BTC analysis 7 May 2021

There is a bullish divergent on the 1H
Bullish case - we test and 58000 USD area to resume bull trend.
Bearish case - we break down the symm triangle and further downside.

Right now, the price is neutral - waiting for confirmation upon breaking the triangle pattern.

Note

Retesting 58000USD as expected

Note

Note

Break 58000 on 1H

Note

Here we go

Note

We unable to break 59000USD on the 4H timeframe.

looks like 5 waves are complete, not worried as long as 56000USD holds for the correction.

Note

Upward channel
We need to break here on higher timeframe.

Note

It did bounce off 56000 area as expected, however it started to form a leading diagonal that leads to a larger correction.

Note

This would be the bearish case if we break 57000USD

Trade closed manually

lucian136

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.

lucian136