Updated
BTC/ USD watching important price action
As Bitcoin is recovering from the last 27% drop (April 25th), there are some important price actions to watch.
There is currently a bearish formation (Ascending wedge pattern) on the 4 hr BTCUSDT chart to be aware of. Its apex is at 60k area.
As we are in the bull market, there is always a possibility for it to break to the upside as well.
However, it would be key important for Bitcoin to break the strong resistance at around 60k area, get it's momentum (strong green candle with the good volume) and settle nicely above it.
At the moment (7:12 PM EDT), Bitcoin is trying to break resistance to the upside at 58,300 area.
There is currently a bearish formation (Ascending wedge pattern) on the 4 hr BTCUSDT chart to be aware of. Its apex is at 60k area.
As we are in the bull market, there is always a possibility for it to break to the upside as well.
However, it would be key important for Bitcoin to break the strong resistance at around 60k area, get it's momentum (strong green candle with the good volume) and settle nicely above it.
At the moment (7:12 PM EDT), Bitcoin is trying to break resistance to the upside at 58,300 area.
Trade active
May 10 - Rising wedge bearish formation was broken to the downside. 10:30 PM EST - Bitcoin is trying to "defend" 55k area.
Next "stop" would be 53k, 50k on the downside.
Note
May 2 9:10 PM EST - Will the previous support at 47,5k hold?If it doesn't, 43,5k is the next one to watch. This would take us back to Feb. 27..
Note
May 19 - Bitcoin with the rest of crypto market is still in the downtrend, has hit the low at 30k.
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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.
Related publications
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.