Daily Report – Bitcoin and Market Update (May 01 2021)
Monthly candle closed as high-wave doji showing the April was quite indecisive for BTCUSD. New highs were achieved although intramonth price action closed way below the highs. The candle itself for that reason brings some low level of bearishness due to showing the weakness over 58.7k. Monthly low at 47k confirms high volatility during the month marking the range lows of the month. The baseline support is at 47.7k while BWAP support is 41.3k. Those two support levels are essential for the monthly chart to hold. As long as these levels are defended by bulls (41.3-47.7k is monthly demand zone), bullish trend is not in danger and showing no reversal signals. Historically, Mays have always been bullish for BTCUSD. High chances we see new highs over 70k this month.
Middaily candle closed as a bullish thrust candle closing over local resistance area (inverse Head & Shoulders’ neckline level). Strong close of the mid-day tapped right into local resistance at short-range volatility band at 58.6k. From the volatility point of view, supply area is between short-range band 58.6k and long-range band 61.3k and the closer to the upper band one opens up a long position, the riskier it becomes. Buy signal confirmation came with yesterday’s daily close and I decided to respect that signal. Price action wise, key resistance is at the bold pre-breaker level at 59.7k which confirms the volatility-based supply. BWAP support combined with short-range bottom band suggest that 49.5-50k is a strong demand zone. Breaker High is 61013 and it needs to be reclaimed (monthly close above) by the bulls to officially continue the uptrend (currently still in low-momentum MTF sideways). Breaker Low 53308 is key level to defend as a support, otherwise downside trend may strengthen towards low 40000s. In case of bullish monthly close over 61013, the next resistances are as follows: 65696, 72754, 84156. BPRO supports are the following: 53308, 42892, 35834, 24432. Also, this is the final call to book your limited seat for the upcoming 14-Day Free Trading Congress which starts exactly in 2 days, on Monday 3rd. If still haven’t claimed, you will lose access to more than 40 premium webinars with most professional traders and thoroughly selected, well-known investors, not to mention free limited membership, subscription discounts, and so much more – all together worth multiple thousands of dollars. Let me repeat, the event is free to celebrate 200k followers milestone of mine. We’re slowly running out of capacity and seats. Register while it lasts for free with the link below.
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