Bitcoin has been having a hard time for the past few months after hitting a record high. President crypto has been stuck in the middle of around $30,000 to $40,000 for weeks after hitting an all-time high of $65,000, prompting technical analysts to refer to some data for the next levels. We take a look at analyst Rich Ross’ technical comments…
Analyst Rich Ross thinks Bitcoin (BTC) is unstable
Evercore ISI technical analyst Rich Ross states in a recent analysis that Bitcoin (BTC) price movements are not supported by anything and the leading cryptocurrency creates a menacing picture. At the same time, Ross determines the first resistance of BTC at $ 36,000, while on the continuation of the downward movements, $33,000 and $30,000, then the $22,000 region for lower levels, as critical reinforcement levels.
Also, Cryptocoin. com
As we reported , the second largest crypto Ethereum, which approached $ 4,400 in mid-May, is currently trading below $ 2,000, while Ether has greater potential, especially above $ 2,400, according to Ross. The analyst’s detailed BTC and ETH whitepapers are as follows…
Bitcoin slumps against S&P 500
A year to date, Bitcoin in percentage benefit has been several times the S&P 500, while after cryptos suffered major corrections, this gap has largely closed. As the chart below shows, the top 500 publicly traded companies in the U.S. and Bitcoin’s market-laden index are quickly in a nearly identical position. From these data, the analyst states that crypto assets have lost tremendous value for a while and stocks broke records in this period.
Examination of Bollinger bands
On the other hand, stating that Bollinger bands circulate around Bitcoin’s price and essentially giving warnings about an impending recovery in volatility, Roose adds that the bandwidth defined by the percentage difference in the middle of the upper and lower bands moves with the lowest levels of the year, while the 14-day Average True Range (Average True Range), reporting near year lows.
Agold and Bitcoin correlationu turned negative
A Commenting on the stability of gold and Bitcoin, Ross states that the 60-day rolling correlation in the middle of Bitcoin and spot gold has turned negative, a situation that has occurred only a few times since 2018. According to the analyst, this is actually sufficient, as a lower correlation makes an asset more attractive for diversification purposes. However, the “digital gold” ascription given to Bitcoin is no longer as appropriate as before, according to the analyst.
Finally, Ethereum has been fluctuating quickly above the 200-day MA in recent sessions and manages to gain foothold from the line. According to the analyst, this is enough news. However, at the 50 MA, it will be followed as resistance according to the analyst’s claims. In this case, it will not increase much in the $ 2,300 range for ETH, according to the analyst.
To be informed about the last minute developments, contact us Twitter’, Facebook and Instagram
Follow on and Telegram and YouTube join our channel!