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Oh my what a week! sometimes one feels truly helpless in the face of what has happened.
The market, after hitting the lows, has shown considerable buying strength which has led to a major recovery of 10,000 points on BTC and 1,000 on ETH.
The news from Tesla and the letter leaked by the People's Bank of China, concerning a ban on the possession of crypto by Chinese companies and banks that issue means of payment, favored the market decline.
The decline suffered by Bitcoin at the end of April has led users to prefer safer shores, such as Ethereum, which despite the general decline, has maintained its structure.
Over the past year, cryptocurrencies have drawn more and more attention to them, with Bitcoin and Ethereum continuing to experience success after success.
While we all blame Elon for having
manipulated the market, or banned by Chinese institutions, the current tracking is "normal behavior" within an enduring bull market.
Trackings like this have been seen before and now we are testing the moving average at 200, which is now about 40200.
as stated earlier, area 38000 appears to be holding up well.
I am hoping for a daily close above 38K to test the resistance at 42K. New support $ 28800.
Graphic: tradinview.com
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