Bitcoin Forum

There's a saying among old school traders that goes 'sell in May and go away' as historically May is a bad month for trading stocks and commodities.  They take this time to be in the side lines and evaluate what their next move is gonna be for the following month of June and beyond.  

As we're not really pros around these parts, it could be food for thought...  Dunno.  :/

It's looking like it's losing a bit of momentum tho.

https://i.imgur.com/QIOOl38.jpg

Why creating similar thread again after we have started one: Month of May. Bitcoin price guess (https://bitcointalk.org/index.php?topic=5450768.msg62175354#msg62175354). Join discussion on the thread instead.

Next time, you do not even need to use search engine, just scroll down the speculation board to know if anyone has posted such a topic before thinking of creating one. Today is the first day of new month, you will see it among the topics that has been created on the first of new month and likely would be at the top of the page one on speculative board.

No offense but it seems that @tokeweed has been creating his own thread every x month and trying to get the sentiments of the members here.

For me I voted for bullish though, although we might have a minor correction in the last 24 hours. And could be trading sideways at the start of this week. Nevertheless, investors now are bullish just like the first 4 months and maybe we can break that $30k price again and then maintain it this May. It's good to see this kind of correction this early so that many can get in and fill their bags. So hopefully, we can reclaim $29k-$30k again.

Yes, May has started as a bad month for Bitcoin, as can already see the price dropping back to the 28,000$'s. But in crypto market we never know if what we are seeing is really what is happening. Whales and speculators gave the tone of pessimism to the market.

That is what they want us to think about the month of May, however, it might be just a trap to deceive investors into selling their holdings, so those same speculators and whales can acquire our coins cheaper and pump BTC again right after.

Liking this new option for "sideways" in these polls for change, especially since we've seen this type of price movement in February and April so far this year!

Anyhow for this month I voted up, as I still see room for a push to further highs, as we still haven't  quite seen a test towards $32K. I'm also basing this on the +40% increase in January, followed by consolidation in February, then +20% in March, followed by consolidation in April, which is a pattern so far. So taking this simplistic trend and considering a continuation of it, then it'd be a +10% in May into $32K.

Of course the market doesn't always continue in the same manner, even if it has done so for 4 months already, but unless there is a significant change in direction in the coming weeks then I still think price has more room to the upside (even if less than February/April months). I also think price may well re-test $25K before reaching $32K, in order to create a bullish wick on Monthly time-frame.

I did make up some sideways selection based on on the poll but now we are just 1 day of this month May but we do have that recent decrease or decline in price as of this moment.
I did make up some research about on the reason on why we are playing around 28k price which supposedly we would be hovering around 30k but well these kind of movements
arent something that monumental in terms of decline or decrease in price. Having this kind of minus  isnt really that shocking anymore which this is really just that an
ordinary day i would say.

Sentiment for this month of May?

Sell in May and Go Away (https://corporatefinanceinstitute.com/resources/capital-markets/sell-in-may-and-go-away/#:~:text=Sell%20in%20May%20and%20Go%20Away%20refers%20to%20a%20well,period%20between%20May%20and%20October.)
This might be having that in correlation?

Well there is a price conversation for May that goes ahead of you posting , yet there is no Poll actually so this thread of yours  is the right thread to speculate .

https://bitcointalk.org/index.php?topic=5450768.0

I voted for sideways because I truly believe that this month and the coming months will keep doing sideways like what most voters believe .

I just vote and pretty much my vote like other member this month either on sideaway or downturn but not so much. @25K level is major resistance on previous cycle and now it seems turn into major support.

and if we like Bitcoin Historical Return data provided by CoinGlass - https://www.coinglass.com/today either sideaway low downturn or mini bull

https://i.ibb.co/tXq7cX6/Screen-Shot-2023-05-02-at-08-37-54.png (https://ibb.co/wsS9Csq)

 Agree with this sentiment. It seem to be the case with such correction that we have to see the bottom first which could be the 25k. The possibility that it could dip below 25k is high as well for it mat retest that support on 20k in the daily chart.

That could be price to buy. DCAing on 25k and them floor on 20k.

First, ask yourself "What is your role in the market?" are you a long-term investor or are you an active trader?
If you are a long-term investor, then the price going down could probably be a chance for you to DCA and accumulate assets since prices are discounted. If you are an active trader, ou really have to scrutinize if you are in a market condition viable to catch market volatility safe enough to manage your funds and execute your trading system.

You see, there are many ways to skin a cat. 'sell in May and go away' could probably true, but how is it working for you?
The key is not to have the best strategy or approach. The key is To have an strategy that works best specifically to you.

^  Nah I'm just here to find out what you guys think in these parts.  There's no right or wrong answer to the poll imho.  We're here to know the current sentiment.  It's not about trying to get the right answer or somewhat 'winning a contest'.

That's why I appreciate dragonvslinux's posts as he just takes what's happening with BTC now and makes educated guesses on what could happen.  It's not about the results, it's about the process and letting the chips fall where they may...  But do have stop losses tho to limit the bleeding if you're trading.

I've heard this one, but as the data shows it's not that May and the following months is necessarily bullish, but more so neutral & sideways for a few months:


I also remembering hearing this theory in 2019 when Bitcoin was at around $5K after a months worth of consolidation, but instead it continued to increase up to $14K by June, so not convinced this theory is that reliable for an asset like Bitcoin, even if relatively reliable for traditional markets. In contrast, the S&P did indeed have a correction followed by consolidation in May 2019 until around October.

I'm not suggesting Bitcoin is going to increase by 150% within the coming months like in 2019, but that this may well be the time Bitcoin decouples (further) from stocks and traditional markets if they are to enter a period of consolidation or correction. This decoupling is what could lead Bitcoin to increase again dramatically as investors who flee from stocks take an interest in Bitcoin instead, similar to 2019.

This chart is interesting, but why should anyone care about it? Does this mean we should follow the same path? Do you think that's what will happen next? Because I doubt it, many traders on Youtube are using the past market structure of Bitcoin to judge the future of Bitcoin movement.

While this Bitcoin movement is similar to that of 2015, I will not wait for this to occur exactly the same way; instead, I will keep buying Bitcoin every week, at whatever price I find it when weekends come around. In the past, I have failed to target the bottom price for Bitcoin, and that is why I have lost. The answer is no one knows what will happen next, so I prefer to keep buying rather than try to determine what might happen and what might not happen.

