The cryptocurrency market approached the consolidation point

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The cryptocurrency market is prepared for the completion of the consolidation phase, in which either bulls or bears will have to take a painful defeat.

Fundstrat analysts point to the «inverted head-shoulders» on the Bitcoin chart from 19 May, although it more corresponds to the determination of the triangle. Differences are explained by different data providers. After double testing on May 30-31, the bottom face of the figure is, it is formed to go up to the upper border, however

Yesterday’s news from the reserve bank of India about the absence of a ban on Bitcoin and the trade in cryptocurrencies made a short-term positive effect. Most players are still under the impression of pressure regulators in Chinese miners and American companies serving the interests of investors.

On a regular basis, the Critical statements from financial officials of different countries appear on the tapes of the news agencies regarding the speculatoryness of Bitcoin and its «unsuitability» as an object for investment. Today, the market «digest» article ft on small prospects for the approval of the SEC of the Exchange Fund based on digital gold, based on the latest comments of the head of the Gary General Genslera.

According to the latest GlassNode report, short-term traders continue to merge coins at a loss, allowing long-term hammering to accumulate them. This is a strong signal of the subsequent market recovery. However, in the short term, investors mood can continue to determine negative news headlines. Therefore, it is still more reliable with caution to evaluate short-term perspectives, which confirms Price Action.

According to Altkinam, the situation looks more interesting, but, taking into account the strengthening of the correlation with BTC, all this can take place short time. We are waiting for the junction. It will come soon.

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