LIVE$BTC Technical Analysis 🚨📊
1. Strong formation of lows at the $57k area with a nice reversal back into the range. The April 2021 ATH acting as our mid range level stays as our main resistance here, which I think will break this week. Look for a small dip to the strong levels below us such as $61800 or the monthly open at $60670.
2. My belief for this week is an expansion up to the $69k area, with a failed breakout at that level. With current market conditions and the ETF ETF approval period coming, I think we may see some more volatility. I do think the ETFs will get rejected and the market will take that badly. Generally May has never been a really bullish month.
3. Now that the Halving is in, focus your power on any upcoming uptrends. It won't be anything instant but it could take weeks to month to begin really pushing. These uptrends will be a lot more violent, and pullbacks will be too.
4. My main scenarios for this week:
1) Look for a dip to long, mainly the $61800 level or the monthly open at $60670, this would mark good entries on this chart, below the monthly open, things may invalidate. The main level to cross is $64850 before encountering the resistance at $67k. After that, look for a push to $69k, which will be my main take profit level for this coming week. I do not think higher will occur.
2) If price moves back below the $60670 monthly open, expect a breakdown of $60k and a move towards $58300 and $55600.
