BTC/USDT weekly analysis on 12th/May/2024
Hi, crypto traders.
Last week, the price temporarily rose to 65,500USD but began to fall again before the candlestick touched 60MA. As both 5MA and the candlestick are slightly below 100MA, it seems that the short-term downward trend will continue unless the candlestick sharply breaks above 60MA.
# Current order of the candlesticks and MA lines
60MA (green) > 20MA (blue) > 100MA (black) = 5MA (red) = the candle
#Technical Positive Points
- There is a possibility that the candlestick may sharply break above 100MA, 5MA, and 20MA all at once.
- If 20MA rebounds off 100MA, it will enter an upward trend again.
#Technical Negative Points
- The moving averages are forming a downward trend with 60MA > 20MA > 5MA.
- The slope of 60MA has turned negative, increasing the likelihood of entering a mid-term downward trend.
- The candlestick and 5MA are slightly below 100MA, and if this decline continues, it is likely to enter a mid-term downward trend.
- The recent high of the candlestick has been decreasing.
- The bottom value of 5MA appears to be declining further.
- 5MA is consistently bouncing off 20MA without breaking above it.
#Trend forecast of this week : Short 80%
From a technical perspective, there are many very negative factors, so if things proceed smoothly, I expect the price to continue to fall this week. However, since the moving averages have converged, it is also important to note that the trend could easily reverse if the price suddenly rises due to some trigger. If the price falls clearly below 60,000USD, it may swiftly attempt to reach the previous low of 56,500USD.
#Target points
If the price of Bitcoin increases
1st target: 65,500USD-67,200USD (Cross-point with 60MA, The highest price on 22nd/Apr/2024)
2nd target: 70,000USD (A nice round price)
3rd target: 73,800USD (The highest price on 14th/Mar/2024)
If the price of Bitcoin decreases
1st target: 60,000USD (A nice round price)
2nd target: 56,500USD (The lowest price on 1st/May/2024)
3rd target: 50,000USD (A nice round price)
Let's enjoy trading this week too!
Last week, the price temporarily rose to 65,500USD but began to fall again before the candlestick touched 60MA. As both 5MA and the candlestick are slightly below 100MA, it seems that the short-term downward trend will continue unless the candlestick sharply breaks above 60MA.
# Current order of the candlesticks and MA lines
60MA (green) > 20MA (blue) > 100MA (black) = 5MA (red) = the candle
#Technical Positive Points
- There is a possibility that the candlestick may sharply break above 100MA, 5MA, and 20MA all at once.
- If 20MA rebounds off 100MA, it will enter an upward trend again.
#Technical Negative Points
- The moving averages are forming a downward trend with 60MA > 20MA > 5MA.
- The slope of 60MA has turned negative, increasing the likelihood of entering a mid-term downward trend.
- The candlestick and 5MA are slightly below 100MA, and if this decline continues, it is likely to enter a mid-term downward trend.
- The recent high of the candlestick has been decreasing.
- The bottom value of 5MA appears to be declining further.
- 5MA is consistently bouncing off 20MA without breaking above it.
#Trend forecast of this week : Short 80%
From a technical perspective, there are many very negative factors, so if things proceed smoothly, I expect the price to continue to fall this week. However, since the moving averages have converged, it is also important to note that the trend could easily reverse if the price suddenly rises due to some trigger. If the price falls clearly below 60,000USD, it may swiftly attempt to reach the previous low of 56,500USD.
#Target points
If the price of Bitcoin increases
1st target: 65,500USD-67,200USD (Cross-point with 60MA, The highest price on 22nd/Apr/2024)
2nd target: 70,000USD (A nice round price)
3rd target: 73,800USD (The highest price on 14th/Mar/2024)
If the price of Bitcoin decreases
1st target: 60,000USD (A nice round price)
2nd target: 56,500USD (The lowest price on 1st/May/2024)
3rd target: 50,000USD (A nice round price)
Let's enjoy trading this week too!
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