🔥🔥🔥 Analyze and predict Bitcoin trends on May 6, 2024.
⏩ Weekly Frame Analysis (W1 Frame)
The recent weekly candle ended with a Bullish Pinbar candlestick pattern. The characteristic of this candle is that there is a long lower shadow, but the price quickly turns around and closes at a higher level. This shows strong buying power, confirmed by increased trading volume.
The False Breakout signal suggests that the downward momentum is likely to slow down and may turn to bullish momentum.
⏩ Date Frame Analysis (Frame D1)
The weekend candle pushed prices back inside the trading range. Along with that, the two days of Saturday and Sunday completely absorbed the selling force. This occurred at the psychological support level of 60k, creating a bear trap, indicating the possibility of a price increase.
⏩ USDT Dominance (USDT.D) Analysis
On the weekly frame, USDT.D's dominance rate is still decreasing, with lower highs and lows. The recent week's candle was a Bearish Pinbar candle, supporting the downtrend of USDT.D. Therefore, it is likely that BTC will continue to increase in price in the near future.
⚡️ Summary:
With the above parameters, BTC closed a pretty nice weekly candlestick for an uptrend in the coming time. According to you, this new week BTC will continue to increase to the 68k area, followed by the accompanying Altcoin wave, how good will it be?
Let's give AD your opinions guys.
⚡️ Note: This is information and analysis for your reference and is not financial advice.