I think that was strictly on stock trading and that was because April is the ending of first quarter and companies could open sells of shares but with commodities and cryptocurrency, the story is not the same, it is more of unregulated and open free market to exit or enter at any time.


The reason that old school traders then would stay back at this point is because they never understood the DCA but now staying by the side line wouldn't help a pragmatic investor and moreover the risk appetite currently is far from what was in old school traders, they had more fear and less greed. Bitcoin season now in 2023 is not same as in 2015/2017, the pump can happen at any time and the pump has been experienced already this year despite speculation of bear before halving.

The charts are interesting but many times Bitcoin has broken the expectations based
on previous events and months. They are only a guide or something to base our speculations
on, we have to use something!

The last month I speculated on was March and I based it on the fact that it was a "bad" month
because most years March was a Red one and look what it did this year the opposite! this can be
seen on dansus021's chart

I voted for May to be Green but really its anyones guess.

That's also the scenario that I personally wanted to see, I mean I'm not bearish on the market, but it seems that in the first 4 months, the price is going on the upside. We need to take a breather and need to see something for the price to retest some kind of levels. Which means going down to $25k and then those who are waiting for a good price will take that opportunity.

And then the price going on the and reaching $32K. That's some pattern that we have seen before, going down and then climbing up more than the previous high. So let's see this kind of scenario and hopefully the market will react positively in the long run or at this the next 20+ days of this month.

This is not correct, or at least not true at the level of bitcoin.

This is a map of bitcoin monthly return from the year 2013 to the year 2022, which is a good period to guess what will be in the year 2023.


During the 10 months of May, there were 5 negative and 5 positive months, and the maximum correction in the negative was a decrease of 35%, and on the contrary, for the positive months, more than 3 times, an increase of more than 35%.
May is not bad at all.

Yes, I agree with you,

We shouldn't talk about care or not, and we shouldn't think will happen in the next future. but for me, it's just a reference for us to calculate how to take action next. So when I glance at the chart, that looks optimistic to me. It fits perfectly with halving the time that ever happened in the past. That looks suitable and fits when I compare it with 2015 and 2019.

I don't care about charts, if my intuition feel I must entered, I will do that.

Think tomorrow the Fed will signal they will stop raising interest rates after this meeting and so investors will stop being scared and we'll probably see more investors move money into Bitcoin this month if that happens. I expect a decent month, getting solidly over $30k, maybe hitting $33k - $34k at some point this month.

With just a few hours remaining for the FED to announce its next interest rate decision, its gonna be very interesting to watch the whole market react. However, I do think they will raise rates by 25bps today; should be already priced in by the market. So, a dump followed by a larger pump?

I concur with chart options going sideways in May.
Speculation for the April close missed $30k as what happened was the April close cost $29,362.
This sideways movement will continue for some time if prices compare April close to May open prices and the current price is barely a margin.

Amid speculation that the price is moving sideways, there is still optimism that attempts to go above $30k like the April highs will last a little longer.
Traders certainly need to even have prepared strategic planning from now on if an increased trial occurs and is able to last a little longer.

Such corrections tend to create panic among buyers who bought just some points below where it is or where it's going. For the current price, the buyers around $25k might start panicking with a thought in their minds that their investments will lose value if the price drops below the point where they've bought and that can cause selling pressure.

That pressure can make this minor correction a bit of a major one and whales and bears will of course do their best to use the situation for their benefit and push the price further down so that they can get a cheaper price to refill their bags.

Not many theories are reliable because not everything that happened in the past will happen in the future, it may, or maybe it won't so we are just making predictions and guesses here and these are all purely assumptions. Obviously if you want to invest, you would need to do that, because if you do not try to predict, then how are you going to invest.

Every person who ever invested has made some type of prediction and that should be the case here as well, I believe it would be a lot better in the long run. I know that's not going to be easy at all, it will take a while but at the end of the day it is going to be an easy deal, and should be considered as a good profit if you could just buy and hold for example, that's a prediction too, and easy one at that as well.

Even if there are few votes on the poll , I'm surprised to see people actually voting for Bitcoin going up in price during May. May I ask , why ? What is the reason behind this ? Personally I think it's just pure hope and nothing more because Bitcoin is looking very bearish right now and another dropping in price might happening this month.

Bitcoin had several chances in the last 2 months to actually surpass and hold the 30k line but it failed every time to hold the price. This is why I prefer 2024 as the bull run right after halv happens.

It looks like there is a bit of undecided feeling in the market. A lot of people said down, a lot of them said up. When it is like this, usually the downs win because ups can't make it go up by themselves but downs can.

It is easier to make bitcoin go down, you do not need money, the bitcoin is there already, you just have to sell it, but making it go up is higher, because the money is not there to buy that bitcoin, so it doesn't get bought up that easily, it takes time and it requires all of the market to think the same. So if up gets 90% of the votes then it will get up, but if downs get even if like 50% they would make it go down, it will not be that simple and it should not be a good deal. I hope that it will do well in the future, but this month may become more stagnant if this voting is any indicator.

After the Fed continues to raise interest rates by a 0.25%s rate hike, to be higher than 5%, I expect the continuation of testing 26k and 24k as support levels throughout this month, with the absence of any possibility of a green candle that promises us to the levels of 30k.
The pressures in the coming days are at 27K. If they do not hold, we will not see 30K during the current month at least.

As long as Bitcoin will stay above the 200 Weekly Moving Average, I will remain bullish on Bitcoin thus, I expect Bitcoin to surpass the $30,000 at least this month, and stay above it.

Current supports are at the $27,000 level and the $24,000 level which is the 200 Daily Moving Average. I always use the 200 MA, and for sure most traders and TA users as well because that indicators tells the trend of a coin, and in this case it's Bitcoin. Looking at the chart some have posted here, in the last 2 years, the month of May has been very harsh to users as we have seen double digit negative returns.

Well, we've seen Bitcoin going up in the first few days of the month after it going down to as low as $27,000. Anyway, I'm still bullish regardless of what happen unless it goes down below the 200 Daily or Weekly Moving Average then I will change my sentiment.

