WHAT HAPPENED?
Last week, for bitcoin, we got an exit from the sideways trend in the upward direction, but the growth wasn’t significantly confirmed by volumes. The price reached the key resistance zone of $97,500–$98,400 (pushing volumes), from which we received a reaction.
Currently, BTC has adjusted to the buy zone of $95,000–$93,400 (accumulated volumes), the buyer's reaction is present.
WHAT WILL HAPPEN: OR NOT?
There is a high probability of a test of lower levels this week. This scenario is confirmed by the following factors:
• a steady delta advantage in the direction of sales, which prevents the development of a full-fledged upward movement;
• rather weak trading volumes;
• the wave structure, which has already called into question the current exit from the sideways trend, the price has returned to its framework.
We consider the development of the correction through one of the marked scenarios on the chart.
Sell Zones:
$96,100–$96,600 (local volume area)
Level $98,000
$107,000–$109,000 (volume anomalies)
Buy Zones:
$95,000–$93,400 (accumulated volumes)
$91,500–$90,000 (strong buying imbalance)
$88,100–$87,000 (absorption of market selling)
$85,500–$84,000 (accumulated volumes)
$82,700–$81,400 (volume area)
Level $74,800
$69,000–$60,600 (accumulated volumes)
IMPORTANT DATES
On macroeconomic developments this week:
• Monday, May 5, 13:45 (UTC) — publication of the index of business activity in the US services sector for April;
• Monday, May 5, 14:00 (UTC) — ISM Purchasing Managers' Index for the non-manufacturing sector of the United States for April;
• Wednesday, May 7, 18:00 (UTC) — publication of the FOMC statement and the US Federal Reserve interest rate decision;
• Wednesday, May 7, 18:30 (UTC) — FOMC press conference;
• Thursday, May 8, 11:00 (UTC) - announcement of the interest rate decision The Bank of England in May;
• Thursday, May 8, 12:00 (UTC) — publication of the inflation letter from the Bank of England;
• Thursday, May 8, 12:30 (UTC) — publication of the number of initial applications for unemployment benefits in the United States.
*This post is not a financial recommendation. Make decisions based on your own experience.
#analytics
Unlock your potential in trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Unlock your potential in trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.