Market Report May 10 2021

This article was first published on Metal Blog

Bitcoin (BTCUSD) (3-day / 8-hour Comparison)

Bitcoin has continued to stay mostly sideways, frustrating over eager traders who do not abide by the “When In Doubt, Zoom Out” rule.

These 3D candles tell a tale of some indecision, but overall, a bull-leaning one.

We see our local supports (yellow dotted lines) have been tested with good shows of support, essentially confirming their ongoing validity.  

The 8hr chart shows similar signs, in a smaller range.  Our orange “neutral” zone here has been providing plenty of support, even if we haven’t seen a major reaction from it.  Simply holding is enough to avoid any overtly bearish signs.

Bitcoin doesn’t need to do a whole lot at the moment other than hold supports, as most attention is pointed towards Ethereum and altcoins as a whole.

Keep in mind though, in the past, during similar market conditions, Bitcoin has ruined the party by having a sudden, expansive move in either direction, which would likely result in ALT/BTC pairings bleeding out. As always, be prepared.

Ethereum (ETHUSD) (3-day / 8-hour Comparison)

Ethereum had quite the week.  On our 3D chart, we’ve seen a breakout confirmed with a subsequent retest, and there’s no reason to think we won’t just keep chugging along (as long as BTC behaves).

On the 8hr chart, we see our first target met some temporary resistance, our second target was absolutely smashed, and then retested with a vigorous show of support two candles later. 

Tres Bula.

The more Macro “moon level” on our 3D chart remains just shy of $7k, while our lower timeframe range’s moon level is very close by at $4,566.

Ethereum being so bullish brings more speculative money into DeFi & into alts in general; our two simple correlations continue to give evidence of ...

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