Even Pull Back on Bitcoin, It may not be Enough
After touching 57K, Bitcoin price went up more than 10% in a short time. Even it seemed as a pullback on Bitcoin price chart, It may be a bearish trap!
Even Bitcoin price went up 63K after touching 57K, It is still in bearish zone. Bitcoin has entered daily and weekly price correction period. Monthly Price correction was coming soon. Bitcoin got red monthly candle after 7 green monthly candles in April. Bitcoin is trying to get green monthly candle in May. It is so important not to enter monhly price correction!
Bitcoin price is below 8-week moving average even it showed bullish performance in two days. It may not be enough to reach safe place. It is still in bearish place now.
Here you can see weekly chart of Bitcoin. Fisher Indicator reversed from the top. There was bowl pattern on RSI Indicator and It was broken down If we don't get pullback in Bitcoin price. It went up safe zone and there is no corruption on this pattern yet. MACD Indicator is close to reverse to enter correction. So, Bitcoin need more green weekly candles. this and next weeks are important for midterm of Bitcoin.
Here you can see daily chart of Bitcoin. RSI Indicator broke up the resistance on daily chart. It is great signal for shortterm bullish trend. MACD Indicator is also trying to reverse from the bottom. We may see bullish trend in short term.
Will it be enough to change the trend on weekly chart of Bitcoin?
I think no. Monthly price correction is coming soon for Bitcoin price. These price pumps may be great chance to exit during price correction. It may be a dead cat bounce.
We will see..
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Thank you for sharing this excellent analysis, it is very helpful and clarifies a little what may happen. See you later, have a great week.