BTC/USDT weekly analysis on 18th/May/2024
Hi, crypto traders.
Last week, I predicted that prices would drop technically, but the CPI results caused prices to soar. The forecast that the trend could easily reverse if prices suddenly surged due to some trigger proved accurate, and the momentum for a reversal back to an upward trend is increasing.
# Current order of the candlesticks and MA lines
the candle > 60MA (green) = 5MA (red) > 100MA (black) = 20MA (blue)
#Technical Positive Points
- The trend is likely to reverse as it began to rise after hitting the double bottom on 5MA.
- The bottom of 5MA has risen, indicating a gradual increase is possible.
- Both 5MA and 20MA appear to be rebounding off 100MA.
- The slope of 60MA is turning upward, suggesting a potential return to a mid-term upward trend.
- It slightly broke the recent high of 67,200 USD. If it breaks clearly, the rise may accelerate.
#Technical Negative Points
- The moving averages are still clustered, so if the candlestick breaks downward due to some trigger, the trend could easily reverse.
- Although it slightly broke the recent high of 67,200 USD, it seems likely to stop and bounce downward.
#Trend forecast of this week : Long 50%
Technically, there are many positive factors, so I predict a high possibility of a trend reversal and an upward movement. However, since the moving averages are still clustered, there is a need for caution because the trend could reverse again if prices suddenly drop due to some trigger. If it continues to rise and breaks 70,000 USD, we will finally see the ATH coming into view.
#Target points
If the price of Bitcoin increases
1st target: 67,500USD (The highest price on 17nd/May/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: 63,000USD (Cross-point with 20MA & 100MA)
2nd target: 60,000USD (A nice round price)
3rd target: 56,500USD (The lowest price on 1st/May/2024)
Let's enjoy trading this week too!
Last week, I predicted that prices would drop technically, but the CPI results caused prices to soar. The forecast that the trend could easily reverse if prices suddenly surged due to some trigger proved accurate, and the momentum for a reversal back to an upward trend is increasing.
# Current order of the candlesticks and MA lines
the candle > 60MA (green) = 5MA (red) > 100MA (black) = 20MA (blue)
#Technical Positive Points
- The trend is likely to reverse as it began to rise after hitting the double bottom on 5MA.
- The bottom of 5MA has risen, indicating a gradual increase is possible.
- Both 5MA and 20MA appear to be rebounding off 100MA.
- The slope of 60MA is turning upward, suggesting a potential return to a mid-term upward trend.
- It slightly broke the recent high of 67,200 USD. If it breaks clearly, the rise may accelerate.
#Technical Negative Points
- The moving averages are still clustered, so if the candlestick breaks downward due to some trigger, the trend could easily reverse.
- Although it slightly broke the recent high of 67,200 USD, it seems likely to stop and bounce downward.
#Trend forecast of this week : Long 50%
Technically, there are many positive factors, so I predict a high possibility of a trend reversal and an upward movement. However, since the moving averages are still clustered, there is a need for caution because the trend could reverse again if prices suddenly drop due to some trigger. If it continues to rise and breaks 70,000 USD, we will finally see the ATH coming into view.
#Target points
If the price of Bitcoin increases
1st target: 67,500USD (The highest price on 17nd/May/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: 63,000USD (Cross-point with 20MA & 100MA)
2nd target: 60,000USD (A nice round price)
3rd target: 56,500USD (The lowest price on 1st/May/2024)
Let's enjoy trading this week too!
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