Bitcoin has held market structure over the past few weeks, following its heavy fall in early May. To the bulls’ credit, the premier cryptocurrency asset has not closed below the $29.5k level on the weekly chart, and has been re-accumulating in solid fashion since the first half of May. Altcoins have consolidated somewhat, albeit remaining in bearish mode overall. The market is still in extreme fear mode, and traders and investors are anxiously awaiting Bitcoin’s pattern break to the upside or downside.
Ethereum (ETH) has continued its consolidation pattern over the past few weeks, while remaining in the $1700-2150 price zone. It has failed to hold over the 200 MA on the 1h chart, despite breaking above it on multiple occasions. So far, it has remained above the local bottom of $1700, which it reached during the cryptocurrency market crash on May 12, 2022. Like Bitcoin, there is huge anticipation with regards to its next big move based on its consolidation pattern break.
Litecoin (LTC) has formed solid market structure in recent weeks, albeit printing lower highs on the 4h chart while holding strong support over the $60 price level. Like Ethereum, it has failed to hold over the 200 MA on the 1h chart, despite breaking above it on several occasions. It has operated mainly in the $60-75 price zone, and its next swing move is yet to be determined at this point. Considering it crashed to the $52 level on May 12, 2022, its current market performance could induce some optimism for the future of this digital asset.
After falling to levels not seen since March 2020 in recent weeks, Bitcoin Cash (BCH) has held market structure over the $170 price level, while operating in the $170-240 price zone. The May 12 cryptocurrency market crash brought the asset to a local bottom of $150, before a quick recovery followed over the current support level. It remains heavily oversold on the weekly and monthly charts, and so it will be interesting to observe the nature and timing of the asset’s next big move.
