May 29 Bitcoin Analysis

According to last week’sBitcoin Analysis, Bitcoin reacted to the $26,000 area and attacked the $28,000 area again. But due to the inability of buyers and the low volume of transactions, it is currently unable to break the resistance of the $28,000 area. Therefore, Bitcoin will slowly move toward the $24,000 area in the coming week.

Let’s check the authenticity of its reaction to the support in those areas. Still, according to the Elliott Wave Theory, bitcoin will probably move towards the $27,000 area after hitting the $24,000 in a corrective ABC wave. If you open a short trade on Bitcoin, be sure to use the loss limit because, in these areas, market makers will probably pump the market temporarily to hunt stops.

May 22 Bitcoin Analysis

Bitcoin behaved as predicted by earlier Bitcoin Analysis of last week and corrected to the $26,000 area. The Midline has broken down the upward channel and stabilized below it, and this king of cryptocurrencies has currently broken the neckline of the Head & Shoulder pattern. Therefore, we anticipate a move toward the $23,000 mark over the next weeks.

This movement can, of course, be quite sluggish and destructive. Meanwhile, there have been jarring upward fluctuations, but the market as a whole is corrective and bearish, and given the market’s low volume, we do not anticipate the beginning of a bull run. The market may fluctuate due to the FOMC meeting today, but our study shows that the market as a whole is stable.

May 15 Analysis

The Bitcoin Analysis over the last two weeks indicates that Bitcoin has finally begun its corrective trend and has fallen to the $26,000 area. But because there were purchase orders at this price, the price rapidly bounced back and could hold over $26,000.

Based on the Bitcoin Analysis and price chart, we anticipate the rising trend will continue to higher levels, at least $30,000. However, given the risk of sharp falls and the potential for market makers to execute a short squeeze for long positions, this ascent may be gradual. As a result, traders should exercise caution, refrain from using excessive leverage, and position their stop-loss levels farther apart.