Analysis

Crypto Market Analysis 5: Reading the Tea Leaves

Oz

Jun 5, 2023 — 4 min read

Photo by Wance Paleri / Unsplash

Contents

Bitcoin Analysis

Ethereum Update

This weeks Altocin Pick

Bitcoin Analysis

Bitcoin closed the month above the yearly pivot level of 26.7k which bullish for the year and continuing to hold this level will signal a move up to 36-40k in the coming months. Its best to look at the yearly pivot levels on a monthly basis for long-term direction as price can dip below this level on shorter time-frames.

Looking at the moving averages, using the 128 daily MA is a very good buy the dip strategy in an up-trend. Like I said in my previous update, Bitcoin can still test this moving average a number of times before it starts its next leg up so a dip to 26.2k is not out of the question before the next leg up.

Bullish Clues

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