Bitcoin Analysis - May 5, 2024
Bitcoin Analysis - May 5, 2024
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investments in cryptocurrencies carry significant risks. It is recommended to conduct your own research and consult a financial professional before making any investment decisions.
Hello everyone, today, on May 5, 2024, I present to you an analysis of Bitcoin. Let's delve into the key points:
Range and Technical Patterns:
Since March 5, 2024, we've observed a range with a high at 73,600 and a low at 59,100, spanning 60 days. Notably, there have been 5 touches on the lower range, with the fifth resulting in a false breakout, confirmed by the V-shaped pattern, recognized by institutional traders.
Points of Control and Price Consensus:
The point of control at 63,385 indicates the highest accumulation of contracts. Additionally, the price consensus for the analyzed period, spanning 1454 hours, suggests institutional presence at 66,448.
Supports and Demands:
Through classical technical analysis, we've identified the following supports and demands:
Resistance: 64,500 - 67,222
Demand: 59,112 - 60,800
Demand: 43,888 - 45,950
Demand: 34,446 - 35,999
Order Book Insights:
In the order book, we observe the largest seller between 63,700 (with 1.15k BTC) and 64,300 (with 570 BTC). On the buying side, intense purchases are noted at 62,500 (with 443 BTC) and 61,500 (with 420 BTC).
Elliott Wave Analysis:
According to Elliott Wave Theory, we're currently in the impulse wave, potentially being wave 1 of the impulse. It's anticipated that subsequent waves will be corrective, followed by another impulse, likely renewing highs.
Technical Indicators:
Indicators like the ultra oscillator and trend analyses suggest a possible beginning of a reversal, indicating exponential appreciation in the future.
Outlook and Strategies:
Considering the analysis, it's suggested to await the opening of the American market to position oneself. The breakout of a descending wedge on April 8, 2024, is a significant development, with a retest at 62,870. A bullish week is expected, with possible new highs. Any price dips could present buying opportunities, with a minimum forecast of 80k, provided critical levels like 55k aren't breached.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investments in cryptocurrencies carry significant risks. It is recommended to conduct your own research and consult a financial professional before making any investment decisions.
Hello everyone, today, on May 5, 2024, I present to you an analysis of Bitcoin. Let's delve into the key points:
Range and Technical Patterns:
Since March 5, 2024, we've observed a range with a high at 73,600 and a low at 59,100, spanning 60 days. Notably, there have been 5 touches on the lower range, with the fifth resulting in a false breakout, confirmed by the V-shaped pattern, recognized by institutional traders.
Points of Control and Price Consensus:
The point of control at 63,385 indicates the highest accumulation of contracts. Additionally, the price consensus for the analyzed period, spanning 1454 hours, suggests institutional presence at 66,448.
Supports and Demands:
Through classical technical analysis, we've identified the following supports and demands:
Resistance: 64,500 - 67,222
Demand: 59,112 - 60,800
Demand: 43,888 - 45,950
Demand: 34,446 - 35,999
Order Book Insights:
In the order book, we observe the largest seller between 63,700 (with 1.15k BTC) and 64,300 (with 570 BTC). On the buying side, intense purchases are noted at 62,500 (with 443 BTC) and 61,500 (with 420 BTC).
Elliott Wave Analysis:
According to Elliott Wave Theory, we're currently in the impulse wave, potentially being wave 1 of the impulse. It's anticipated that subsequent waves will be corrective, followed by another impulse, likely renewing highs.
Technical Indicators:
Indicators like the ultra oscillator and trend analyses suggest a possible beginning of a reversal, indicating exponential appreciation in the future.
Outlook and Strategies:
Considering the analysis, it's suggested to await the opening of the American market to position oneself. The breakout of a descending wedge on April 8, 2024, is a significant development, with a retest at 62,870. A bullish week is expected, with possible new highs. Any price dips could present buying opportunities, with a minimum forecast of 80k, provided critical levels like 55k aren't breached.
Nota
NOW indicator say dump to 57k, so short it, wait take profit.Nota
VALUE NOW 64.134, BEST POINT TO SHORT./Nota
Still at the entry price and with the opening of the US market maintaining the gap between Friday's hundred close and opening, change the position now to LONG, indicator also informs the change in the main trends LONG this as informed for levels above 70k-80kNota
The market started a correction at 4 hours, this indicates a change in the trend, I see that at the moment the price is going to 57k, current price at 62,500, a short should be started here with objective 1 at 58k, objective 2 at 50k, and place a stop at entry after the first target, the market should follow bitcoin with the dump, stay tuned for purchasing opportunities in promising and active coins in the communityNota
Now i close short and i'm open long to 80k, sl below 57kNota
Due to inflation data from 🇺🇸 13:00 United States (USD) 30-Year Bond Auction - Importance: 🌟🌟🌟, I am opening the short again, now price at 61,200 I expect a market crash of -15-30% before the real bull, btc below 57k after recovery, short this nowNota
Now I am depositing a larger amount on the exchange and I am long at this current price at 61,800 if it falls I will buy more up to 60k, first target at 69k, second at 72k third at 77k.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.