@BOMBERuss 17 May 2022 more from that month

#Bitcoin is beating for $30k. The situation from the point of view of TA on high timeframes is not consistent with investor sentiment and other aspects of the #market structure. Namely: the top 10 crypto assets collectively have undergone the most serious and rapid decline in the history of the crypto market. The market apparently absorbed about 80 thousand BTC sold in a vain attempt to restore the UST binding to $1, and the panic around the stablecoin spread to Tether, from which $7 billion was withdrawn in 48 hours. As for narratives, speculators are only now, 50-60% below the highs, starting to take seriously the correlation with risky assets and the Fed tightening cycle. Forecasts about the separation of the #BTC rate from the stock market have subsided, confidence is growing that there will be plenty of time to accumulate cryptocurrencies and all venture capital firms, without exception, send memos to portfolio companies on how to survive the economic downturn. (Let's omit the fact that just a few months ago, many of these same firms argued that a bear market was impossible.) Despite all this, the market fluctuates at the price levels of last summer. Is this a surrender? In a way, yes. But the charts still look lame, so we need to wait until they get back to normal a little. On a monthly timeframe, the market needs to restore support above $35-37 thousand. This would be a mirror image of the setup at the maximum of the range: breakout → no continuation → return to the range → trade to its opposite border. On the weekly timeframe, it is also too early to state a reversal: the market closed just below the minimum of the range of $ 32-34 thousand. However, restoring this level after a record number of "red" weeks should not be a difficult task if the market still has at least some strength left. Summing up, we can say that the market is showing signs of capitulation, but the charts still look lame and the macroeconomic situation has not changed either. A recovery above the $32-34 thousand level is likely to lead to a sharp rebound, but so far the market has shied away from this. DonAlt is positioned for a rebound right now, but, as we have repeatedly noted, the "system" that we adhere to in these weekly reviews is usually more conservative than those that we use in our personal accounts. And our most pessimistic expectations in case of further decline are somewhere between $14 thousand and $ 20 thousand.