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Crypto Industry News:
Co-founder of Fundstrat Global Advisors, Tom Lee, claimed in a tweet that the crypto-winter came to an end.
In the news, Lee said that last week's Consensus conference in New York was the latest of 13 signs indicating that the industry is recovering after a difficult few months. Its schedule of events documenting key events dates back to November 2018, when the Bitcoin Cash hard-shell battle exhausted the supply of Bitcoins maintained by two competitive mining pools.
Other significant milestones listed by Lee include January 23 this year, when network transactions turned out to be positive year-on-year for the first time in 12 months. He also pointed out how on March 27 in the Bitcoin Misery Index of the Fundstrat increased above 67 - a level that has not been reached since August 2015. Then in April, there was a sharp increase in over-the-counter and chain activity.
In early May, Lee said the cryptographic industry proved its resilience when there was a stable market reaction to the controversy around Bitfinex and Tether after the New York Attorney General accused the crypt of the stock exchange for losing $ 850 million and using funds from a related stablecoin operator secretly concealing the shortage.
Technical Market Overview:
The BTC/USD pair has been trading inside of a tight narrow range located between the levels of $7,617 - $8,155 as the market participants await the breakout. From the Elliott Wave Principle point of view, the market is now in the wave B of the overall corrective cycle after the bottom of the wave A was made at the level of $6,986. It means, there is still wave C to the downside missing in order to complete the corrective cycle in wave 2.
Weekly Pivot Points:
WR3 - $10,110
WR2- $9,180
WR1 - $8,627
Weekly Pivot - $7,705
WS1 - $7,135
WS2 - $6,315
WS3 - $5,743
Trading Recommendations:
The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss just above the high at the level of $8,309 in anticipation of the wave C of the overall corrective structure. Please pay attention to the technical support at the level of $7,584 as any violation of this level will accelerate the sell-off towards the next technical support at the level of $7,032.
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