Bitcoins opens at $43K and goes down to around $30K and stable around $39K ~ $40K. The average transaction fee is $13.14 which is 0.68% decrease from 05-18-21. As I mentioned yesterday, Bitcoin drops around $30K since All Time High has reached at $64K. My calculation on its value is $65K at some point which indicates that Bitcoin may continue correction in coming week with its strong support at $40K. You can reference my method here.
The sentiment to Bitcoin has changed and it becomes very weak at this point due to too many weakness that influence its valuation as we know technically it does not have any fundamental to support any price level. Volatility seems pick up more in the coming week. People easily got scare and sell left and right. However, it is a normal environment that price fluctuate at large range and likely scare off people. At the end of day, it is just a show for larger investors to acquire more of Bitcoin.
I lower my floor price to $40K indicates the strong support and lower the ceiling price at $50K.
Bitcoin volatility is moving less volatile in yesterday. The market has reacted peak value at $61K but retreated to $53K which means the Bitcoin prepares for next milestone $60K at some time if continue stabling around $58K. It is fairly stable at this level around $52K.
Bitcoin dominance has reduced and owning Bitcoin may increase risks associate to one man's influence.
Bitcoin increases its correlation for VIX that it becomes a neutral position 👁️. The price may fluctuate more in the coming day since Bitcoin VIX is picking up. There may have high risks in the coming day as the greed level goes down! The market has fear that does not easily ease off due to many issues emerging. On the upside, Bitcoin may get another system upgrade in the near future. The coming market will be rough and we will see how it plays out.
Bitcoin Value = $40k ~ $50k and my position is Long.
Also, if you have any suggestions, please do not hesitate to let me know!
Thanks for reading and see you tomorrow!
