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- Bitcoin and Ethereum traders are navigating a complex market landscape following a series of rallies and subsequent consolidation phase.
- Market sentiment and price action for the coming week suggest a slightly more bullish bias for Ethereum.
- Key liquidity pockets and potential swing trade levels are identified for both cryptocurrencies.
Explore the current market conditions for Bitcoin and Ethereum, understand the market sentiment, and discover potential profitable swing trade levels for the week.
Market Sentiment and Price Action
Bitcoin [BTC] traders have been navigating a challenging period following the straightforward rallies that have been the norm since last October. The market conditions for Ethereum [ETH] have been more complex, but BTC’s halving event last month has resulted in chop and range formations across the market. This article investigates the market sentiment over the weekend and potential price action for the coming week.
Speculators’ Expectations
The 10th of May saw an increase in the Bitcoin Open Interest, but the OI has been trending downward since the price spike on the 6th of May. Meanwhile, the price also formed a series of lower highs over the past week, descending from $64k to $61.1k at press time. The Funding Rate was negative at the start of May when Bitcoin plummeted to $56k, but it has since recovered. However, in the past few days, it has been barely above zero, indicating the sentiment is not strongly bullish.
Next Liquidity Pockets
The 7-day liquidation heatmap of Bitcoin showed a bright cluster of liquidations at the $60k area. To the north, $61.8k and $63k are the next bullish targets. On the 5th of May, prices jumped above the $64k mark to collect liquidity before a brutal short-term reversal. Similarly, we might see a downward plunge on Monday to collect the liquidity at $60k before rebounding higher. Hence, BTC traders would want to buy the dip to the $50.6k-$60k region. However, traders must also be prepared for a move below $59.4k for BTC, and set their stop-losses accordingly in the event of a dip to $60k.
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Conclusion
While the market sentiment and price action for Bitcoin and Ethereum present a complex picture, key liquidity pockets and potential swing trade levels have been identified. For Bitcoin, traders may want to consider buying the dip to the $50.6k-$60k region, while for Ethereum, a dip to the $2860 region could present a buying opportunity. As always, traders should set their stop-losses accordingly to manage risk effectively.
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