Bittrex files for Insolvency and Bitcoin trembles on the support | by Mike Zillo | Coinmonks | May, 2023

What Market Phase are we entering into has been the introductory question for our last appointments. Are we going to listen to the Bulls or the Bears? Are we going to see a Bull Market or a Bear Market?

Welcome to Surfing the Market, we are already at our 53nd appointment and I hope that with these easy tech analysis we have helped you in some forms, even just to evaluate different market perspectives.

Source: Tradingview — Weekly chart

Bitcoin lost again the 30.000$ level, probably due to uncertainty connected to the interest rates and the FOMC news from the last days.

A recent news is that Bittrex, one of the most historical exchange, is filing for bankruptcy. Bittrex had quite a history but in the last years the volumes dramatically dropped potentially bringing it to a higher insolvency risk.

Source: Tradingview — Daily Chart

Red line has been momentarily broken but the interesting thing from the price action is that minimums are slightly growing even in this latest weeks.

Source: Tradingview — Strength Dollar Index

DXY is still in a relevant point: the support level at 100 points has not been broken yet, while there are no signals of reaction as well.

The price is now below the 50MA that is now in the same area of the red line, representing then a potential strong point where the price will likely find difficulties to break-up/down and that acts as a magnet for it, as it has shown to be an area of deep interest.

Source: Tradingview — Daily Chart

Ichimoku Clouds are consistently green and wide, but the price is now inside them, making it statistically very unpredictable. The key factor here is that we are close to the support line meaning that we may more likely see a move upwards but it’s early to open positions, as breaking the support downwards would mean a potential big descent towards 25000$. So I would evaluate a long but with a precise Stop Loss below the minimum reached so far (26.200$ area).

Source: Tradingview — Daily Chart

Source: Tradingview — Daily Chart

Volumes are still in a “quiet area” and even if they did not dramatically decreased, they are lower than the previous weeks. Still, they are not so low to justify manipulation.

What to observe particularly?

I expected some bullish movement, but the drop came. Here I again expect a bullish movement, potentially with a target at the red line where I expect some uncertainty.
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None of what I write can represent a financial advice in any form. So Do your own research before taking any kind of action.