It seems that whenever some bank collapses Bitcoin seems to rally. Right after the fed meeting, the shares for PACW tanked like 60%. So most likely we will have another collapsed bank this weekend. There were others such as WAL which also tanked.

So there is a good chance we might get half a dozen banks which collapse and Bitcoin will definitely rally due to this news since banks obviously aren’t safe to keep your funds. Will be an interesting month.

Today the market can go up about 2% and has reached $ 29k, of course it makes us even more optimistic that the market will skyrocket soon, if in April we fail to continue to rise hopefully May will be a good start for recovery, if this week it can return to $ 30k so I'm optimistic that by May the price can reach at least $40k.

Looking very bearish right now?  It's really looking like it's holding its recent gains even though there's a lot of bad stuff going on with the economy.  But yeah, I'm with you with the feeling that it could go down at any moment this month.  The question is how low will it go and if BTC claws back the lost ground right away.  I mean the momentum has to slow down at some point and it looks like it is now.

Anyway, hard to know what really happens with BTC and most of the alts.  Some memecoins are doing well tho.  PEPE is almost at 1 billion USD market cap.  And in just a couple of weeks too.  Crazy...   

Indeed. I don't understand the concept of price looking bearish when price is in a bullish structure, even if it is at resistance level. Last month there was bearish potential when price lost $28K accumulation/distribution zone, but then it was reclaimed within a few days that completely nullified any bearish outlook. Now this Month has turned green again with the move back above $29K:

https://s3.tradingview.com/snapshots/m/mL6I2trz.png

I get that price could reverse at any moment despite the bullish consolidation over the past 5/6 weeks, but so far the bears have yet to prove that lower prices are coming. I also thought price might revisit $25K/$26K, even $23K at worst, but clearly the bears have failed to move prices below even $27K over the past two months with instead bulls have been buying prices below $28.5K on this time-frame.

Needless to say, the bulls remain firmly in control of the trend, despite the potential for a correction at any time - that is always the case in any bull or bear trend.

Maybe this is just part of the cycle that we usually see when we're heading to the halving. It's hard to know if some news do really affect it or it's basically the cycle that moves on its own and while it shows some bearish patterns, it won't be long until bitcoin recovers rapidly after that awaited low comes.

That's what these meme coins are for and I guess after this crazy hype that PEPE is building, all of the profits of everyone who's wise enough will put it eventually to Bitcoin as they know that it's the best place to put it before the halving comes.

Bitcoin is approaching $30k this morning, and a break of $30k is almost certain this month. But I still remember the saying "sell in May," so I will be more careful instead of expecting another bull run in bitcoin. I still predict by the end of May, we are still under $30k. May is usually a bad month for the market.

I very much agree on this prediction and I reckon we can certainly also say that much of these memecoin profits will also go to Ethereum, Binance smartchain and the other bluechip tokens, where they will be safer from the big dump of Pepe hehehehehe. This is why I am with team up. Everyone will be in shock on what is going to happen in the cryptospace market in these next months.

This is a meme coin that is hyped because it will be listed on Binance it is hype that is making it even higher overnight I saw a nearly 130% increase and lots of high profits to be made from hoarding this meme coin I see capitalists on Coinmarketcap have touched 1.2M now on the rank 42 CMC with a very strong community of course.If they put profits into Bitcoin then it will be even bigger to get later, soon they will face a halving in less than a year. They have to be wise that bitcoin is one of the places where profits are stored there.

I think there is a thousand percent profit that has been achieved if they place BTC then there will be more value held by BTC as ownership of its portfolio.

Looking to the movement now and the days past at least almost a week not as april?
this is the result  and that is what happens in May now

https://coinmarketcap.com/currencies/bitcoin/

for me it will go down this may , but will recover in June or at least August .

Momentum happens several time this month but never goes back to 30k now and that is the indicator that market will valued again .
How many Meme coins that we have seen who has climbed like this? but eventually drops badly and now stays behind many coins?

be realistic and mature in dealing because losses will be there.

That's not a saying that everyone has to obey, because basically in terms of buying and selling it's really not related to any month. Even though the facts are visible at this time Bitcoin is still declining and is under $30K, but that does not mean that everyone has to sell this month and buy another month. I agree more with buying at certain moments and selling at certain moments because selling is to make a profit after buying at the bottom.

So...  What's going on with BTC this time?  Lol.  I see that the fees have been extremely high which could start a lot of people getting annoyed.  Whales might be picking up on this and they start selling down and wait for a better scenario..?  Dunno.  I guess what I would do if I was a whale would be to open a short postion then sell off my holdings and get the price down.  So I profit in USD from both moves.

Anyway here are the support ranges I'm look at.  27k, 25k then 20k.  After that would be back to 16k or so...  dragonvslinux critique me if I'm wrong.  Thanks.

https://i.imgur.com/jt7fQPg.jpg

What an invitation  :D

$27K is indeed the support of the 6-week long range, there's no denying that. 200 Week MA is at $26K, but also within a big volume gap, so not convinced it would hold as support in a hurry (but possibly on Weekly time-frame). Indeed $25K could be old resistance turned into new support. There isn't a lot of volume to support that theory imo, only the 20 Week MA that admittedly price found strong support from back in March.

I'd say $23K is the under-estimated support zone, as it's where most of the volume is until you get to about $21.5K, as highlighted below. It effectively became the strongest accumulation zone after $20K.

https://s3.tradingview.com/snapshots/u/UIRRjbuC.png

Also note how price previously found support from the 200 Day MA and volume support at $20K. Now the 200 DMA is rising and close to reaching $23K where the next volume support is. The 50 Week MA has also finally flattened out (after 17 months of bear market decline) and is priced at $22K, so I wouldn't rule this out either as a bounce point, for anyone who has waited a year a half before gaining exposure again.

it is an obvious act from whales nowadays ,
this is the highest Fee increase that I ever experience , higher that what we had back in 2017-2018 that the congestion really brings so much increase in fees.
the Mempool is being spam and what would be the true reason behind this?
now that we starts to drop again , falling from 28k+ down to 27 now and slowly falling .

Bitcoin Price CMC (https://coinmarketcap.com/currencies/bitcoin/)
Wondering how much we can expect as the fees are continuously increasing day by day?

