Above: Bitcoin (BTC / USD) weekly chart
Quick note for the month of May. There is a maximum stock exchange ld: “Sell in May and stay away.” Risky assets usually face a lot of pressure in May and either a sell-off or a very fragmented experience. The chart above is a complete bitcoin price history (weekly chart). Bitcoin does one three things in May, historically:
2. Sold in late May.
3. Consolidates in May.
It may seem bullish – but the end result has historically been falling prices. Be aware of this as we move through May.
Bitcoin (BTC / USD)
Above: Bitcoin (BTC / USD)
The daily chart of bitcoin is at a breakpoint or break. The current daily peak on Saturday was stopped against 88.6% Fibonacci discount, which is a very unpleasant level of Fibonacci, which usually reduces the price. The Ichimoku system shows bullish conditions – but the lagging period can lure bulls here. Be careful that the Lagg Span falls under the candlesticks, especially if it falls below 55,260. There is also a bearish divergence between the RSI and the composite index. If bitcoin is rejected here, then the broader correctional wave ABC is likely to end up at 36,935 (161.8% Fibonacci extension). Beware of a quick trip to this area if both the price and the lagging range are traded under Kumo. Speaking of Kumo: there could be strong support for bitcoin here if it moves lower. Senkou Span B has strong support for 52409 and if the lag band moves lower (it can catch bears), we can see that the lag band finds support at 44,000. A very sensitive area here for bitcoin.
Above: Cardano (ADA / USD) Weekly Chart
If you haven’t seen my Cardano video for the weekend, please go watch. I’m discussing the bullish adjustment of the Point & Figure chart, where our profit target is $ 2.40. Given the uptrend of the weekly Ichimoku chart and the Point & Figure chart, it may be a strong uptrend for Cardano – followed by a massive collapse if we assume that Cardano will follow the rest of the market lower. Four weeks of insane upswing would probably mean a quick return to our current realm of values.
Meanwhile, the commercial idea I suggested in my video is the best I have at the moment. Stopping the purchase at 1.60 will confirm the main entry in the Point & Figure chart by performing a bear fake as well as a bull catapult. The combination of these two models is more than enough for Cardano to launch into the 2.40 range.
Above: Ethereum Weekly Chart (ETH / USD)
Ethereum has had some nice runs in the last week, but we have to look for a top soon. The value 3300 – 3400 is a likely stopping point for Ethereum in the near future. Numerous Fibonacci extensions from the weekly swings point to a merging of Fibonacci levels around the 3300 to 3400 range. Also, watch the bearish discrepancy between the RSI and the composite index of the weekly chart – a big warning sign that a bearish move may be inevitable. In addition, next week begins the seventh week of the current phase for Ethereum, and this falls within the 49-day cycle of Gan’s death, providing additional warnings against additional potential for increase. If Ethereum reaches the value range of 3300-3400, I would like to shorten it to about 2200 or look at the value zone of 2200 to make some limited purchase orders.