#33 09 May 2022
A short market update this time, as we are still waiting for the earlier pointed out levels.
For the moment, BTC broke down the channel or possible bear flag to go to the main previous support (First blue box inside the yellow one). That level has been key for the last year, so we might see a bounce around this level.
In that case, we don’t expect too much, rather than ranging again over it. In case of a further breakdown, things could accelerate a bit to go to the lower levels and the final capitulation, but that tends to happen at the end of the year rather than in the middle of it.
We are still following the same levels and nothing changed for the moment.
ETH broke down the channel and also the inner GP (yellow box) which could lead that to the breakdown of the blue box and as same with BTC, we could see a relief rally on that level.
For the moment, ETH is following BTC even percentage-wise.
Not too much to say rather than what has been said in previous market updates. 2022 is being a bear market as expected and that can be boring and slow to achieve the final capitulation. S&P500/SPY is also in selling mode, so markets are still totally correlated.