I don’t anticipate significant movement in major cryptocurrencies over the weekend. While it’s possible that ETH and BTC have already reversed their trends, leading to potential growth next week, a technical dip remains likely—particularly for ETH, just below $3,660.
For BTC, there’s a notable liquidity cluster around the $65,500 mark. Should another decline occur early next week, a pause at this level is highly probable. However, I remain skeptical about a breakthrough at this point.
TradFi
I looked closely at the US debt market over the past week. It seems that the pressure on crypto was partially due to the massive issuance of US Treasury bonds. Liquidity was sucked out ruthlessly like a vacuum, affecting all markets, with optimistic investors only able to lift their heads on Thursday’s statistics. By Friday, there was already profit-taking at the end of the month.
The picture in TradFi is positive. Next week will feature the Nonfarm Payroll report on Friday—the main report of the week. This will be a normal trigger for the market to soar and for ETH to break its maximum amid strong growth in the Stock market.
News
Social media is pushing an XRP ETF, which I’m sure is paid marketing by the Ripple team. Who really needs such an ETF, honestly? 🤷♂️
Tether has already acquired $100 million worth of shares in BitDeer (a BTC mining company) and has an option to purchase an additional $50 million in shares.
This is a good illustration of how the major players in the cryptocurrency market see its future.
Base Scenario
I will be buying anything below $67,200 in BTC this weekend. I believe the correction is nearing its end, but there might still be an attempt to shake out buyers over the weekend.
What to go long on today
CYBER looks good, accumulation is happening, on-chain metrics are in order. I expect $10 by June if there’s at least moderate positivity in BTC.
- I’m holding a long on COMP. I’m holding a long on SUSHI. The long on METIS is profitable.
- Today’s idea: short PEOPLE—13 green H4 candles in a row. Such a streak has never happened in PEOPLE.
Break-even transfer at $0.105 stop: $0.11494 take: $0.10088
This Cryptocurrency Market Overview, not a trading recommendation(!)
