Bitcoin (bitcoin) failed to reclaim $30,000 on May 14 as traders expected a relatively stable weekend.
Bitfinex bulls gather strength
The pair was nearing $31,000 before a retracement, and the end of the traditional market trading week came with new warning A new macro low is yet to come.
#bitcoin – Looks like we might get inverse H&S before heading into the weekend. Hope to see this 4 hour candle hold and see it push up. Then I would move the stop and let it run for the weekend. 2% risk, 2% stop loss. pic.twitter.com/lxRuk3M43G
— IncomeSharks (@IncomeSharks) May 14, 2022
Not everyone is staying on the sidelines when the dust settles. On major exchange Bitfinex, long leverage continues to expand and has already hit new all-time highs.
“It’s been another day and Bitfinexors is still loading like someone has a gun,” commentator Johal Miles react The graph next to it shows the trend.
Terra plans to spark frenzy LUNA action
However, attention has focused more on blockchain protocol Terra’s Luna Token of the day.
After losing almost all of its value in a week, LUNA has rebounded, which is insignificant compared to its all-time highs above $100, but very lucrative for short-term traders.
Even as its supply ballooned to 6.9 trillion tokens, LUNA subsequently appreciated 100x from its reserve price on news from creator Terra has plans to “reinvigorate” its ecosystem.
In the face of price action, many do not believe it.
(Just a few 100x more to get back to $1)
— Luke Martin (@VentureCoinist) May 14, 2022
“The volatility in $LUNA is absolutely insane,” Cointelegraph contributor Michaël van de Poppe Commentadding that it was a “good weekend for scalping”.
With the transaction has stopped Still, on the major exchange Binance, LUNA/USD remains a high-risk portfolio with prices that vary widely between minutes and trading venues.
Conversely, those who bought most of the week faced losses on almost all of their positions.
I really don’t think Luna is a buy and hold right now, it’s a risky in and out game. I don’t know what will happen to it.
Be careful if you want to trade it!
— Altcoin Gordon (@AltcoinGordon) May 14, 2022
At the time of writing, LUNA/USD was trading at $0.027 on Bitfinex, having risen to $0.034 earlier in the day, 593% above this week’s all-time low of $0.0049.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.