the lows of the HTF range, but so far it remains in a bearish structure.
New LLs are expected until proven otherwise or until a long-term convincing LTF structure is confirmed. pic.twitter.com/9VUY79bnPT
— Jacks (@i_am_jackis) May 16, 2023
On the daily chart, the market has just swept the range low of $26,500, which could be viewed as a potential excursion, said Jaquis. However, despite this, the overall structure of the daily chart remains bearish and investors should treat it as such until it regains further highs. He suggests that there may be some buybacks from the high timeframe (HTF) range lows, but the market is still in a bearish structure. Until evidence to the contrary is found or a convincing low time frame (LTF) structure is too long, Jakis expects to see new lows.
Furthermore, according to Jackis, the current structure of the Bitcoin market is bullish, but this could change soon. He points out that the market is currently trading at a premium known as the golden zone compared to the H4 Swing. The market needs to show real strength at this level to continue rising. However, the current market conditions are difficult to read and there are arguments for both bullish and bearish positions.
Bitcoin and Ethereum part ways, correlation hits lowest level in two years
Recent report This report by Kaiko, a leading provider of market data and insights, highlights some interesting trends in the Bitcoin and Ethereum (ETH) markets. Correlation between Bitcoin and Ethereum has reached its lowest level since November 2021, according to the report. The rolling correlation between the two cryptocurrencies has weakened from 96% to 77% since mid-March, indicating that they are driven by increasingly different idiosyncrasies. cause.
The report highlights that Ethereum has lost momentum since the Chapela upgrade, dropping nearly 14%, while Bitcoin has fallen about 11% over the same period. This divergence suggests that the two cryptocurrencies are not moving in tandem as they have in the past, but are being influenced by different factors.
As of this writing, Bitcoin, the market’s largest cryptocurrency, is trading at $27,000, just below its 50-day moving average (MA). BTC has managed to regain the $27,000 level, but has seen a slight drop of 1.4% over the past 24 hours.
Featured images from iStock and charts from TradingView.com