BTC/USDT weekly analysis on 26th/May/2024
Hi, crypto traders.
Last week, as expected, the price rose and temporarily surged to 72,000 USD. Although the price then fell, it began to rise again from a bottom of 66,300 USD, and it is currently hovering slightly above 5MA.
# Current order of the candlesticks and MA lines
the candle = 5MA (red) > 20MA (blue) = 60MA (green) > 100MA (black)
#Technical Positive Points
- 5MA has bounced firmly off 100MA.
- 20MA is also almost bouncing off 100MA.
- The slope of 20MA is clearly upward, indicating a potential medium-term rise.
- If this trend continues, a bullish upward trend of 5MA > 20MA > 60MA > 100MA is likely to form.
#Technical Negative Points
- Since the moving averages are still clustered together, a trigger could easily cause the candlestick to break downward, potentially reversing the trend.
- If the price doesn't attempt to reach the all-time high of 73,800 USD soon, there is a possibility that the price has peaked and will decline again.
#Trend forecast of this week : Long 50%
From a technical perspective, there are many positive factors, so I believe it will attempt to reach 73,800 USD as early as this week. However, since the moving averages are still clustered together, caution is needed as a sudden drop in price triggered by any event could potentially reverse the trend again.
#Target points
If the price of Bitcoin increases
1st target: 72,000USD (The highest price on 21st/May/2024)
2nd target: 73,800USD (The highest price on 14th/Mar/2024)
3rd target: 80,000USD (A nice round price)
If the price of Bitcoin decreases
1st target: 64,600-65,700USD (Cross-point with 20MA & 60MA & 100MA)
2nd target: 60,000USD (A nice round price, the lowest price on 10th/May/2024)
3rd target: 56,500USD (The lowest price on 1st/May/2024)
Let's enjoy trading this week too!
Last week, as expected, the price rose and temporarily surged to 72,000 USD. Although the price then fell, it began to rise again from a bottom of 66,300 USD, and it is currently hovering slightly above 5MA.
# Current order of the candlesticks and MA lines
the candle = 5MA (red) > 20MA (blue) = 60MA (green) > 100MA (black)
#Technical Positive Points
- 5MA has bounced firmly off 100MA.
- 20MA is also almost bouncing off 100MA.
- The slope of 20MA is clearly upward, indicating a potential medium-term rise.
- If this trend continues, a bullish upward trend of 5MA > 20MA > 60MA > 100MA is likely to form.
#Technical Negative Points
- Since the moving averages are still clustered together, a trigger could easily cause the candlestick to break downward, potentially reversing the trend.
- If the price doesn't attempt to reach the all-time high of 73,800 USD soon, there is a possibility that the price has peaked and will decline again.
#Trend forecast of this week : Long 50%
From a technical perspective, there are many positive factors, so I believe it will attempt to reach 73,800 USD as early as this week. However, since the moving averages are still clustered together, caution is needed as a sudden drop in price triggered by any event could potentially reverse the trend again.
#Target points
If the price of Bitcoin increases
1st target: 72,000USD (The highest price on 21st/May/2024)
2nd target: 73,800USD (The highest price on 14th/Mar/2024)
3rd target: 80,000USD (A nice round price)
If the price of Bitcoin decreases
1st target: 64,600-65,700USD (Cross-point with 20MA & 60MA & 100MA)
2nd target: 60,000USD (A nice round price, the lowest price on 10th/May/2024)
3rd target: 56,500USD (The lowest price on 1st/May/2024)
Let's enjoy trading this week too!
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