Is it time to “Sell in May and go away”?
The market situation is looking bearish and we rush to provide analysis, predictions for the next levels, a recap of the previous week at Mr.Advice and plans for the rest of this week.
MARKET ANALYSIS BY CRYPTOAARON
Bitcoin price started an upward correction above the $31,000 level. BTC even climbed above the $32,000 level, but fell near the $32,500 level. Currently (04:03 UTC), the price is near $31,300, up 2% on the day and down 17% on the week.
Similarly, most of the major alts are facing obstacles. ETH is facing resistance near $2,400 and $2,450. XRP needs to break through the $0.55 level to start a wave of unwinding. ADA failed near $0.70 and lost most of its gains.
After falling below $30,000, the bitcoin price started an upward correction. BTC returned above the resistance levels of $31,200 and $31,500. It even soared above the $32,000 level, but the bears defended the $32,500 region. Currently, the rate is below $31,500 and the nearest support is at the $30,800 level. Major support is still near the $30,000 level. If $30,000 lets go then a descent to $27,500 is likely. Only after such a descent should we see a return to $37,000.
The Ethereum price also started an upward correction from the $2,200 zone. ETH returned above the $2,350 level and even broke through the $2,400 resistance. However, the price encountered resistance near the $2,450 level. Currently, the price is consolidating below the $2,400 level and its initial support is located at the $2,320 level. The next important support is near the $2,250 level, below which the price may test the $2,200 level. ETH is gaining more than 2% in a day and is down 15% in a week.
On the other hand, the price may encounter resistance near the $2,420 level. A key breakout zone is currently forming near $2,450.
The proverb “Sell in May and go away” is not accidental, as vacations are usually boring months and in order to wait out this period it is worth to sell various projects, possibly buy on the bottom and wait for stronger movements.
For current daily analysis and suggestions visit Golden Keys, where CryptoAaron shares his knowledge and experience.
WHAT HAPPENED AT MR.ADVICE LAST WEEK?
1. PLU gave a profit of +80%!
2. analysis of the market situation appeared on our Youtube channel. Check it out HERE!
CRYPTO EVENTS IN THE WORLD
- 19.05.2022 Blockchain Day in Zielona Gora Zielona Góra
Polish technical event for developers who already know the topic or want to know it better. Knowledge straight from an expert in this field: Przemek Trepka develops Blockchain at ValueLogic and is an experienced developer.
At the event participants will be introduced to the decentralized world and web 3.0.
The event is free, so it is worth to sign up and take advantage.
- 07.06.2022 Perspectives Women in Tech Summit 2022 Warsaw
The largest event for women in technology in Europe returns to Warsaw and to the offline formula. The capital city will again become the center of conversation about the latest technologies, their impact on our lives and the role to be played by women. “Perspectives Women in Tech Summit 2022” will be held already on 7 and 8 June and will host over 5000 participants – from 100 countries around the world. It is addressed to students, women at the threshold of their careers, professionals, scientists, activists, leaders, start-ups and all women interested in technology who want to be inspired, gain the best knowledge and join the changes taking place in the modern world.
The event is held in English and there is a fee.
WHAT IS HAPPENING IN MR.ADVICE?
Thursday 17:00 Market analysis
Have a good week and see you in the next newsletter!