Weekly Crypto Market Outlook, June 7th
Pretty much flat for BTC last week, whereas ETHUSD closed up +13%. Upside momentum needs to build, otherwise those previously printed swing lows could be tested in the medium-term.
The 38000-385000 zone looks like an area that has flipped multiple times. Now many Offers await, so it’s a resistance level to keep an eye on.
35000 is clearly support, with lots of Bids there. If this level breaks, it could be a big fall until the next swing at 30000, which is also likely to be an area of max pain (and many Sell Stops).
The 2800 level broke with a lot of momentum, but buyers struggled to take 2850, and the retest failed. Now prices are trading under 2800 once again.
Bids forming at 2650.