BTCUSD market overview and forecast

BTCUSD 1-hour timeframe

There were nice weeks of unstoppable bull run, numerous pumps of BTC and the whole market grew up significantly.

Currently after a potential IHS, which we forecasted in the precious analysis, was broken, due to fading of momentum power. The whole market went sideways in a lateral trend. It is a positive sign because the price didn't fall down, it successfully consolidates for a new run and there are signs according to technical analysis that the consolidation is going to finish soon

We have two triangles: the first describes top-highs and bottoms while the second sub-highs and sub-bottoms. Both of them are going to be finished soon which coincides with IHS pump and ABC Elliot corrective movement. As we can see price touches both triangles edges while Stoch RSI is at the double bottom formation and we have the same formation right in the end of the triangle. The idea is that if the price confirms the pattern there should be a bounce which will complete the breakout and will start new impulsive growth wave.

The price should dip to $7 800 level where it will bounce to the $8 260. In case of closure of day trade candle on 29th of May above this level we will have a high probability of further impulse growth to the $9 600 level.

In case of bad scenario which means the day trade candle closes below $8 260 it will form a pattern Hanging man which will be a sell signal because of possible decrease to $5 300 - $5 800 level within the June

This idea will be updated as market develops with each significant change of the following days before 29th of May.

Comment:

Bitcoin price accurately followed our analysis. Forecasted breakout has happened and the price went up to the new target level. The day trade candle should close above the specified zone $8 260 today so there will be a consolidated state and further impulse growth development

Comment:

The price successfully consolidated above the specified level with closing of day trade candle higher than $8 620. Currently there was formed bearish XABCD pattern and the price goes down, however it is really close with the uptrend lower support edge. It should bounce in the short term from the current level to start impulse growth, however the volume is low and indicators are bearish. It is better to diversify a part of your BTC into ALTs now, so you will do a risk hedge strategy

Comment:

The price hit the target level of the main analysis which you can see using play button. Currently it consolidates and gains momentum power for further growth till $9 100 level. Bearish scenario has been rejected due to hold of the local support zone and breaking H&S pattern at the larger time frame scales

From the technical side we still have negative MACD levels and Momentum indicator is in sell state. However as it can be seen with sufficient accumulation they will change into neutral or buy state. The most important now are EMAs directions: EMA (10, 20, 30, 50, 100, 200) correlate with the price movement in a bullish pattern while Hull moving average is positive. At the chart can be seen possible formation of the bullish harmonic pattern IHS. If the price reaches $8 700 and consolidates to $8 450 area then the probability of fast and impulsive growth to levels above $9 000 is high.

We recommend to diversify you BTC balance with top alts in proportion 70% of BTC and 30% top 10 alts such as BCH, ETH or EOS. BTC balance should be no more than 40% of your total deposit

Comment:

The price movement confirms an uptrend due to a recent breakout from the lateral trend channel and subsequent ascending move above the specified level. Indicators are bullish while volatility is high and volume grows. There should be 5 impulse growth waves around the major support trend level. The first has already happened and the price reached $8 700 level finishing its consolidation above the local resistance. Currently BTC is bullish and the next target is $9 100 we recommend to move your deposit to BTC