Bitcoin, Ethereum bears are back in control — Two derivative metrics suggest By Cointelegraph
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A bearish market structure has been pressuring cryptocurrencies’ prices for the past six weeks, driving the total market capitalization to its lowest level in two months at $1.13 trillion. According to two derivative metrics, crypto bulls will have a hard time to break the downtrend, even though analyzing a shorter timeframe provides a neutral view with (BTC), Ether (ETH) and BNB, on average, gaining 0.3% between May 12 and May 19.
Notice that the descending wedge formation initiated in mid-April could last until July, indicating that an eventual break to the upside would require an extra effort from the bulls.
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© Reuters
A bearish market structure has been pressuring cryptocurrencies’ prices for the past six weeks, driving the total market capitalization to its lowest level in two months at $1.13 trillion. According to two derivative metrics, crypto bulls will have a hard time to break the downtrend, even though analyzing a shorter timeframe provides a neutral view with (BTC), Ether (ETH) and BNB, on average, gaining 0.3% between May 12 and May 19.
Notice that the descending wedge formation initiated in mid-April could last until July, indicating that an eventual break to the upside would require an extra effort from the bulls.
Continue Reading on Coin Telegraph
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