The crypto market is sideways, but Bitcoin and Ethereum remain vulnerable.
Watch today’s video for the details, including the latest on BTC, ETH, USDT.D, and the SPX. Remember to scroll down for the annotated charts.
Bitcoin (BTCUSDT) Outlook
Bitcoin remains sideways amid indecision from legacy markets. However, BTC failing at $110,000 and $106,600 recently paints a more bearish picture in June.
The $104,800 minor support level is propping up BTC this week. If that fails, expect a slide toward the $100,000 psychological level, which is also the mid-May lows.
I’m still entertaining the potential for a move to the $98,000 imbalance from May. The May 8th candle could become a factor if the crypto market starts to break down again this month.
On the other hand, a sustained break above $106,600 would start to look more bullish. That said, buyers would still have to deal with the $110,000 failed level.
Ethereum (ETHUSD) Outlook
Ethereum has held up significantly better than Bitcoin recently. Where BTC has trended lower, ETH has remained in a sideways consolidation.
However, despite holding its ground better, Ethereum remains vulnerable. It failed to hold above $2,730 on May 29th, the same day Bitcoin failed to hold $106,600.
The May 29th upper wick may serve as a magnet this week, but I wouldn’t bank on it. ETH bulls will have to work overtime to get a $2,730 retest and “fill in” the May 29th wick, but that doesn’t mean it won’t happen.
Like BTC, I’m leaning bearish on Ethereum as long as the $2,730 resistance holds on a daily closing basis.