More than half way through the month of May, and our highest timeframe showing BTC is in uptrend. Starting on April 2017, with a 2nd bounce in January 2019, and finally a 3rd test in March 2020. Stochastic RSI showing bearish momentum is slowing down, let’s not forget indicators rely on price to get their data so we may already be in a bull market. The month of April left a bullish engulfing, and a close above $7,500 (major resistance) with no signs of slowing down. Things are about to get interesting really fast…$14,000….$16,000…..$20,000….$xxx,xxx
Shifting over to our pattern timeframe we can see BTC is in a strong minor uptrend starting from $5,000 up to $10,000 with no signs of reversing. BTC has tried to close above $10,000 (3x) this month alone, although we may not being seeing a close above $10,000 this month we most likely will be seeing one in the near future. A weekly close above $9,700 is a good sign price will hold at this level and continue to the upside. A rejection from this level and we could see BTC fall as low $7,700, stochastic rsi showing momentum is in favor fo the bulls with no sign of reversal.
Finally looking at our trigger timeframe we get a better picture of BTC’s uptrend, also stochastic rsi showing momentum has bottomed out. A close below $9,400, and expecting a nice sell-off to the side, however if price holds above this level….enjoy the rewards :)
