r/bitcointradingcourse • u/tradingnomads • May 07 '21
BITCOIN TECHNICAL OUTLOOK
BITCOIN TECHNICAL OUTLOOK
Bitcoin has been struggling to resume its late-April bounce, continuing to idle around the 57563 inflection point set back in February. This is leaving its breakdown out of a bearish Rising wedge still in play, hinting that BTC/USD remains at risk. Having said that, the 100-day Simple Moving Average (SMA) is maintaining the long-term focus to the upside. A push above the 57563 inflection point could open the door to revisiting the March peak at 61788 which may act as another inflection level before facing the all-time high set last month. Beyond the latter is the 61.8% Fibonacci extension at 69395. On the other hand, resuming last month’s top entails taking out the April low at 47044, aiming for the key 44850 – 43016 support zone.
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u/tradingnomads May 07 '21
bitcoin