More like "sell in May" but for the rest of the last quarter of the year, I am bullish about it. It's only a matter of time. I think we are just making a price correction because what we did last few months is extremely bullish and $30,000 was reached in just a matter of months since the 2023 year started. I am still expecting some cool down on the price this month.

So its also happening in crypto when they say sell in May and go away. There are already several cycles to follow not just the halving that dictates the bull and bear cycle. The global crisis is just the added factor which is also pushing the price down.

This memecoins and ordinals coordinates to pulling the price down as network fees keep rising. If indeed it will take days to months before the network solves itself, we'll just have to see if half of the month will turn the market in green otherwise the saying is real.

I wouldn't expect big price movements this month because of the fee hike, which in principle doesn't have to have a direct relationship: people can exchange Bitcoin for fiat or vice versa all they want but it does slow down people who want to buy Bitcoin and withdraw it to their HW or similar where they hold their private keys. The fees in principle would not matter for those who buy or sell large amounts, but I think that in scenarios like this people stay a little waiting, to see what happens, before making big moves.

Mmm...  I don't think so.  It took a lot of volume to break above 25k and it could take more than the usual volume to break down below.  Dunno.  Could be BTC needs a sell off to 25k before a really strong bounce to break out above 30k just like it did when BTC went down to 20k before going up above 25k.

Anyway I feel like anything that bounces strong from 27k is a scalp long followed by anything that sells down strong from 30k is a scalp short. 

Though within some couple of days now in this month of May, the momentum in Bitcoin is on a steady decrease , which suggest we could likely get a correction soon from where we are right now, and correction is healthy for the overall market and it also means some opportunity coming to us. However I just keep my ears off some of this theories that suggest what may likely occur and have put my focus on my long term target in order not to get distracted along the line, Bitcoin will always do whatever thing it wants to do at the end of the day. I'm still HODLing.

Even if some of the support levels @dragonvslinux mentioned is a possibility, but I wouldn't consider it happening in May and June. I still see positive trend verry potential over May and June if the same pattern is repeated before bitcoin enters the third quarter of this year between July, August and September. So $30k is still likely to be broken during the second quarter now.

Of course it would take a lot of selling volume to see the $25k or $20k support hit, but I hope that won't be the case in May and June. Today bitcoin price started to bounce a bit, but still tends to be volatile despite attempts to test the $29k resistance.

May has disappointed many, but my friend don’t lose hope, as 20 more days are there for this beautiful May. Anything and everything can happen. I am assuming that currently the price is down, only because the high transaction fees. But this will be back to normal very soon as soon as the block explorer settles down a bit, but the price won’t this time look to the fees. So we should grab as many Bitcoins as we can in this comparatively low price. If Bitcoins manages to cross 35k usd in this Month, then June will be really big for many people .

After bitcoin has managed to pass $28.2K, it has now fallen to a price of $27K, I suspect that there are other factors that can cause the price of bitcoin to drop suddenly, but don't panic, in May, usually bitcoin is not very friendly, I will still expect something more positive, but maybe in my prediction in may bitcoin will not move more.

I am not sure that this month bitcoin will pass $35k in my view it is still very difficult to touch that level but at least we have to survive in any situation because what we benefit from is from taking advantage when the price drops then making regular entries.

Most people expected Bitcoin to be in the 35k to 40k range in May But that hasn't happened yet, but in my opinion still since it's the second week of May I'm not getting too desperate yet. If we look at the last few months before the Bitcoin pumping, the first week or the first two weeks the market is in a bit of a down trend. So I won't be disappointed, maybe we can see a new come back by the last week of May although no one can guarantee about how will be the future condition of market.

---

How ever recently I have got this news that , "America's FBI is selling bitcoins seized from Silk Road and other sectors", let's see how its impact is going to fall on the market.

I wouldn't say that it could be a disappointment, still very early, we are just about to enter the 2nd week. And there are factors as we all know that affect the price that is beyond our control. I know, we wanted to see $30k or higher this May because that has been the trend for this year, starting January the price is going on a rise that others say that we are out of the bear market.

But I still believed that we are still inside the bear market so expect the price to still go down anything with or without reasons. Right now the brc-20 or ordinals have a negative impact as the network was clogged because of this and could be the main reason why investors are staying away from bitcoin as of this moment.

After experiencing a few green months in a row we can expect a red one sooner or later. Perhaps May will be the red one, but it feels like this bear market is lasting forever so if we get another green one then i'd certainly be happy. So far, it's not looking too good! but inflation data is better than expected i think we might see some signs of life

I had a good feeling the past weeks for a couple of times and every single time Bitcoin stopped at some tipping points where I thought this could be it. But instead it is going back and forth, but in a weird pattern sometimes. Quick big pushes followed by quick big sell offs. I am often instantly trying to search for reasons for either movement, but all too often there is nothing to be found. I wonder if these are some games being played by the big guys? I am certainly not one of them so I can't know. :P

Like in the last 15 hours or something, those buys and sells don't make sense to me. You can't even draw a line that returns some trend. I think over the shot-term for the rest of May we are going to see more of a sideways movement. I'd prefer it goes up, but rather expect less and receive more. :)

Whether this month will be a green or a red on the charts, we will know after about 25 days are passed and we are not even halfway yet, so anything can happen. Though the price doesn't look very strong, it is still holding the current position, and if it continues to hold on much longer, we might see some upside movement pretty soon.

But if it goes the other way around and dips even more, that dip will take the price below $25k with the support of panic sellers who are already starting to get worried as the price hasn't been moving at all for several days by now.

Yeah, but we can speculate whether the price will go up or not and that is the main purpose of this thread. I mean everyone here, average joe like the majority or those whales can make their own prediction on this month and then make the necessary adjustments.

$25k will be the next support level no doubt about it. But as we can see, the price seems to be moving towards the $27k, yesterday it was like $27,500 but in the last 24 hours it goes down again. So most likely this might be case for this month, sideways and worst case is that it will go down to $25k.

If ever it would be touching up that $25k then it would definitely making some DCA on this point on which it wont really be that bad if ever there would really be some price pullbacks or corrections. Actually this month of

May does have some notable situations or events like on the recent network clogged because of that ordinal thing https://decrypt.co/139036/developer-inserts-bug-bitcoin-ordinals-how-bad-is
Dont know on how this would really be that i connection about on the current price decrease but i do heard off some words in correlating this stuff on the recent drop
but honestly i dont really see out some connections into it.

