Hi guys! In my previous post I warned that in case of weekly closure below $50k we will see further dump towards $40-42k, what eventually happened. Although I was not in favor of this scenario, it took place due to the war between Elon Musk and the Twitter Crypto Community and all the FUD around it. I will just say that it is obvious how manipulation is happening and all the paper hands are shaken out. What I see on the 4h chart is that BTC has printed a falling wedge, bullish pattern which if will be broken up will bring the price back above $50k imo. On the macro outlook it could be that $40-60k range is the new accumulation zone, if the bull market is not over here and what we saw was a good correction, which I strongly believe. For now there is not much to add. I am 80% sure that tonight/tomorrow we will be approaching and consolidating in the $44-48k area and on May 19 we will return above $50k. Should we get rejected from the $50k levels further downtrend might continue. Trade safely and avoid leverage, the higher the leverage the more unpredictable the market, because all the highly leveraged positions must be liquidated and the manipulators will push the price in any direction they want to eliminate these positions. Don't get margin calls. By the way I tried the Margex exchange and I can say that it's pretty cool and easy to use. Try it! Peace!
:DISCLAIMER:
This is my trading idea. I am neither a financial advisor nor I urge you to trade my idea.
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