Quick update: After the rally after the local lows, we are seeing a slight cool-off, which is really nothing unexpected.
Coinbase Premium was negative almost the whole of Tuesday, which translated into a negative ETF flow day (-$15m).
The Crypto Weekly RSI Heatmap sees levels scattered all over the place which makes sense in this current range. Some coins doing much better than others which is translated into this mess of a chart below.Average Weekly RSI still at ~50 which is as neutral as you can get.
Also, there is a lot of doubt Ether ETFs are going to get approved shortly (the first final deadlines are on May 23rd). Grayscale has withdrawn its Ether futures ETF application and has stirred market uncertainty, particularly among short-term traders who have increased their positions anticipating a downtrend.
Many have already anticipated that ETH ETSs won't get approved in May, but as always there will most likely be price manipulation after the likely rejection in the cards. Be aware that May has in the previous three years been a negative year for BTC price:
- 2021 (-35.31%)
- 2022 (-15.6%)
- 2023 (-6.98%)
Because of that the saying: "sell in May" has formed, and many in the crypto space stick to it, it is also the last month of the highly anticipated crypto summer. So May will probably be "one hell of a ride". As always, stick to your plan.