Written by Metal Team

On May 17, 2021

Market Report May 17 2021

Bitcoin (BTCUSD) (3-day / 8-hour Comparison)

Widespread panic. 

Hatred & blame thrown towards Elon.  

No shortage of narratives as to “why” we saw a recent correction in Bitcoin’s $USD value.  

On our 3D chart, we’ve been watching just below the current price for a few weeks now.  On a Macro level, things could go a bit further and still look like a prime buying opportunity according to this large Fibonacci retracement range.  

On our 8hr chart, and a lower timeframe fib range, we see our orange “neutral” range has broken down and can be presumed a former support turned resistance.  

Another dip of at least 10% is still a very real possibility., but there is no need to panic, we’ve been talking about this possibility for weeks, and we are prepared to capitalize on what the market will throw at us.

Ethereum (ETHUSD) (3-day / 8-hour Comparison)

Ethereum and altcoins in general have weathered the storm of Bitcoin’s correction fairly well.  

On our 3D chart, we see some semi-bullish retests at fib levels of significance.  Watching how price behaves around these levels can give us clues to where we could be headed.  Seeing support show up at our previous resistance levels is reassuring that the bottom could be near, if not in already.

Fundamentals & Correlations

Our usual two oddball charts, Bitcoin Dominance (BTC,D) & The US Dollar Index (DXY), haven’t moved much since last week, which gives some confidence in “AltSzn” continuing as soon as some confidence comes back into Bitcoin. 

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