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Crypto’s sharp fall in tandem with the stocks puts into question the narrative of digital assets being an uncorrelated asset. The three-month correlation between Bitcoin, Ether and the major US stock indexes reached between 0.67 and 0.78 last week, according to Dow Jones Market Data.

Miller Value Partners Chairman Bill Miller in an interview with CNBC said that he had held on to a large portion of his Bitcoin holdings but had to sell some to satisfy margin calls. However, he remains bullish on Bitcoin. He said: "I’ve been through at least three declines of over 80%. I own it as an insurance policy against financial catastrophe. ... I haven’t heard a good argument yet why anybody shouldn’t put at least 1% of their liquid net worth in bitcoin," CoinDesk reported.

The big question worrying investors is whether to buy now or to wait for a further decline before purchasing. Arthur Hayes, former CEO of Bitmex, said in a blog post that “crypto capital markets must be allowed time to heal after the blood letting concludes.” He expects to become a buyer in Bitcoin near $20,000 and Ether at $1,300.

We had mentioned in our previous analysis that bulls will attempt to aggressively defend the zone between $30,000 and $28,800 and that is what happened. Although Bitcoin dipped to $25,338.53 on May 12, the long tail on the day’s candlestick shows strong buying at lower levels.

That started a rebound in the BTC/USD pair which is facing resistance near $31,500. The bears tried to sink the price back below $28,800 on May 16 but the bulls held their ground. The buyers will now make another attempt to push the price to the 20-day exponential moving average (EMA).

If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies. That could increase the possibility of a break below $28,800.

If that happens, the pair may drop to $25,338.53. A break and close below this support could open the doors for a possible drop to $20,000.

This negative view could invalidate in the short term if bulls propel the price above the 20-day EMA. Such a move will suggest that demand exceeds supply and the pair could then rise to the overhead resistance at $37,000.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- Maxxer

- LunaOne

- PlayPoint

- Smartchem (SMAC)

- Bancambios

- AppZaloot

- Solidray

- ZiberBugs

- CleanCarbon

- PlutusFi

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#Maxxer #LunaOne #PlayPoint #Smartchem (SMAC) #Bancambios #AppZaloot #Solidray #ZiberBugs #CleanCarbon #PlutusFi #CryptonaireWeekly #platinumcryptoacademy #Binance #Bitcoin #Ethereum #Ripple #Litecoin #Ecosystem #DayTrading #BTC #digitalcurrency #digitalcurrencymarket #DayTrading #Cryptocurrencyexchanges #digitalexchange

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234th Latest Crypto News Digital Magazine | 17th May 2022