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Fears of a recession, supply chain issues, a China lockdown, and tightening monetary conditions led investors to trim exposure to risky assets last week. The Dow Jones
Industrial Average recorded its firstever eighth-straight weekly loss since 1923. Identically, Bitcoin also made history by closing in the red for the eighth consecutive week.

Although the US equities markets made a strong comeback on May 23, Bitcoin continues to struggle above $30,000. One of the reasons could be that after the collapse of
TerraUSD and LUNA, institutional investors are likely to tread cautiously as the crypto space could come under regulatory scrutiny.

Galaxy Investment Partners CEO Michael Novogratz warned his Twitter followers that in 2018, altcoins had fallen more than 95%. Currently, altcoins are down about
80%. This implies that if history repeats, altcoins could fall another 70% from here. Hence, instead of picking bottoms, Novogratz suggests investors “scale in slowly.”

Bitcoin’s recovery attempts repeatedly turned down from the downtrend line in the past few days. This suggests that bears are defending the level with vigour.

The bears will now attempt to pull the price below the strong support at $28,800. If they manage to do that, it will open the doors for a possible drop to $25,338.53. This is an important level to keep an eye on because if it gives way, the selling could accelerate and the BTC/USD pair could drop to the psychological level of
$20,000.

On the contrary, if the price rebounds off the current level, it will suggest that bulls are accumulating on dips to $28,800. The buyers will then make another attempt to push the pair above the downtrend line.

If they succeed, the pair could rise to the 20-day exponential moving average (EMA). If the price turns down from this level, it will suggest that bears continue to sell at higher levels. The bears will then again try to sink the pair below $28,800.

Alternatively, if bulls thrust the price above the 20-day EMA, it will suggest that the downtrend is weakening. The pair will then attempt a rally to the 50-day simple moving average (SMA).

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- LunaOne

- Inddais

- Bancambios

- Smartchem (SMAC)

- PlutusFi

- Faith Tribe

- AppZaloot

- Hubble Protocol

- CleanCarbon

- ZiberBugs

Read More
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