Sentiments of this May, then im always be having that kind of that guy or person whose really that easily make out some adjustments or something that talks about versatility.
Im always prepared on what would be the numbers because this is how this market reacts or behaves whether there are some notable events or doesnt really
have any at all.

Well, as we enter the month of May, the price of Bitcoin isn't moving forward but just a drop. Thinking about the situation last month April, I could say that this month of May is not really looking good but of course, it was not the possible worse month as well. The situation would never change, there is an up and down on the its price but if the huge fees continue, this would really a have huge impact in the market as well as urging small investors/traders not to move their BTC and hold them.
However, as I post my opinion, I remain positive about the price of Bitcoin. Currently traded at $27,013 and the line is declining, it is possible we drop to $25k before it rises back.

There’s a sign of life especially to those who are waiting for this cheaper moment, another great opportunity to grab more Bitcoin. I think the market will go for a correction for now and this might last until the end of 2nd quarter. We do not enter the real bull market trend yet, but at least we saw a great pump already, now its waiting time again for the price to pump, there’s still chance that it can happen this year.

Even when we thought that we have escaped the bear market, here we are going to $25k. Mehn! But deep inside me, I will like the price to touch 20k again so that I can make a big purchase and wait for the bull run.
Could it be this congested mempool that is dragging the market downwards. If so, the market will reverse upwards if the mempool is decongested.

I think I also see the same as you said, the movement only increased for a moment and went back down but the price was still in the same situation. the increasing trend at the beginning of the year was just a mere surprise and it doesn't look like it will continue to move better, prices in May might be in the price range of $ 25K-30K. but I estimate that if the world economy has not improved, it is certain that bitcoin will not move beyond $ 30K and will continue to be below it, it is possible that early next year there will be changes that lead to gradual improvement.

Shifts in market sentiment are always changing. If we look at the Time frame 1 hour ago Bitcoin bounced back after the $25,811 axis with very low volume. Now back to the Support/Resistance Block However, if the bulls manage to close BTC above the SR block around $27,663 Traders and investors will cancel shorts and trigger Longs triggering a spike in deals. My Opinion for BTC Sentiment Poll for May for is Up.

I was also hoping for that and hoping for bitcoin to come back below 25k to be able to make purchases and for a long term bull run, but in reality the price of bitcoin bounced back to 27k. So I still buy a fixed amount of DCA at a certain pre-planned time if the bitcoin price drops below 25k I will increase my purchase.
Of course the mempool affects the market as it increases transactions and also makes transaction fees high, and it looks like the bitcoin price is slowly returning to 28k+ by the end of May.

I think the market is going to get more wild this month or in other words we can see bigger size sideways market in the coming weeks. On one hand we have the manipulators and the attackers that are directly and indirectly creating chaos in the market. On the other hand we still have the money coming in and buying bitcoin cheap getting ready for the future rallies.
Then on top of all that we have the global economy that is in a chaotic state with the inflation still high and the recession growing at the same time. As I've said many times before, as much as inflation is good for bitcoin price, recession is bad for it.

Yeah, as much as we hate those who try to manipulate or making the state more chaotic with those spam attacks, the best thing to do is just see what the market will offer to us. Right now the fees has settled down and for sure this might be the "new norm", no more 1 sat/vB unless the devs will find a way to keep this whole ordinals inscriptions on top of the bitcoin blockchain.

So let's see, as much as I wanted to be bullish, the market might react negatively and just stay their grounds around $27'ish for this month.

Apart from all that, we have China, which will allow cryptocurrency (again) in June. This could attract new investment into the market and we could see a new rally. I remember when the crypto ban in China had a negative impact on the price. Hopefully now there will be a positive. If that happens, growth could start as early as the end of May.

I think it could happen again with some new developments, every new problem comes with a new solution eventually, doesn't mean problem will be solved from the first moment but it is not going to be impossible to solve it neither, we are going to end up with a solution "eventually" and that means we are going to get it back down there. I know that it is not cheap right now and there is no solutions right now but we are going to slowly grow bigger and figure out how we could make this work.

ETH hasn't found a solution to that for many years now, they keep going up and up, so we know it is not an easy solution, it hasn't been found yet, and we need to be patient about it and just try to hope for the best. Maybe it will be found in a year, maybe 5 years, maybe tomorrow, but there is nothing we can do but hope until it is found.

That would be June already and maybe it's time to be back and start investing again.
But it's still uncertain because the debt ceiling crisis may just not result good for crypto and the stock market.  June month may just have a wilder swing in prices overnight.

China coming in to give their citizen a chance to grab some cryptocurrency investment could be a catalyst but we'll not find out instantaneously.

I missed it, would you happen to have a link for this info? I don't see any recent news that China will allow the reuse of cryptocurrencies. One of the recent reports about China that I know of is that they are still the 2nd largest bitcoin mining center in the world after the US despite the government ban. But there hasn't been any announcement that the Chinese government will accept cryptocurrencies in June, as you said.

You're right about China, I think the user was mistaken for Hong Kong here that will allowing trading of cryptocurrencies again:
https://www.coindesk.com/policy/2023/02/17/no-hong-kong-wont-be-allowing-retail-traders-access-to-crypto-on-june-1/

As for China they are apparently developing their own crypto-Yuan, so I don't think it will be too long before it's legalized. Maybe the Hong Kong experiment will encourage China to allow Bitcoin trading again, especially with the interest from Chinese banks and institutions who want to profit from Hong Kong's market.

As for whether it will have much of an impact on price, I doubt it, because there still won't be retail trading allowed in Hong Kong, let alone China.

Long bottom wicks during May 12, 17 and 18 could be telling us that some whales are trying to protect the 26k - 27k range.  We can't really be sure if they could but if they do, it could bring more bullishness back to the market and force the shorts to be flushed out and close out their trades causing even more positive price action.

The question is how long could 26k - 27k be held?  Pretty sure there are whales who are also taking the other side of the trade.

Whales could keep the market moving more positively for the rest of May, but I think retail traders are reacting too much to panic selling. In my opinion, the increasingly popular scalping strategy seems to have become problem in itself against possibly stay above $27k for May. The price is moving sideways and may tend to drop to another low due to the trader panic.

