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BTCUSDBTC/USD may be about to open its May trading below the 40,000.00 mark. Even if a sudden spurt upwards develops it will have to be strong to create a positive short term outlook for Bitcoin. The biggest and most famous cryptocurrency among the heap still remains ‘champion’, but a return to its bearish trend has likely caused some speculative fatigue among BTC/USD traders. BTC/USD has stumbled badly in April after beginning the month near a value of 47,400.00. The broad cryptocurrency market has also been overtaken by dark shadows again, and a correlation between the likes of Bitcoin and negative results in the NASDAQ 100 are being seriously discussed, even though they are not proven. Riskier trading assets have certainly seen less speculative buying the past month. The question is when a return of risk appetite, and perhaps even value seekers will start to create upwards momentum. As of this writing BTC/USD is near the 39,500.00 level and has proven choppy the past few days. A low of nearly 37,660.00 was displayed on the 26th and 27th of April and the last time this value was exhibited was on the 13th of March, yes, essentially when Bitcoin began its two week upwards climb. The high price reached on the 28th of March which drove past the 48,000.00 barrier, led many backers of BTC/USD to potentially believe sunnier days were ahead and the long term bearish trend was dead. This however did not prove to be reality. Although Bitcoin remains the key asset in the cryptocurrency market it remains under pressure. If the 38,000.00 mark were to prove vulnerable in the short term, this could set off additional fireworks which may ignite further nervous sentiment. The correlation to Bitcoin and the NASDAQ may appear farfetched to many, but a comparison of one year technical charts between BTC/USD and the NASDAQ 100 look eerily similar. Bitcoin may not be believed as a cornerstone of the financial world by conservative financial institutions or investors, but its trading has mirrored nervousness in the global equity market. The next week of trading is sure to be rather tension packed as investors await the next U.S Federal Reserve interest rate pronouncements. Will BTC/USD be affected? BTC/USD Outlook for May: Speculative price range for BTC/USD is 32,100.00 to 50,900.00. If a speculator wants to pursue more downside price action they should be fully aware that BTC/USD is near important support levels. However, if BTC/USD breaks below the 39,000.00 level and sustains price action below this juncture without technical signals that a reversal is about to occur, further downside could be tested. The 38,500.00 level could be viewed with dangerous suspicion. BTC/USD has proven in the recent past to stage reversals upwards, when the 38,500.00 vicinity comes into view. Yet, if BTC/USD proves vulnerable and the 38,000.00 mark were to falter, this would certainly set off alarm bells among speculators who may believe lower price action is going to be seen short term. If March lows are broken and the 37,000.00 support level failed, a test of late February prices could be seen. Speculators who believe BTC/USD will live up to its reputation and provide a strong reversal higher cannot be blamed. However day trading BTC/USD and holding onto Bitcoin as a long term investment are different. Day traders need to choose their leverage and targets carefully. BTC/USD could certainly start to launch upwards and if the 40,000.00 mark is penetrated higher and prices are sustained and a move towards 41,000.00 suddenly erupts, other buyers will be tempted to join the party. A move above the 43,500.00 juncture and a test of 44,000.00 could create additional optimism. BTC/USD can move fast and speculators who are willing to bet on upside may be proven correct, but being able to participate in a real upwards trade instead of merely predicting the move are two distinct beasts.
BITSTAMP:BTCUSD
by SmoothJB
BTC UPDATE: IS THIS A RETEST???Welcome amazing traders. This BTC update is in a shorter timeframe of 1 hour. First of all, if you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on them or use them to understand the market. In the last 24 hours, we saw some greens on BTC but soon it dropped back to the level it was before. We have been using a higher timeframe to view the market and we don't see any drastic changes. Coming into a shorter timeframe like 1 hour, we can see some good changes. Currently, as you can see that BTC broke out of the upper trendline and dropped back. In trading lingos, we called it a 'Retest' and after every breakout and retest, if we have a bounce-back then it most likely confirms a bullish move. At present, BTC is trying to make a bullish move. Also, BTC has formed a rising wedge pattern and it is holding support at $39.4k. Now, we have a Goliath to face before going any further and that is the 21 MA acting as resistance which is at the $39.7k level. If the bounce is confirmed and BTC breaks above the 21 MA then we can expect a higher rally in the market. All this will turn into a false hope or get invalidated if BTC breaks down below the $39k support level (in an LTF). If you wish to trade on BTC then you can enter at CMP and keep your SL below $39k. That's all from my end. If you have any doubts or want to share your ideas then feel free to write them down in the comment box. Thank you.
BITSTAMP:BTCUSDLong
by Dexter_The_Trader
8
Bitcoin- 30k is my target for nowOn Monday I said that "Bitcoin is drawing a nasty picture" and after a short-lived recovery above 40k figure, yesterday the price has dropped hard to the 38k zone, putting a bearish engulfing on our daily chart, which for me is a clear indication for downwards continuation. At this moment the bearish flag that I've spoken above last week is broken to the downside and we can expect continuation. My target for short trades is 30k and only BTCUSD back above 43k would change my perspective.
BITSTAMP:BTCUSDShort
by Mihai_Iacob
5
BTC possible scenariosThe second support hit was successful and the orders at 38,500 were swept away by momentum. Waiting for the final with a trip to 36,500. Perhaps it will be through a local rebound, let's see, now there is too little positive in the markets. Judging strictly by the charts, almost all indices except the dollar index now have "problems". For example, the S&P 500 has corrected decently and is trying to show growth, but if there is another wave down with new lows, then the bulls will be cooled down for the next month or even more.
GEMINI:BTCUSDShort
by smokeNplay
1
Bitcoin is drawing a nasty pictureIf you've read my analyzes in the past months, you know that I'm bearish Bitcoin and the Crypto market in general and although I've had some short-term buy trades, my overall bias remains unchanged: bearish on the medium-term. In my previous post, I draw attention to a large bearish flag visible on our daily chart. Now the price is under 40k and more importantly, it also looks like we will have a break of the support trend line of this flag. That being said, I expect a continuation to the downside with a 30k target. Also, shorter-term traders can look at 34k previous low for their target
BITSTAMP:BTCUSDShort
by Mihai_Iacob
18
BTC: A SECOND CHANCE TO BUY BACK BEFORE THE RALLY OR A BIG DUMP?Hey guys, I hope you all are doing great. Here's a quick update on BTC and the market. BTC is back in the support level after getting rejected from resistance level 1. Can we consider this as a second chance to buy BTC at the bottom before the higher rally? Well, for this we need to look for confirmation and that would be a bounce back from the current support level. I am accumulating BTC at this level and will accumulate up to $37.7k. If BTC breaks down and closes below that level then I will exit all my positions. Looks like this coming week will be good for BTC and other altcoins. The only level we need to keep an eye on will be the present support level at $39k.
COINBASE:BTCUSDLong
by Dexter_The_Trader
2