Only a few days left in May. Bitcoin hit around $78090 recently but now it's back down to $76500. Did anyone notice the daily candles? I've been using Bollinger Bands and yeah, there's a clear double top here. First on the 21st, second today.
If today's candle closes red, we're probably not breaking $78k this month. $78k seems like a strong resistance point for the bulls and we could even drop to $64k in June. But sometimes market psychology can fake us out... could lead to a sudden trend change.
Looking back to the start of May, the market was bullish but after hitting that $80k resistance, it’s been kind of choppy. With just five days left, it's hard to see us hitting $80k at this point. Even if we finish higher than the month's opening price, it still feels shaky.
Totally agree. This month peaked at $82k, and now it seems like $78k is the ceiling. It’s been bearish mostly a consolidation phase between $80k and $76k. I’m not surprised considering the previous bullish run.
Today’s failure to breach $77k shows signs of a potential downturn. By the end of May, I wouldn’t be shocked to see BTC in the $71k-$74k range. Indicators like EMA show we’re below key levels and it doesn’t look good for $78k.
If you look at how Bitcoin's performed this month, it had a moment above $82k but now it’s struggling. If we see some good news, we might rebound, but honestly, it could take all of June for any recovery.
Two weeks ago, we saw a bearish engulfing candle and now it looks like it’s taking hold. Sitting at around $75k, it's safe to say we’re still in a bear market. Haven’t we been in this bear market for ages now?
Bitcoin dropped like a staircase early this year, then attempted to break out mid-May but got rejected hard. We're kind of in that sideways consolidation again. It’s all reminiscent of earlier in the year... even with some positive news, the market isn’t reacting as we'd hope.
I want to see a bullish trend too, but honestly, the bulls seem weak right now. That chart area looks like it’s forming a head-and-shoulders pattern. If BTC dips below $75k, it might confirm that and push us down to $70k.
Based on my analysis, the low for May is around $74141. We've broken some resistance levels that became support. It’s a bullish sign for June, but anyone holding should be cautious.
Where are you getting your info? I haven’t seen anything like that. The US and Iran situation is complex, but I doubt a war resolution would spark a bull run. Just my take.
May is almost over, with prices already down to $75k... don’t see us hitting $78,200 anytime soon. Look ahead, though; we could turn bullish again, just gotta prepare for the worst too.
Only four days left in May and Bitcoin is still hovering around $75k. Not looking too good for anything near $80k. I suspect we might see more declines next month.
I call nonsense on that. Associating news with your trendline analysis isn’t the way to go. Real indicators are what matter. Manually drawn lines can be misleading without solid indicators backing them.
Tricky market today... no one really knows what’s coming. Best bet is to dollar-cost average so we’re less worried about timing. Buying Bitcoin consistently could be the way to go.
I’m with you on this. $76k feels like a tough spot, might see bearish trends next month based on the daily patterns. If that breaks, we’ll hope for a June bounce.
Honestly, I’m more focused on $75k than $78k. That’s where we are right now. I think we won’t stay below $75k for long. Pretty confident $80k is off the table this month, but I’ve got my eyes on $90k in June.
I think you're right. We're stuck in a tug-of-war now with market players. Institutional activity is affecting Bitcoin's price too, especially with all these recent moves. May is definitely more about short-term gains.
Less than a week left and with prices still dropping... I wouldn’t expect $80k at this point. Even if the price creeps up a bit before the month ends, it doesn’t seem likely.