The overall market structure is Strongly Bullish while the CMP of Bitcoin is ~$57930. On the Weekly Time frame, Bitcoin after giving a pullback of ~25% in the third week of April has retraced back, it has been engulfed by a strong weekly candle the following week which indicates the accumulation by the bulls after the correction. The immediate resistance level is placed at $60,000 and if bulls manage to clear the hurdle decisively, further bullish momentum is most likely to continue till the first level of $67,000 followed by $70,000.
As Bitcoin has given a breakout from the Inverted Head and Shoulder Pattern, thus its nearest support is placed at $55,000, followed by the major support being present at $52,500.
As per smaller TF’s (4Hr and Daily), BTC has been taking support at the 20 and 50 DEMA and is currently looking bullish. Closing above $58,500 on 4 Hr Time Frame will act as confirmation for continuation of its bullish momentum.
As Bitcoin has given a breakout from the Inverted Head and Shoulder Pattern, thus its nearest support is placed at $55,000, followed by the major support being present at $52,500.
As per smaller TF’s (4Hr and Daily), BTC has been taking support at the 20 and 50 DEMA and is currently looking bullish. Closing above $58,500 on 4 Hr Time Frame will act as confirmation for continuation of its bullish momentum.