Bitcoin, finally on the rise?

Green, green, no, I’m not talking about the May grass push, I’m talking about this Sunday’s candle. What impact will it have on the market? Let’s find out together!

Warning This article does not constitute investment advice or an invitation to invest. It is only and strictly informative. You are the only one responsible for the trading and investment decisions you make.

Analysis of the last two weeks

Over the past two weeks, virtually nothing has happened! Even Bitcoin has gone off to bask in the sunshine.

The stated goal of $32,000 in the previous article is it still relevant? That’s the question we’re going to ask ourselves! There are beautiful YES and beautiful NOs.

Is BTC still heading for $32,000?

No, for the following reasons:

The really rotten range continues, in other words, since we arrived in this area, we’ve been completely dead, and what if this was the moment when nothing happened for 6 months and we just stood there starving, looking at a meaningless graph?

Meaningless, really? If you know how to trade ranges (literally, buy the green zone and sell the red zone), then you’re in the clear!

Those in the know will have noticed a reversal pattern in the making, and I’ll show it to you by zooming in on a 4-hour time unit:

A beautiful SHS whose little name is Shoulder Head Shoulder. It’s a reversal pattern. It has broken to the downside, activating a bearish target at the $28,000 level. This structure is valid as long as we don’t break the right shoulder, so until the price rises above the first green point, $30,048.

And finally, the last point, the current upward trend. You might think, great, we’ve got some green candlestick… Yes, but not necessarily! Why do we have green? Do we have buyers or just liquidation? Because it won’t be the same conclusion.

For this to be part of the counter-arguments, you’ll have understood, we have we’ve had a nice rise in open interests (number of leveraged positions) and CVD perp, so we’re looking for liquidation!

I won’t add to all this the lack of volume over the last few days, which has been quite catastrophic in both directions.

Yes, for the following reasons:

The range (Hey, he’s already put it in the cons!) Yes, because we can get bored! But in any case, we’re well situated. Being at the bottom of the range, in the green zone, we can assume thatan imminent return to $31,000 would be ideal (especially if I’m aiming for $32,000!). What’s more, sentiment was very bearish, so not bad for regaining height!

What’s more, altcoins still breathed easy.

Open interests (second chart) are rather flat, slightly rising, but nothing to worry about, especially since funding is still in the neutral range – positive neutral, so no worries from my perspective. Which means we can go higher!

Finally, the macro ! The U.S. has decided to raise the debt ceiling to avoid a collapsing economy. Well, avoided, no, but shifted the end point yes. As a result, we’re expecting a reprint to prevent it from collapsing anyway. Number of the week? It will be the number of unemployed, which we want to see rise in the United States to confirm that rising rates are having an effect.

Conclusion

These aren’t ALL the points that exist on either side, I could have talked about divergences, convergences, EMAs, timing, and so on. These are the points that I, personally, have learned to use to read charts. From my point of view, we’re going up, and my bullish target of $32,000 for June is still valid! The pullback to $27,000 that looks set to happen could be a good entry point for bullish traders. As for the search for liquidity, which touched $27,800, this was a good entry point for bears thinking of a bearish comeback. See you soon!