We said this week could bring big moves and we were not disappointed. BTC saw prices above $9000 during the last week then immediately dropped down under $8000 in just a few hours taking the rest of the crypto market wtih it. That move down didn’t last too long and as we write this post price is well above the key $8400 level and altcoins are showing strength as well.
That’s how the crypto market rolls, and it should send a clear message how important position size and position management are to safely trade this market — even in a strong bull wave.
SO WHAT’S NEXT
TL:DR A move higher for BTC here would likely lead to a fast move to test $10,000 and could even bring our wave target from weeks ago of $11,000. Large altcoins would likely follow.
That sounds great but if that pattern analysis is accurate then it also means — if we don’t blast higher it’s likely well drop SHARPLY lower.
Takeaway — Patterns say we’re setting up for another big move….
We set you up for keys to watch for with updated charts from BTC and BNB which have clearly been the market leaders — we also add the TRX chart to show you there’s still plenty of bullish price action going on in the large altcoin market — TRX claims to have a “big announcement” coming June 3 — could that be the catalyst for a blast higher? That TRX chart looks mighty bullish BUT — you have to be skeptical if is EOS is any indicator — they had big news June 1 — price moved up to new cycle highs only to pull back sharply after their June 1 announcement – chart not shown….