BTC has a lot of resistance above as we dip a toe into May, which is a month that has some large downside in past years. BTC is also bouncing from one of the largest corrections since this bullrun as Tesla released their books that showed a 10% selloff, for whatever reason. In the midst of the selloff we also broke through major trend support and are still trading under it. Looking at the pure bullishness of the market with very little bearish charts, I believe the market will find the path for the most pain. When too many people are investing blindly it's usually a sign there may be a larger shift nearing.
As I look at the daily chart I see a setup that will hurt the bulls badly. The 100MA being the major resistance they must break, not to mention the possibility of the hidden bulltrap that I have not seen indicated on any charts. This makes 3 large resistants that must be broken just to test the ATH, not to mention the HVL above. Does the market have enough strength NOT to take the next wave down? What does May have in store for us?!
However, the MACD is interesting here. Let's see what happens... but this is just my thoughts. I always go against the grain!
As I look at the daily chart I see a setup that will hurt the bulls badly. The 100MA being the major resistance they must break, not to mention the possibility of the hidden bulltrap that I have not seen indicated on any charts. This makes 3 large resistants that must be broken just to test the ATH, not to mention the HVL above. Does the market have enough strength NOT to take the next wave down? What does May have in store for us?!
However, the MACD is interesting here. Let's see what happens... but this is just my thoughts. I always go against the grain!