BTC: Another Red Candles Ahead

May 26, 2022

BTC price has been consolidating in a tight parallel channel for around 2 weeks around the support level. Considering current economic situation, this indicates that market is preparing for another big move, preferably a continuation. RSI seems to cross its moving average showing a sign of weakness in BTC. There is a possibility that, this time, BTC will revisit the previous ATH from 2017 at $19,000. This price may be a good opportunity to hop in to BTC market with target price around previous low at around $25,000. Depending on future economic condition, it is possible that price may be stagnant for an extended period of time. However, beware of this dip to $19,000 as fear-of-uncertainty taking over the weak-hearted hodlers and long-squeeze occurences. Breaking below this level may put BTC's long-term bullish thesis in question. But, there's a good chance that BTC will hold price above $19,000. Regardless, crypto market remains risky in the time being, especially alt-coins. Safe trade!