Bitcoin $BTC Technical Analysis 7 May 2021

By Mandrakata | On The Edge | 7 May 2021


Technical Analysis

77594a71bb6903f9aee1b50a97da4583e77965aea653a6d9fb3889a19426b4cb.png

https://www.tradingview.com/x/HC34YjZB/

Previous scenario was confirmed, we have a short-term resistance levels in $58K-$58.5K. We are in uptrend leg since end of April but only if closing price stay above the short 50-EMA. In this case we could see the continuation of the little uptrend for next resistance levels at 60K-$61K.
Otherwise we could be in swing mid-term movement that need to hold
the 50% FIB retracemnet level ($47K) to consolidate before gain a new uptrend momentum.
Multiple divergences in the previous highs with the RSI indicator suggest that we should not trust the actual mid-term uptrend, in favor of a sideways trend since the last ATH.
I'm Waiting more corrections in the short time-frame. I'm Long in other time-frames.

 

⚠️ Disclosure ⚠️ I wrote this article myself, and it expresses my own opinions.  Above ideas is for educational purpose only, it is not intended to be investment advice.
Some of reported links are affiliate links where I'll earn a small commission if you make a purchase at no additional cost to you.  I will never promote anything I don't truly believe in.


🔑 Best Crypto Wallets
🌐 Best Crypto Exchanges (where I buy crypto) 
💹 Best Crypto Tools for Trading
👍 Free Crypto Faucets (daily airdrops)

 

How do you rate this article?


2

0

Mandrakata
Mandrakata

Risk taker. Creativity solves everything. I practice what I post.


On The Edge
On The Edge

Trading outside your comfort zone. My technical analysis Ideas and Trading journal.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.