Hey whats up? Hope you all are going good. I'm here with an important update of BTC. I'm here to talk about how BTC is going in short term. Long term BTC is bullish. But in short term how BTC will act or in May how BTC will act I'm here today to talk about all these things. I will tell my opinion at the last of the article. Now Let's talk about current market sentiment.
BTC Has an important mid term resistance area from which BTC has been getting rejected again and again from mid of February.
Then in first of April BTC has broken out of mid term resistance nicely but without volume support. But it couldn’t manage to stay there even for a period of satisfaction.
Then BTC dropped again and has broken down the support area with a large volume and could not manage again to stay above the resistance area for a single day.
For few days BTC is looking like to pass the resistance area but still it is consolidating below resistance area. Again recently BTC is walking in an uptrend for few days but volume is decreasing which is indicating this up trend is very weak.
Now here is my opinion. BTC is overall bearish in short term until it breaks the resistance area with a large volume. In short term BTC will go around 46K and if goes more down then 40K will be the bottom. Because in 40K area there will be EMA 10 Support in monthly TF(I explained in my previous article) For now i expect BTC to go around 46K. The next bull run will start Once BTC pullback from 40K (in case BTC goes below 45K). In the mean time if BTC breaks out the resistance area with volume support, it will be a strong bullish trend. And in May BTC will be choppy IMO. So time to being cautious and keep eyes on BTC.
That's all for today.
Please hit a like. A like is always the best way of appreciating.
Thanks❤️
My previous article on BTC 👇👇
BTC Has an important mid term resistance area from which BTC has been getting rejected again and again from mid of February.
Then in first of April BTC has broken out of mid term resistance nicely but without volume support. But it couldn’t manage to stay there even for a period of satisfaction.
Then BTC dropped again and has broken down the support area with a large volume and could not manage again to stay above the resistance area for a single day.
For few days BTC is looking like to pass the resistance area but still it is consolidating below resistance area. Again recently BTC is walking in an uptrend for few days but volume is decreasing which is indicating this up trend is very weak.
Now here is my opinion. BTC is overall bearish in short term until it breaks the resistance area with a large volume. In short term BTC will go around 46K and if goes more down then 40K will be the bottom. Because in 40K area there will be EMA 10 Support in monthly TF(I explained in my previous article) For now i expect BTC to go around 46K. The next bull run will start Once BTC pullback from 40K (in case BTC goes below 45K). In the mean time if BTC breaks out the resistance area with volume support, it will be a strong bullish trend. And in May BTC will be choppy IMO. So time to being cautious and keep eyes on BTC.
That's all for today.
Please hit a like. A like is always the best way of appreciating.
Thanks❤️
My previous article on BTC 👇👇
