May 24th Market Analysis from LBank Derivatives
The cryptocurrency market appears to be in a state of calm with the volatility of Bitcoin (BTC) continuing to remain relatively low. The overall force and sustainability of its rallies are subdued, signifying a trend towards stability.
As of now, it is advised for traders to maintain a ‘wait and watch’ approach and to make a strategic move post an extreme contraction in trading volume.
The Ethereum (ETH) 4-hour chart shows a similar pattern to Bitcoin. After experiencing a minor rally, Ethereum has undergone consistent corrections.
It is suggested that investors remain observant and wait for a clear market direction before making any moves.
Notable Altcoins
In the case of Litecoin (LTC), the overall continuity after its rebound seems to be relatively poor. It has failed to break past its previous high, and as a result, it is back to retesting the lower range of its previous trading box.
In light of this, it is advised to ‘buy low’ and avoid chasing after the market rally.
The Conflux (CFX) 4-hour chart is currently exhibiting a fish-tail pattern. Each announcement or news item causes a brief rally, but these have not been sustained.
The overall trend remains bearish, and it is recommended to keep a short position at higher prices.
To sum up, it seems the market is in a period of relative calm, with most cryptocurrencies showing weak rebound strength.
Traders are advised to tread cautiously, wait for a clear market direction and strategically plan their trades. Remember to consider the volatility and general trend of each cryptocurrency before making investment decisions.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
