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Cryptocurrencies Market Update ➡️ Solid ECN
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[QUOTE="SOLIDECN, post: 208886, member: 80239"] [JUSTIFY][img]https://i.ibb.co/z2kzgsF/btc-forum-2.png[/img] In early May, the bidders tested the key support in the area of 28800, the breakdown or retention of which will have a significant impact on the further dynamics of the BTCUSD pair. The collapse of the Terra ecosystem, one of the most ambitious developments in the field of decentralized finance (DeFi), led to a decrease in the total value of the cryptocurrency sector by more than 83B dollars, as investors rushed to more secure safe haven assets. BTC reacted with a decline to the global support of 28800 and temporarily stopped near this area. Holding this level by the "bulls" will allow the asset to regain an uptrend with a target in perspective for several years in the area of the historical maximum of 68300. Additional support for the crypto market can be provided by investor sentiment, which will switch from the USD to riskier assets. This will require global stabilization – the equalization of global inflation and the end of the military conflict in Ukraine, or at least the transition to the stage of de-escalation. Otherwise, with the breakdown of the 28800 level and the price consolidation below it, the rapid decline of "digital gold" will continue with a target at around 19200. [img]https://i.ibb.co/LdwWJ61/btc-1.png[/img] The mid-term trend formally remains downward, but a sideways movement is now forming on the chart with resistance in the area of 30650 and support at the level of 28580.00. A breakout of the resistance level will open up prospects for an upward movement up to the 34050 mark. A breakdown of the support level will lead to an update of the May low of 26800. Resistance levels: 30650, 34050, 37340 | Support levels: 28580, 26800 [img]https://i.ibb.co/QftHKwq/btc-2.png[/img][/JUSTIFY] [/QUOTE]
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