Whales will take any resulting dip due to panic traders without wanting to show any major moves in price. This is an opportunity for them on the accumulation plan, but anyway I hope the $27k will stick around for the rest of May this year.

To me last week and this week looks like the attempt to defend the 200 Week MA. It did act as resistance for a couple of weeks in February so makes sense it acts as support for a couple of weeks now we are re-testing, even if it won't hold. Although $27K might seem like a "expensive" for some, as it's nearer the top of the range from the $15K to $31K move, it still remains roughly a 4-year average price. So while short-term traders are probably still taking profits or even shorting the market, those who have stayed away for the past 1-2 years should still feel comfortable re-entering around these levels. Hence the balance I think.

https://s3.tradingview.com/snapshots/n/nRUBd6J3.png


I think it'll hold for the rest of the week as we continue to see buying support below $27K, but next week we'll likely see whether the 200 WMA will hold for a third consecutive week (as a strong pattern) or whether it's time for a deeper pull-back towards $25K that many are still waiting for. Bare in mind price only corrected around -16% which isn't much, so a -20-25% correction (that is more natural) is roughly between $23K and $25K. The former has lots of volume support and is close to the 200 Day MA while the latter was strong resistance that could well turn into new support, more likely than $26K/$27K area at least.

For those of you guys who joined Sinbad's BTC price prediction contest...  Just dropping by to tell you guys that it's the last day to make your second prediction.  I've missed doing the second one for a couple of months now.  Lol.  So yeah, don't be like me. It's basically +EV, won't hurt to join.  

SINBAD.IO Mixer May Bitcoin Price Prediction
https://bitcointalk.org/index.php?topic=5451298.0

Anyway, gonna lock the poll, just 24 votes.  Hopefully more of you guys get in next month.

And I feel like it's sideways til the end of the month but since LSD's started getting bought up again, I think it's gonna lead the way for BTC like it did at the last run during the start of the year.  

$27k might seem expensive for some, especially for those who were carried away by the bull market and eventually caught up by the bear market. Anyone who entered the market in 2021 at price above $40 is still not seeing an entrance point by now. While I would advice them to proceed with DCA. Those who exited the market and missed the $15k range because of skepticism, really has a fair price to rejoin the market.

-20 to -25% correction happens when the market is retracting to make Ia reasonable pull. There seems to be a kind of consolidation between 26 and 27k range and this might continue in this range till the month of May is over

Sure, those who bought >$30K may well be staying away from current prices, but this has zero effect on the market. Ie a potential buyer not buying doesn't mean price will decline. The only reason for price decline is obviously those selling (taking profits most likely) or otherwise shorting the market (likely again for short-term gains). Lack of buyers is a reason to go sideways at best, but never downwards, as that's selling pressure.

There is otherwise enough data (https://www.lookintobitcoin.com/charts/hodl-waves/) to confirm that those who bought in the past 1-2 years, so between May 2021 and 2022 (notably >$30K) have been consistently selling, as participants that were previously 20% of the market and are now 13%. Whereas in contrast in the same time period 2-3 year holders have increased from around 6% go 14% in the past year, naturally made up by the other half of 1-2 year holders that didn't sell.

^  It's not just about those selling the market down as there really are whales who run everybody's stops as a trading strategy.  Some even are the exchanges' market makers themselves that do it.  It's not that their manipulating the market per se but they need to take the market where most likely there's more action and liquidity.  Kinda like how sports betting sites set the odds.  They take it where they think there's likely more action.

But yeah...  It's looking like the market needs to go down before it could go up if that makes any sense.  Not a lot of people are willing to buy at the current range.

We are yet to see panic sellers start, these are just normal trading activities and aren't panic sellers reacting to the market sentiments that whales might be trying to create. I don't think that whales would in any way try and hold the price at one position, their motive should probably be to drag the price down so that they can accumulate more at a lower price.

If the price stays within the range of $26k-27k for the whole month, we will probably see some upward movement right at the beginning of the next month, but if it drops below this range, we will be seeing it going down to $23k-22k at least.

While I agree with this theory, I also think this will get confirmed on a Weekly time-frame prior to the Monthly. The 200 Week MA is around $26.1K which was tested last week and this week price is struggling to find support (bounce back to the upside) from this level. So if next week this MA is re-tested and fails to act as support, price can slide further to the downside before the month comes to a close.

I'm not particularly concerned as there is a lot of accumulation volume around $23K, and potentially even $25K will act as support, given it was previous resistance for many months. But to me the idea of $27K holding as support (like it has for the past 2 months) looks increasingly unlikely as price is struggling to maintain above this level. Only a strong rebound next week can turn the situation around quickly imo.

Sideways would be the best answer on any month 'coz the market price alone is volatile. But dominantly, the market price of Bitcoin perhaps is lower than the market value last month of February and that is because of the correction happened around $32k. I think as long as the market price of major tokens are not down by 30%, things would be fine and prices are subject to go up again few weeks or months in time.Touching the support will already create a tendency for a reversal. What we've witneesed this year is total market manipulation by huge investors; having huge pumps and dumps without any strong reason. And with that, ofcourse they won't simply let the price slide too low not unless something of a big news would happen that will negatively affect the demand towards this industry.

The debt ceiling will be raised, everything that is being speculated about this not being raised is only fud. However, if Jim Cramer whispers that he is quite certain that it will be raised, I think we should dump everything hehehehhe.

On China, I very much agree. There will be Chinese crypto projects that will be whitelisted by their government to fulfill the country's blockchain ambitions. President Xi said in a speech that he wants China to be the leader in information technology including blockchain by 2030. It has also been mentioned before that much of the most profitable trades for the next bull market might be the projects that will be created by Chinese developers. These projects will not be very known unless you are active in Chinese crypto community channels in Wechat and Weibo.

I am not surprised that the price at this point in the month is in line with the poll, which was slightly bullish but trending sideways. It looks like we are in a dull phase and will remain so for a while, but as we get closer to the halving the price will tend to go up to come the best after the halving. In the meantime, let's wait and see.

the saying seems not to stand this year? because leaving may for me is a suicide since the halving is near to come and watching the market closely is what w need now.
imagine leaving your folio in dark while holding when there are many ways to purchase more now and to earn bigger in the next year.

