Bearish scenario for BTC by End of May - 50k

Chart displays the continuous Wyckoff Accumulation and Distribution cycles chained together. Any trader can check the levels and will agree. If this trend continues, then BTC may see 50k to 52k levels by the end of May 2024.

No trading advice, but the pattern has been going on since the beginning of March actually. Accumulation and Distribution.... again and again... and now probably downtrend or beginning of a three-month bearish trend like May 2021 till July 2021.

Comment:

So far the pattern appears to be repeating itself. If a drop occurs, it may happen over the next 5-10 hours or so (may be sooner). Once the 60k support is lost, it is likely that BTC will dive deeper than 59k. There could be a 56k zone test, or 54k zone test for support. This may last only momentarily though and not for long. In case if any of these levels (59k, 56k or 54k) is tested, price should rebound back fast to 60k this time, followed by volatility over the next few days.

Comment:

It does not get any clearer than this....

Comment:

Still looking bearish until this remains under the channel.

Green band targets, we see possible breakout from the channel after that and new ATHs.

Orange band targets - most likely three months of consolidation with occasional 62-63k levels.

Anything lower than that, bye bye to this bull cycle and we will see 40k ranges (probably 42k level test). In that case, it is anyone's guess when BTC starts another bull-run.

Comment:

Channel broken. And I am happy that it finally has. I hope this results in a bull run and new all time highs rather than lows.

Wish everyone all the best.

Kindest regards.

Trade closed: stop reached