Hi, crypto traders.
Last week, as expected, there was a significant short-term decline and the price dropped to 56,500 USD. Subsequently, following the results of the U.S. employment statistics, the price rebounded sharply and is currently moving around 62,700 USD.
However, there were moments when the candlestick briefly fell below 100MA, and considering the arrangement of the moving averages, it is expected that the price will continue to fall for some time.
# Current order of the candlesticks and MA lines
60MA (green) > 20MA (blue) = the candle > 5MA (red) = 100MA (black)
#Technical Positive Points
- There is a possibility that the candlestick will rapidly break above 100MA and 5MA, and may also break above the 20MA.
#Technical Negative Points
- The moving averages are forming a downtrend with the order being 60MA > 20MA > 5MA.
- The slope of 60MA is becoming negative, indicating the possibility of entering a medium-term downtrend.
- The candlestick and 5MA are likely to fall below 100MA, also suggesting the possibility of entering a medium-term downtrend.
- The recent high and low points of the candlestick are decreasing.
- The low points of 5MA are decreasing.
#Trend forecast of this week : Short 80%
Given the many negative technical factors, it is expected that prices will continue to fall this week. The moment the candlestick breaks below 5MA may present a good short entry opportunity.
#Target points
If the price of Bitcoin increases
1st target: 67,200USD (The highest price on 22nd/Apr/2024)
2nd target: 70,000USD (A nice round price)
3rd target: 73,800USD (The highest price on 14th/Mar/2024)
If the price of Bitcoin decreases
1st target: 59,600USD (The lowest price on 19th/Apr/2024, Cross-point with 100MA)
2nd target: 55,000USD (Cross-point with 20MA/weekly chart, A nice round price)
3rd target: 50,000USD (A nice round price)
Let's enjoy trading this week too!
Last week, as expected, there was a significant short-term decline and the price dropped to 56,500 USD. Subsequently, following the results of the U.S. employment statistics, the price rebounded sharply and is currently moving around 62,700 USD.
However, there were moments when the candlestick briefly fell below 100MA, and considering the arrangement of the moving averages, it is expected that the price will continue to fall for some time.
# Current order of the candlesticks and MA lines
60MA (green) > 20MA (blue) = the candle > 5MA (red) = 100MA (black)
#Technical Positive Points
- There is a possibility that the candlestick will rapidly break above 100MA and 5MA, and may also break above the 20MA.
#Technical Negative Points
- The moving averages are forming a downtrend with the order being 60MA > 20MA > 5MA.
- The slope of 60MA is becoming negative, indicating the possibility of entering a medium-term downtrend.
- The candlestick and 5MA are likely to fall below 100MA, also suggesting the possibility of entering a medium-term downtrend.
- The recent high and low points of the candlestick are decreasing.
- The low points of 5MA are decreasing.
#Trend forecast of this week : Short 80%
Given the many negative technical factors, it is expected that prices will continue to fall this week. The moment the candlestick breaks below 5MA may present a good short entry opportunity.
#Target points
If the price of Bitcoin increases
1st target: 67,200USD (The highest price on 22nd/Apr/2024)
2nd target: 70,000USD (A nice round price)
3rd target: 73,800USD (The highest price on 14th/Mar/2024)
If the price of Bitcoin decreases
1st target: 59,600USD (The lowest price on 19th/Apr/2024, Cross-point with 100MA)
2nd target: 55,000USD (Cross-point with 20MA/weekly chart, A nice round price)
3rd target: 50,000USD (A nice round price)
Let's enjoy trading this week too!
