BTC/USD (Pullback or New Trend?)

💎Technical Analysis Summary💎



BTC/USD

-Bitcoin just had a failed breakout after hitting a new all-time high recently
-The price broked the upward trendline of support and touches the 50D MA
-Currently, BTC is trading below the 50D MA which is not a good sign
-But we saw a bullish reaction at a key level around the 51k region
-We have two possible scenarios for BTC this week
-1st is pullback and retest of previous trendline support which may form a CME gap and get filled
-And second, a bearish continuation where the bulls failed to bounce up instead a bear flag is confirmed
-The 2nd scenario may retest its recent low at 51k dollars or much lower
-If I'm looking for a bullish sign of strength, I want to see BTC regain the 60k
-And a consolidate above the 50D MA for at least 5-7 days
-Because this will give me a strong bias that the bears failed to control the market
-This week price action is very important for the crypto space in preparing for the month of May
-Guys, please always follow your trading plan and never go all-in on 1 trade
-Risk management is the key to survival in trading whether crypto, stocks, forex, etc.



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