This update shows a slight bounce, but a rejection from any significant breakout. We hit $8272, but are falling into the Span B cloud again with an area of high sell encountered. The 4 hour is printing a reversal , and the is oversold on the most timeframes. While we are most likely heading back into our support box, as stated in previous updates a downward breach of $7800 seems unlikely and a strong area of buy . What that wick would be looking at the daily is a stop run catching longs started around that support meanwhile trapping new shorters on a new breakout. The daily is very oversold, we are approaching an area of heavy buy , a new Span A cloud has formed, and it seems that we might attempt a crack at a Kijun cross breakout at or around May 24th. On the daily as well, sell has decreased consistently, so it'll be interesting to see what Bitcoin decides to do once it hits under $8000 levels again. All the best with your trading!
Written By: Philip Raytburg
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