Cryptocurrency Analysis – week 25 and YTD, 2021

NO PLACE TO HIDE FROM DOWNTREND  

Bitcoin and altcoins remained under pressure last week.  BTC ended the week down -3.7% and Ethereum (ETH) was down -9.8%, versus prior week’s -16.7% and -21.6%, respectively.

Read and watch video on how to trade in a down market.

Bitcoin (BTC) remains stuck in a sideways channel ($30K-$40K), although gravitating towards the lower half of that range:

See more Curated Charts.

Our Signals Summary page indicates that very few coins remain in an Uptrend on Short- or Medium-Term basis. Far more are in a Downtrend now (see table below) across all time intervals (1h, 4h, 12h, 1d):

And the situation has deteriorated from last week:

China’s clampdown remains in focus as the authorities have decided to shut down mining operations that were using excess hydroelectric power. National newspapers reported that the government will continue to prioritize strong enforcement over local economic benefits. The central bank also summoned the country’s major financial institutions and reminded them of the crypto ban. Anecdotal reports continue to surface that miners are having to liquidate positions as credit lines are being pulled.

See top 50 coins by market cap “Performance” tab on our platform (see charts below). Check our curated charts for technical analysis of top 30 altcoins.