BTC/USDT Quick Update – May 5 (BTC/USDT – Multi-Timeframe Breakd
4H Chart – Short-Term Bearish
Price has clearly broken down from a rising wedge pattern with volume confirmation. RSI is trending downward (~36) and Parabolic SAR has flipped bearish. Expect potential continuation to the $91K–92K support zone. If momentum accelerates, gap-fill toward 88K remains in play.
1D Chart – Neutral to Weak Bullish
Daily structure still intact, but momentum is fading. Price is hovering near dynamic support (200 EMA / cloud base), but the lack of bullish volume suggests caution. RSI is flat (~60), and ADX shows weakening trend strength. A decisive breakdown could lead to retest of 88K–90K area.
1W Chart – Macro Bullish but at Resistance
Weekly chart remains structurally bullish, with higher highs/lows and price well above Ichimoku cloud. However, BTC is approaching a major resistance zone between 98K–$104K, where rejection has occurred previously. RSI (~58) shows mild cooling; bulls must step in soon for a clean breakout.
Final Take:
Short-term trend is clearly bearish, and mid-term momentum is weakening. However, long-term structure remains bullish as long as price holds above the 88K zone. Monitor volume closely at support levels—buyers must defend $91K to avoid deeper retracement.
Trade safe. Plan your entries wisely.
Follow for real-time updates and further ideas.
Price has clearly broken down from a rising wedge pattern with volume confirmation. RSI is trending downward (~36) and Parabolic SAR has flipped bearish. Expect potential continuation to the $91K–92K support zone. If momentum accelerates, gap-fill toward 88K remains in play.
1D Chart – Neutral to Weak Bullish
Daily structure still intact, but momentum is fading. Price is hovering near dynamic support (200 EMA / cloud base), but the lack of bullish volume suggests caution. RSI is flat (~60), and ADX shows weakening trend strength. A decisive breakdown could lead to retest of 88K–90K area.
1W Chart – Macro Bullish but at Resistance
Weekly chart remains structurally bullish, with higher highs/lows and price well above Ichimoku cloud. However, BTC is approaching a major resistance zone between 98K–$104K, where rejection has occurred previously. RSI (~58) shows mild cooling; bulls must step in soon for a clean breakout.
Final Take:
Short-term trend is clearly bearish, and mid-term momentum is weakening. However, long-term structure remains bullish as long as price holds above the 88K zone. Monitor volume closely at support levels—buyers must defend $91K to avoid deeper retracement.
Trade safe. Plan your entries wisely.
Follow for real-time updates and further ideas.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.