BITCOIN ANALYSIS WHAT TO EXPECT? ANALYSIS OF MAY 16, 2021

Weekly chart:

Bitcoin is moving into the area drawn in the 60K rectangle representing a very strong psychological resistance and 48K an important support.

In my opinion BTC is consolidating between 48K and 50K and I think this level represents a great entry price to buy.

Let's see the daily chart:

Next 44K area support, but from 48K in the lower time frames it is always bouncing.

I traced Fibonacci starting from the minimum formed in February 2021:

We have to overcome area 52k and then 54K to project us higher.

As long as we stay above the $ 48000 support level, the priority remains bullish. From a daily perspective, a close above 48K is needed. I think we are still in an uptrend.

Graphics: tradingview.com

Follow me on Telegram for more details during the day: https://t.me/joinchat/_J8vQO5jNPBlYTg0

https://www.publish0x.com/?a=oQeZ4DR6bp

This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.

THE OPINIONS EXPRESSED BY THE AUTHOR ARE PERSONAL ONLY AND FOR INFORMATION PURPOSES AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHERWISE ADVICE.

Thanks for reading I look forward to your comments.

Posted Using LeoFinance ^Beta