In the previous analysis from April 13th, I stated that the price would drop from $30,000 to $25,000. It turned out to be correct. It seems to me that this is a moment of re-accumulation. In the meantime, there has been a lot of FUD (Fear, Uncertainty, and Doubt) related to suspicions of money laundering by Binance. Despite this, the price did not react significantly, and the volume was low. This may indicate that there are not as many eager sellers in panic to sell their long positions.
Maintaining the price above $25,000 is associated with holding support from the trendline that has been in place since January 2021. This has formed a wedge pattern, suggesting that after a proper breakout to the upside, the price should move towards the $38,000 level by the end of summer.
There is also a strong zone around $38,000-$40,000, where the price has held for a long time in the past.
A drop below this trendline could indicate a return to the accumulation range around $20,000.
If I were to make a prediction, I would give an 80% chance of an increase to $38,000 and a 20% chance of a drop to $20,000.
If the breakout to the upside is confirmed, the $40,000 zone could be quite strong, leading to consolidation, which could herald the next bullish phase, potentially reaching around $150,000.
Maintaining the price above $25,000 is associated with holding support from the trendline that has been in place since January 2021. This has formed a wedge pattern, suggesting that after a proper breakout to the upside, the price should move towards the $38,000 level by the end of summer.
There is also a strong zone around $38,000-$40,000, where the price has held for a long time in the past.
A drop below this trendline could indicate a return to the accumulation range around $20,000.
If I were to make a prediction, I would give an 80% chance of an increase to $38,000 and a 20% chance of a drop to $20,000.
If the breakout to the upside is confirmed, the $40,000 zone could be quite strong, leading to consolidation, which could herald the next bullish phase, potentially reaching around $150,000.
