Market

BTC, 3-5 May for BINANCE:BTCUSDT by z2x2

Let’s start with the weekly and daily charts:

As we can see, the daily chart is MRI warning and May 4 will be MRI Top. This will most likely be followed by a 1-4 candle correction.

On the hourly chart (that is the first chart above) we see a triangle breakout. It is later than I estimated, but in the process of the pattern development it became clear that the bulls do not have enough strength. And therefore BTC needs one more touch down. It happened. The bears were not strong enough, so the triangle was broken through to the upside.

The price went to 57,800 and is trying to turn it into a support zone (I wrote all this yesterday).

What scenarios I assume (the probability of scenarios is low – no one knows what the market will do).

The bullish scenario: a moderate rise on March 3, an exit above 59,500 and a fix behind that price, and a rise to the 63k area on May 4. A big green candle is possible at the moment of the cross on the 4-hour MACD .

Then there will be a correction into the 59,500 area from May 5.

Less desirable scenario: consolidation around 59,500, fall to support areas of 56,350, 55k.

Have a good trades!

Disclamer: I’m sharing my thoughts and not giving financial advice. All decisions are your own and you are responsible for them.

Have a plan for the situation if something doesn’t go your way.

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