We Are week before May month ends but still  the value of bitcoin stays on how much it started after April so meaning that the sentiment of everyone either to go pump or low this month comes to nothing because it looks like we will stay this all 2023 and maybe some big changes to come before the end of the year or the start of at least new year, because halving is coming and yes this is game changer .

You sincerely did not participate in the poll, if you did you will understand that the sentiment of the majority is what happened in this month of May. You may try to visit the first page and check the result of the poll and you will understand that majority voted that BTC will move sideways which is just what happens.
There might not be major bull again till halving unless there is a powerful fundamentals to move the market in either directions.

That's more of a debt crisis than a debt ceiling crisis because they have and will increase the ceiling and continue increasing the national debt. Part of the crisis is the rate at which it is increasing which is scary. It surpassed $30 trillion in February 2022, in just one year (that's 3 months ago) it had grown by $1.5 trillion. From February to today it grew by another $300 billion and counting!

At times like this one should appreciate bitcoin with its capped supply... ;)

What evidence do you have of this market manipulation? I've seen little to no market manipulation this year, at least not on longer-term time-frames (ignoring short-term wicks), can enlighten me?

The big moves we can see this year can all be very easily explained by normal market behaviour, a few examples:

* Breaking above $18K leads to a quick re-test of $20K, as the breakout target is around 10% to the upside, as confirmation that bears unable to push prices lower
* Breaking above $20K leads to trend reversal (above 200 Day MA for first time since 2021), therefore momentum increases until price reaches $25K resistance
* Price corrects from $25K to $20K to the 0.382 fib retracement level from recent rally, back to the 200 Day MA to re-test it as support, the most predictable outcome
* Price rebounds strong from support as the bull trend is further confirmed, breaking through $25K (after third test of resistance) and reaches $30K resistance level.
* Price consolidates above previous resistance of $25K and below current resistance of $30K. Volatility remains low, indicating lack of manipulation.

That's just a few examples. The type of price movement is expected in the Bitcoin market after consolidation in a range for 6-9 months.


If there is to be market manipulation, it will be pushing prices lower, not higher, in order for whales to re-accumulate at lower levels. Right now the expected support is from previous resistance around $25K, or the accumulation zone of $23K, so the "manipulation" would need to be a push much lower that what is likely, such as sub $20K. Everything else is just normal price corrections within an uptrend.

Yes - but of course things can change so quickly. Historically there shouldn't be much bullishness during June - December, but a recovery in bitcoin price can be expected. May has been a month that has basically proved the sideways sentiment right – but some minor moves can also be expected to test the $28k resistance.

I expect $29k to be broken before May ends or at least a green candle can be created for 1 month TF. It's a small chance, but bitcoin should be able to do something even if the predictions go in a different direction.

They clearly do not care about the country's debt hehehe. There are also some Democrats who propose that Biden should exercise his authority from the 14th amendment which arguably might allow the president to cancel the debt ceiling for good heheheee. However, I reckon the Democrats might only be using it as posturing tactic to pressure Kevin McCarthy and the Republicans to agree on a deal.

Historically, the halving has been a game changer, but if I remember correctly, the bull season will only come a while after the halving, the bulls will only come a year later. If things repeat, we won't have the positive movement many are expecting with the halving. I remember, when bitcoin recovered from $3k to $12k in 2019, and before the halving, bitcoin also dropped to $4k again. If history were to repeat itself, more people would be disappointed than excited about having to wait another year.

Price has been trending side ways and slightly down.  Monthly chart shows BTC is down by a tad over 8% so far for May.  It's not that bad but I'm starting to see some guys becoming a little bit bearish as they're expecting more chop if 26.5k doesn't hold.  I guess it could be seen as a good thing...  At least for me it is, as it could be that time in the market when BTC needs to drop down befor it could go up.  Dunno...  But from the looks of it, there's just not enough buyers at the current range.

If it was really investors who were manipulating the market all this time, then the manipulators have probably achieved what they wanted because the market has been pretty stable for quite some time now, I don't even have a count for the days since the price of Bitcoin has been within the range of $26k and $28k and it is still right there.

Market makers will need to show us some movement either positive or negative because this is getting too boring now. We should either see a further drop so that we can buy more or it should start going up so that panic sellers get some hope.

Market manipulation is made possible mainly by whale who have large sums of money. They will not announce profits for any reason even if they have made big or small profits, but manipulation does exist.

In fact, the bitcoin market is still very mobile, whether it's a matter of bullish or dump prices. It's easy for people to panic when lots of bitcoins are transferred to exchanges, while FOMO also often rushes traders when large amounts of USDT or stable coins are known to hit exchanges. These two things are part of the manipulation of big investors or whales, so I think manipulation is always possible regardless of whether they are successful or not.

The sideway can still be expected for the rest of May, but may remain the same through June if there is no change in trend.

Yea, some minor moves can also be expected but it will be within the 26k and 27k window. I do not see bitcoin exceed 28k this month. However, from the first week of next month, bitcoin will make a push above the 28k resistance. The consolidation is much and it has to release it's first upper shoulder leg. That will give profit to people who bought within this side movement times. Then, the small green movement will not last long and correct again to the 25k to 27k range.

May is almost at it final lap and just few days before we enterr into June which has always been a month of high resistancefor bitcoin and market attribute that has always accompanied June is the high resistance of its price to breakout, just as we have seen how many times Bitcoin tried to break some benchmark without a breakthrough, we saw how bitcoin struggled to retain the 39m benchmark which didn't happen and also how the price couldn't hold up at 28-29k.
So June will not be that much different and there is the possibility that more downtrends could occur, but the uptrend bitcoin market may face some resistance.

Also, this preoccupation over the capped supply like this is the solution for a country's economic problem might be a mistake. It might also be naive because it is difficult to create and maintain a growing economy without increasing the money supply in occurrences where the economy is expanding.

In any case, I reckon limited supply is good if the objective is to make a store of value, however, it would be difficult for something like this to become the foundation of a monetary system.

Well looks like May will end in the red as is currently at -8.5% with 5 days to go. Notably it will be the first red month this year after 4 months of upside, so hardly surprising to see a correction. I don't find it particularly bearish as it's less than -10%, instead of -20% or -30% that is always a possibility in Bitcoin for a monthly candle. Price does remains above the 50 Month MA however that continues to rise in bullish fashion.

