2022-05-31 16:45:30
Good afternoon from the Binance OTC desk!
Following on from last week, BTC was showing early signs of a recovery with unexpected pumps occurring throughout the week. Whilst we were seeing intraday swings, the $28,500 support level held well as short sellers continuously tried to drive prices below this level but failed. As the week progressed we identified a textbook example of a descending triangle forming on the H4 chart, but this was shortly invalidated over the weekend as BTC rallied over 11%. Of course hindsight is everything, looking back over the charts with the bears failing to break down past $28,500 this was a good indicator that the bulls were in control of the narrative and that the probabilities were in favor for the upside in the short term (congrats if you caught this move!).
As it stands, BTC is trading above previous highs of $31,490 and has formed a range with the top being around $31,830. Initially this is a very bullish move and is a good sign the market may return towards the upside, however, we will need to see a period of consolidation above this high and see an increase in buying pressure. A (successful) further move to the upside above $32,500 will cement a shift in market structure and present longer term buy side opportunities. That being said, until this shift in market structure occurs, there is still the probability that we could see some sort of bearish retest, approach with caution!
BTC Levels of interest:
$32,200
$31,450
The OTC desk has seen significant interest in the following coins this week:
ADA
WETH
BEL
Binance is currently an axed seller of EUR and is offering tight spreads across all stablecoin swaps! Do get in touch with the OTC team for any of your trading needs and as always trade safe!
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