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    Category: The Daily Dose

    Weekly Recap – 05-28-23

    Top 5 by MCAP Although this recap is mostly about Bitcoin, it’s still important to discuss the overall health of the Top 5, as numbers…

    Chingas X May 29, 2023
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    Weekly Recap – 05-21-23

    Top 5 by MCAP Although this recap is mostly about Bitcoin, it’s still important to discuss the overall health of the Top 5, as numbers…

    Chingas X May 22, 2023
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    Weekly Recap – 05-07-23

    Top 5 by MCAP Although this recap is mostly about Bitcoin, it’s still important to discuss the overall health of the Top 5, as numbers…

    Chingas X May 8, 2023
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    Weekly Recap – 04-30-23

    Top 5 by MCAP Although this recap is mostly about Bitcoin, it’s still important to discuss the overall health of the Top 5, as numbers…

    Chingas X May 1, 2023
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    Weekly Recap – 04-23-23

    Top 5 by MCAP Although this recap is mostly about Bitcoin, it’s still important to discuss the overall health of the Top 5, as numbers…

    Chingas X April 24, 2023
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    Weekly Recap – 04-16-23

    Top 5 by MCAP Although this recap is mostly all about Bitcoin, it’s still important to discuss the overall health of the Top 5 as…

    Chingas X April 17, 2023
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    Weekly Recap – 03-26-23

    Top 5 by MCAP Although this recap is mostly about Bitcoin, it’s still important to discuss the overall health of the Top 5, as numbers…

    Chingas X March 27, 2023
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    Weekly Recap – 03-19-23

    Top 5 by MCAP Although this recap is mostly all about Bitcoin, it’s still important to discuss the overall health of the Top 5 as…

    Chingas X March 20, 2023
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    Weekly Recap – 03-12-23

    Top 5 by MCAP Although this recap is mostly about Bitcoin, it’s still important to discuss the overall health of the Top 5, as numbers…

    Chingas X March 13, 2023
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    Weekly Recap – 03-05-23

    Top 5 by MCAP Although this recap is mostly about Bitcoin, it’s still important to discuss the overall health of the Top 5, as numbers…

    Chingas X March 6, 2023
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    Weekly Recap - 05-28-23

    Forum Description

    Top 5 by MCAP

    Although this recap is mostly about Bitcoin, it's still important to discuss the overall health of the Top 5, as numbers 2-5 have sway in the altcoin world. XRP is the clear winner of the uptrend challenge as it shows all timeframes in green, and dark green, except only the M5 time horizon, which currently indicates light green. Bitcoin and Ethereum are trying to claw their way back from losing the longer timeframe trends as they both show light green. Much of that is thanks to the last 24 hours of trading.

    Bitcoin Monthly - Long-Term

    As we stated last week, this downward pressure after a 4-Month uptrend is not concerning when we zoom out to the Monthly timeframe. Of course, traders and investors want "only up - all the time"; the reality is that every uptrend sees pullbacks, and every trader later kicks themselves for not buying the dip. Oddly enough, all traders should want pullbacks as they represent a potential entry into a long trend.

    Bitcoin Weekly - Mid-Term

    The last 24 hours of trading took Bitcoin from a lousy, bearish weekly candle to a positive candle of over $1300. Amazing what a single day of trading can do to a Weekly candle. That said, Bitcoin is trading back near the $28K 236 Fib zone, the same we spent the previous ten weeks on. With the close where it is, we can call that Week 11, and with today's open where it is, we can now say that Week 12 is also trading at or near the same $28K, 236 Fib Zone. We did not quite get the retest for structure. But we are far from out of the woods. Those who see a wedge attached to a potential "pole" will look for this same scale's 50% Fib level. That would put Bitcoin above $42K if all goes well. As for everyone else, due to the slip of the last few weeks and the overall 7-week downtrend, most will sit on the sidelines and wait for the recent high to be broken before making any trades.

    Bitcoin Daily - Short-Term

    On the Daily, we can see the impressive candle that was out yesterday and saved the Weekly candle from closing neutral or bearish. The resistance came from the downward-sloping trendline coupled with the 236 Fib Zone. If this action remains above the Bearish "4" then the Bears would need to keep the price action under the Bearish "3" to keep the current local downtrend valid.  The Bulls, however, have marked that same low with a "5" that demonstrates the second Lower High in what is now a validated uptrend. The Bulls need to make a statement, and dying in resistance is not how they want to be remembered. It will be a grueling fight to get through all this red, but a pivotal moment would be breaking the Bearish "3" at $30,050. I believe that is the Bull's first order of business.

    Daily Bitcoin Volume

    The lack of growing volume is my number one beef with the entire upward action from January. This remains the case today, almost 6-months after we started the trend. The volume continues to trend down. This adds an unshakeable concern that all the upward action we have seen since January is a false rally. If the volume continues to sink lower and lower, one must ask themselves, what happens when there is no one left to trade?

    Bitcoin Dominance

    Bitcoin Dominance continues to be shy around the 50% mark. Yesterday was one of the more lively candles on the chart recently but still well under anything of importance. The added triangle helps visualize the consolidation under the key resistance level. Undoubtedly, the Bulls want to reach over 50%, but are the Alts strong enough to keep up with Bitcoin? If that is the case, we would see rising prices on everything across the board.

    Bitcoin CME Futures

    It's been a long time since we discussed the whole scope of the Bitcoin CME Futures chart. The opening today left us with a large gap to the underside. $26,915 is the level to look for, as that will fill the recent lower gap. Look at what remains after an 18-Month downtrend—only eight very realistic and closeable gaps. The bottom may never get filled, and they are tiny gaps. Considering almost every single candle has a gap from the previous candle's close, the percentage of closed gaps is incredibly high, far higher than virtually any trading strategy in the world. 

    Conclusion

    The two levels here that matter the most this week are the recent low at $25,810 and the first Lower High of the local downtrend at $30,050. The local downtrend has the momentum and resistance, which is currently very effective at stopping the Bulls from trading over the trendline. A substantial Daily Close over the trendline should give the Bulls everything they need to push beyond $30,050. If they are to fail and the Bears protect their trend, then we will likely see a selloff below $25,810, as there would be little reason to watch any level outside of maybe the 236 Zone for the sake of positioning themselves for a second attempt. If you enjoyed this article, consider sharing with friends on Social Media. Lets grow the Community together!

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