Crypto Briefing 5/31/23 – The Forecast

Crypto Briefing 5/31/23

Crypto Briefing 5/31/23

Bitcoin is still in a broad bull channel. This type of price action frustrates investors because an asset in this pattern moves similar to a trading range, and should be traded as such. Should this trend continue, we expect to see the altcoin market follow Bitcoin’s leads. Ethereum, like Bitcoin, is in a trading range. Should we see a breakout in either direction, support will be at $1,000 while resistance will be between $2,000 to $3,000. Investors may be in store for a significant move in Ethereum over the next few months. In comparison to Bitcoin, Ethereum has a higher degree of volatility and has historically outperformed Bitcoin in recent years.

Quant is breaking out after months of being in a bearish trend. Whenever an asset breaks a trend line, there is typically a retest of the trend line seen. Over the next few days, we should be able to tune in a more accurate price target, but currently, we favor a measured move to $130. Until QNT can surpass the high it set in February, or the low it set in May, QNT will remain in a broad trading range.