BITCOIN ANALYSIS WHAT TO EXPECT? ANALYSIS OF MAY 16, 2021

By trade60 | trade60 | 16 May 2021


Weekly chart:

317ce49dfd0fc1f34853f9b50c3fe67f443c2af4f8c5c0fab3efc00e9a2deef7.png

Bitcoin is moving into the area drawn in the 60K rectangle representing a very strong psychological resistance and 48K an important support.

In my opinion BTC is consolidating between 48K and 50K and I think this level represents a great entry price to buy.

Let's see the daily chart:

0ae2516d601757d21df176c81c010bbad8046223efebe69335f6e5348302b8bd.png

Next 44K area support, but from 48K in the lower time frames it is always bouncing.

I traced Fibonacci starting from the minimum formed in February 2021:

7d329d1973a4a6d229c81d2369e59b4f92fd826be0c9c1cbf697773b840cc6f7.png

 

We have to overcome area 52k and then 54K to project us higher.

As long as we stay above the $ 48000 support level, the priority remains bullish. From a daily perspective, a close above 48K is needed. I think we are still in an uptrend.

Graphics: tradingview.com

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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.

 

THE OPINIONS EXPRESSED BY THE AUTHOR ARE PERSONAL ONLY AND FOR INFORMATION PURPOSES AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHERWISE ADVICE.

Thanks for reading I look forward to your comments.

 

 

 

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trade60
trade60

Sono un uomo di 60 anni, non lavoro da un bel pò di tempo e ora mi occupo a tempo pieno di trading e di cryptovalute


trade60
trade60

Mi occupo di analisi tecnica e trading sui mercati finanziari dal 2000, dal 2018 mi sono interessato alle criptovalute prima minandole e poi guadagnandole con qualche app/sito. Qui troverete informazioni utili sul trading, come guadagnare criptovalute dal nulla e come aprire wallet affidabili. Tutto questo senza fornire un servizio di consulenza ma di passione. Chi investe i propri soldi in operazioni finanziarie speculative si assume dei grossi rischi di perdere il capitale.

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