BTCUSDT - Price Analysis Week Ending 28 May 2023

BTCUSDT - Price Analysis Week Ending 28 May 2023

Trading flat channel 26,300 low to 27,400. Nice breakout from middle of the channel, both flat and descending.

Resistance levels
- Massive daily (3d time frame) at 27,230 and nPoc at 27,300 as well as 0.618 resistance.
- Weekly 27,572
- Point of control of visible range at 28k

Support levels
- Local support at time of writing, the vWAP at 27,080, looking at back test
- Daily (3d time frame) at 26,800 and slightly below a weekly at 26,600

Trading levels

Upside
- Looking at back testing vWAP and a nPoc at approx 27,133 to break support and take out previous highs
- Probable price move up breaking resistance could see a rejection at point of control to back test top of current flat channel

Downside
- Failing this look at support back down towards the middle of the channel
- If price breaks down further then retesting lower of the range with support of previous higher lows

Macro mini analysis for week ahead
- Bullish if the bulls can finish this week of above 27,600. Looking at retesting all previous highs, in mind a possible and very probable 5th Eliiott Wave
- Failing this could result in testing lower 0.618 at 25,400. with a macro range between 25,400 and 27,500.


Price action very choppy hence the line chart.

Comment:

Target 28,921 by Monday

Bullish sentiment. Pull Fib extension tool 3 points. 1st point from (4) 12 May to 2nd point Zig Zag pivot high Monday 15 May, to 3rd point Zig Zag pivot low 25 May.

Below current price level of 27,177 at time of writing we have the fib 0.618 at 27, 017.6, a nice level for a minor pullback and back test. A Golden ration fib extension 1.618 on the monthly at 28,921.

If you use the Trend Based Fib Time tool and draw the same as with Fib Extension tool, look at the 1.618 fib time. Monday 29 May 23:00 UTC(+2).

Coincidence ? lets see.

Comment:

Expecting aggressive protection from bulls at 27,902 which is a fib 0.382 drawn from a previous high to the lows at 16K Elliott (0). Next levels up is probable 0.5 of the same fib at 31,775 to ultimately Eliot Wave (5) at 35,647 fib 1:1 extension of the same fib and extension fib drawn in my recent Eliott Wave post.

Experimental days of highs and lows.

Next High before retracement: Wednesday 31 May
Bottom of the High : Saturday 17 June
Consecutive High : Friday 23 June
Pullback Low : Thursday 06 July

Price movement and time possibly based on price from fib.

Next High before retracement: Wednesday 31 May => 31, 775
Bottom of the High : Saturday 17 June => 27, 500 (?)
Consecutive High : Friday 23 June => 35, 650
Pullback Low : Thursday 06 July => 25, 400 Elliott Wave Correction