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Assessment: Last week was pretty much dead in the market. The usual slow grind higher for holiday week is what we saw in play. We will see if the traders return today or early in the week and bring some action. However, so far in 2024 it has been “sell in May and go away” in full effect as trading volumes are laughably small. I don’t recall a year in recent memory with this low of volume in the summer months.
Bitcoin is currently struggling with the 200 SMA. Bitcoin bulls will want to see price break above the 200 SMA otherwise we could get the kiss goodbye and further selling that will likely lead to a battle at the $50,000 level.
Bitcoin chart: https://sblk.io/s/3RZwt1u4InI7NhaX
Good luck in your trades!