We are only 11 days away from the most important event for Bitcoin in 2020: Halving. In a scenario of high volatility and where everything can happen, I will analyze the trend of Bitcoin for this beginning of the month.
We published yesterday, according to the little black sign below, at 14:47 Spanish time. Although the analysis was written about 40 minutes before … saying that it would be very bullish; exactly we said: “Support the Bullish possibility, very slightly, for the next few hours: + 52% | -48%… Sales are not ruled out near the closing of Wall Street or even earlier ”. And as we can see in the Daily chart.
You can also see the decline announced near the close of Wall Street.
Also, in yesterday’s article, we warned that it could go towards $ 8,500 and BTCUSD touched $ 8,400 around 19:51. Spanish: marking the minimum of the day. And then to REBOUND. And we are at these hours of writing this report: 1:35 p.m. Spanish.
“The Bitcoin Trend for May” is how we titled today …
And then our analysis will try to give an answer … Above all, we will be more direct, in the conclusions section …
Analysis of the Bitcoin trend in the short term (1 to 2 days)
Yesterday, it lost the bullish trend and recovered it a few hours ago. We are back in a Trend for the Short Term.
Our CryptoTrend Indicator in INTRADÍA:
Support the Bullish possibility, but with caution, for the next few hours: + 55% | -Four. Five% … Sales are not ruled out near the close of normal Wall Street hours or even earlier. Just like yesterday.
Analysis of the BTC trend in the medium term
The trend is also Bullish in the Medium Term. Tenth day. Brown line above, as appropriate, and a larger opening than yesterday. And yesterday we said that it gave us reason to think that Bitcoin was falling, that it fell, today it would be bullish … At least for a while.
What’s more, today we expect the same: rise and possible downward turn in the middle of the day or end of the day … And that tomorrow the price could rise again. Come on, a Roller Coaster Side.
Analysis of BTC long-term trend
The Downward Trend has been maintained since last month for the Long Term (both lines are open, with the brown line below). But narrowing even more, as it should correspond as read in the previous section of the Medium Term.
And we keep asking ourselves … Will the Bitcoin scenario, including Long Term, become totally Bullish? But … Only until Halving? We will be very pending in case the lines reopen.
To cross the brown line above … The trend would become HIGH, and the target could be estimated towards the 10,000 (minimum) of BTCUSD.
Conclusion and Possible Trading Strategy
- We maintain the Bullish Trend for today, but with a probable TRAP… Very doubtful. Watch out.
- The Medium Term is still in Bullish, good sign. Consolidate and hold the bullish rate until Halving?
- Both for Intraday and for the Medium and Long Term: open Shorts on each raise, if there were any due to volatility, and do not rush the profits … As long as there are these, if our Broker’s Spread allows it. As long as the Long Term trend continues to be Bearish (divergence) … It assures us volatility and declines.
General Scenario / Market Timing (Long Term)
We remain cautious for long-term investments based on HOLD (buy and wait). For the matter of the Global Pandemic …
For May, we dare to predict that bullish until the Halving (or near this) and return to the Falls … Because one thing is very clear being so close to the date of the Halving: Why the trend is bearish, today, for the Long Term? Well, because it will not have continuity.
Or it changes in the next few days (it should have already done so), which is very tight for a Long Term or this smells like what it smells like: BUY ON RUMOR, AND SELL IN THE NEWS … That is, once the item has been done Halving … TO SELL. There is no more reading. Also, is the short-term swings due to the possible stealthy exit of some who already know it?
Don’t miss next Monday a new analysis on the Bitcoin trend for May.
The author reserves the right to reveal what chart and indicator material he uses. Just warn that Moving Averages are used: although it could not be based on the Bitcoin instrument, although it does serve to predict its trend.
I invite you to read my comment on ‘The Market’ in general (Forex, Stock Market) for today and in the medium term on EuroPost.info. You can also follow automated (Real Time) analysis of cryptocurrencies HERE.
The information in this content should be taken for educational purposes only, and is not intended under any circumstances to encourage the purchase / sale of financial instruments.