Bitcoin - 48k by end of May. "Sell in May and Go Away"
I've conducted a thorough analysis of
BTCUSD
and reached the conclusion that the price of Bitcoin may reach a peak of approximately $48,000 in May.
I anticipate heavy resistance at 35,000$ due to it being a large monthly, and 3M level.
My rationale is grounded in the convergence of two prominent Fibonacci-based technical indicators: the 0.618 Fibonacci retracement level and the 0.75 level of the Fibonacci speed fan. Allow me to elaborate on the significance of these tools for measuring time and price, and how a similar pattern played out during the previous cycle when Bitcoin experienced an echo bubble in 2019.
The 0.618 Fibonacci retracement level is a critical point in price analysis, as it represents the "golden ratio" derived from the Fibonacci sequence. It is widely regarded as a key support and resistance level in the financial markets, which could indicate potential trend reversals. In my analysis, I've identified this level as a major resistance point for Bitcoin, suggesting that it may struggle to break above it, thus limiting its upside potential.
The Fibonacci speed fan is another technical indicator that merges the principles of the Fibonacci sequence with trendlines to forecast areas of support and resistance. By drawing a series of diagonal lines at Fibonacci ratios (e.g., 0.25, 0.382, 0.5, 0.618, and 0.75) from a significant high or low point on the chart, we can identify crucial price junctures. In my analysis, I've pinpointed the 0.75 level of the Fibonacci speed fan as a key resistance point for Bitcoin in May.
Referring back to the echo bubble in 2019, we can see that a similar convergence of significant Fibonacci retracement levels and speed fan levels accurately predicted a peak in Bitcoin's price, followed by a subsequent retracement. This historical example lends credence to the idea that a similar convergence of the 0.618 retracement level and the 0.75 speed fan level could act as a strong resistance, potentially leading to a price correction after reaching $48,000.
In summary, my analysis suggests that Bitcoin may max out at $48,000 in May due to the convergence of the 0.618 Fibonacci retracement level and the 0.75 level of the Fibonacci speed fan. Both of these technical indicators play a crucial role in identifying critical areas of support and resistance, and their combined influence could create a significant barrier to Bitcoin's price growth. The echo bubble of 2019 serves as a precedent, illustrating how these tools can help predict price movements and inform trading decisions.
Rough plan: Trim at 35,000$..
Target 28,000 for a rebuy...
De-risk most at $48,000..
Target $28,000 for rebuy once again..
BTCUSD
and reached the conclusion that the price of Bitcoin may reach a peak of approximately $48,000 in May. I anticipate heavy resistance at 35,000$ due to it being a large monthly, and 3M level.
My rationale is grounded in the convergence of two prominent Fibonacci-based technical indicators: the 0.618 Fibonacci retracement level and the 0.75 level of the Fibonacci speed fan. Allow me to elaborate on the significance of these tools for measuring time and price, and how a similar pattern played out during the previous cycle when Bitcoin experienced an echo bubble in 2019.
The 0.618 Fibonacci retracement level is a critical point in price analysis, as it represents the "golden ratio" derived from the Fibonacci sequence. It is widely regarded as a key support and resistance level in the financial markets, which could indicate potential trend reversals. In my analysis, I've identified this level as a major resistance point for Bitcoin, suggesting that it may struggle to break above it, thus limiting its upside potential.
The Fibonacci speed fan is another technical indicator that merges the principles of the Fibonacci sequence with trendlines to forecast areas of support and resistance. By drawing a series of diagonal lines at Fibonacci ratios (e.g., 0.25, 0.382, 0.5, 0.618, and 0.75) from a significant high or low point on the chart, we can identify crucial price junctures. In my analysis, I've pinpointed the 0.75 level of the Fibonacci speed fan as a key resistance point for Bitcoin in May.
Referring back to the echo bubble in 2019, we can see that a similar convergence of significant Fibonacci retracement levels and speed fan levels accurately predicted a peak in Bitcoin's price, followed by a subsequent retracement. This historical example lends credence to the idea that a similar convergence of the 0.618 retracement level and the 0.75 speed fan level could act as a strong resistance, potentially leading to a price correction after reaching $48,000.
In summary, my analysis suggests that Bitcoin may max out at $48,000 in May due to the convergence of the 0.618 Fibonacci retracement level and the 0.75 level of the Fibonacci speed fan. Both of these technical indicators play a crucial role in identifying critical areas of support and resistance, and their combined influence could create a significant barrier to Bitcoin's price growth. The echo bubble of 2019 serves as a precedent, illustrating how these tools can help predict price movements and inform trading decisions.
Rough plan: Trim at 35,000$..
Target 28,000 for a rebuy...
De-risk most at $48,000..
Target $28,000 for rebuy once again..
Trade active:
Expecting an impulse candle anytime now..
Comment:
48k seems a bit ambitious for May now, this may still play out but later in the year.. didn't get the impulse candle to upside that I was expecting just yet.. but a lot of potential catalysts brewing with bank failures happening left and right
*Not Financial Advice*
*Only Risk What You Can Afford To Lose*
*Just Ideas, Not Investment Advice*
*Trade At Your Own Risk*
*Only Risk What You Can Afford To Lose*
*Just Ideas, Not Investment Advice*
*Trade At Your Own Risk*
