Wednesday, June 2, 2021

GET READY FOR A RELIEF RALLY

BITCOIN MAY BE TOPPING OUT IN THE SHORT TERM

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Hi Crypto Academy Network,

Strong bull runs are followed by sharp bear markets and the moves are exaggerated in the crypto markets. Newbie traders had taken on too much leverage when the markets were on fire and it was not uncommon to load up to 100-to-1 leverage. When the going is good, such huge leverage can quickly grow the account but the problem happens when the market turns. A sharp fall can wipe out months of gains for such traders.

Bitcoin’s relief rally again turned down from the 38.2% Fibonacci retracement level at £28,593.47 on May 27. This suggests that traders are selling on every minor rally.

KEY TRADING LEVELS

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