Bitcoin $BTC Technical Analysis 7 May 2021

By Mandrakata | On The Edge | 7 May 2021

Technical Analysis


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.
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