Bitcoin running out of runway to take off again?
A major downtrend formed earlier this month (see my previous idea back in April predicting a correction). BTC has continued to retrace its steps after failing to find intermediate support at the 20 week EMA. (It fell below all major bullish trendlines)
If confidence can make an early return and break above the bearish trendline we MAY see continuation of the bull market. But even that could be a false flag.
We have strong support at 35.6k atm, but the downtrend line may compress upward movement and lead to another sell off in the coming week. It's also been tested multiple times so another dip lower may be imminent.
However, we may see a fall below the previous local low of 30k around or before the end of May.
The 50-week moving averages will be next level of strong support with most long-term trends broken down (28k - which I've seen a few people declaring as THE dip for this correction). I think this is obviously dependant on how many people are taking notice of charts before they press the sell button.
A lot of people will have been buying in during the last descent hoping to find the dip and so there may not be the buying power to push the price back up for the time being.
Not financial advice.
If confidence can make an early return and break above the bearish trendline we MAY see continuation of the bull market. But even that could be a false flag.
We have strong support at 35.6k atm, but the downtrend line may compress upward movement and lead to another sell off in the coming week. It's also been tested multiple times so another dip lower may be imminent.
However, we may see a fall below the previous local low of 30k around or before the end of May.
The 50-week moving averages will be next level of strong support with most long-term trends broken down (28k - which I've seen a few people declaring as THE dip for this correction). I think this is obviously dependant on how many people are taking notice of charts before they press the sell button.
A lot of people will have been buying in during the last descent hoping to find the dip and so there may not be the buying power to push the price back up for the time being.
Not financial advice.
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