^  Yup.  It has to go down at some point...  And it's a good thing.  There's a lot more money in the sidelines waiting to go in but hasn't had the right conditions to dive in yet.

Like what I said in a post prior, could go down around 24k - 25k, even deviate lower to 23k, before break out above 31k.

Something like this.  Forgive my squiggly line, I suck at this...  Lol.

https://i.postimg.cc/mDRQQ0R9/B4-B134-FB-CD6-C-4922-8917-52508802-FC00.jpg

Yes, it's after the halving, maybe it will take weeks or months, but per history tells us that it will definitely going to happen. The price did go down to $3k that time in March due to covid-19 and then the halving occur in May, then after that the price goes up on a parabolic rise.

So there could be factors that time that might have affected the price going down hard before the halving. And we don't know if we will have that parameters soon, maybe another black swan event? We don't know.

This May really didn't turn out as badly as many expected. 8% is not much for bitcoin, considering that sometimes such fluctuations happen in one day. However, summer is usually not the best time for cryptocurrencies, so it is likely that this correction could continue for a few more months. But I don't think we are in for another bear season.

How to forget that drop, before the drop caused by the pandemic the price was doing fine and then out of nowhere it dropped like a rock, and who knows maybe we could face another big event which could make the price of bitcoin to go down, however one of the things the pandemic proved is that even if the price of bitcoin went down it was only temporary, as the price went up again as if nothing was happening and the previous all time high was surpassed with ease.

It really depends on how many bitcoins you have. You would lose $2400 for -8% if you had 1 bitcoin you bought for $30k. The higher your purchase price, the more you lose. This must have had an impact on the psychology of holders because automatically such a downturn has made the value of the bitcoins in their portfolio go down. Of course not everyone will think that way, but it is thought by most people who are easily affected by volatility.

The percentage decline will not always be taken for granted by traders especially if they are not able to fully consider market volatility. Traders panic and will even sell when they lose, so of course the size of the percentage decrease will be considered differently from one trader to another.

We were a bit closer to 29k back when the month started, but looking at how we moved from lowers to highs and back to lows again during April, I am guessing that it may happen again, I know we have only few days left but lets see what happens during the weekdays. Its at around 27k right now, a bit lower, and I am guessing that 28k is not as out of reach as people think. We may reach those levels and we may do better. I hope that we do, its going to be very crucial for us to see it grow as much as possible, it will definitely help us a ton. I know a lot of people will be considering this as a way to make some money so buying at this time and selling when it goes up would be a good idea and should be fine in the end.

And as far as I know, a lot of investors still haven't accumulated a lot of bitcoin because they are waiting for the market to drop before the halving. They still believe that history will repeat itself, and there will still be another big dumping to give them a last chance to shop. It is difficult to know what will happen in the future, but those still waiting clearly have a reason and are betting big on their vision.

According to my opinion, I also believe that this year bitcoin can still recover to 40k-50k, but then there will be another drop to 20k. I have the same thoughts as many of those investors.

Well , days before the end of month seems the movement is changing and yes it is uptrend now .
breaking 28k again and now positioning at 27-28k is a best act the whole month of May and if this continue to hold then June might be a positive month for this 2023 cycle.
as we have been looking for the good kick in 2024 so this changes must happen for best result .

This would certainly be the optimistic scenario if $26K / 200 WMA doesn't hold as support that price recently bounced from. I'm still more of a believer of $23K acting as support (which is where I have buy orders), simply because there is very little volume around $25K compared to the accumulation that occurred at $23K. Also the theory that if price makes a new low it will more more than $1K from recent low.

That said, price is currently attempting to reclaim the 200 MA on the 4hr that has been flattening out in recent days. It failed to reclaim this MA last month but potentially it will have more chance after a month more of consolidation, as well as a notable bounce from the 200 WMA last week. While price to me remains relatively neutral on shorter-term time-frames, the Monthly candle is currently looking a bit more bullish a wick to the downside that is longer than the candle body of only -5%. While this could well still signal further selling next month, it otherwise is so far confirming that there are buyers at these lower levels.

May will end in about 36 hours, and I think the May price condition will be no different from April, the expectation that the price will skyrocket after March turned out to be wrong, the market continues to decline because many people are taking profits, this is because they buy when the price is cheap under $20k, so by selling at $28k they are making over 30% profit.

I thought its back on trach last week but it doesn't instead it continues to maintain 27k price value things that for me is much better that continuing to fall like what happened recently when the value falls down to 15k.
it is 17 hours from now and yes still the price keeps resisting to break 30k

https://coinmarketcap.com/currencies/bitcoin/

maybe this is the faith for may and we can see another changes in June as 2nd quarter will end then .

About 6 more hours of may end and i don't think bitcoin price will be any more shocks, maybe price will close at $27k level, as investors we have to get used to think positive and i think when price is cheap like now it's a good opportunity to buy again .

I don't think this applies to cryptocurrencies like Bitcoin though. At the moment, Bitcoin seems to be losing momentum a bit especially at the end of the month like this month, Price action contains all the impact news, events & hype etc. Although Bitcoin (BTC) search volume data on Google by users has reached its highest level in the last 13 months. Source https://www.theblock.co/data/alternative-crypto-metrics/web-traffic.

We'll just see if the candle closes in May, it will be red or green, if it closes in red then we most likely see June as bearish,
but if the candle closes in green then I'm sure June will be bullish. Hopefully bitcoin will recover in the next few hours.

I expect the summer to be good for cryptocurrencies, as it was in 2017 or 2020. Hopefully it will be a cycle if similar history repeats itself in 2023. I see no bad reason for bitcoin to start falling again. I call this May a correction after a not bad rise. Bitcoin doubled in the first quarter. It is not a bad result, but there is no growth without a correction. By the way, May is not a negative one. It was just a sideways movement this month.

Removing all indicators and leaving just the price, from optics alone BTC daily chart looks like it's losing momentum.  The weekly chart looks fine and looks like it's accumulating.  But then again there's a fine line between accumulation and distribution.  But as I wanna be bullish, let's just assume it's accumulation for now.  ;D  As for the monthly chart dunno...  It kinda looks worse than the weekly but if ever it drops another month, let's hope 24k - 25k holds.  Would hate to see it flip and go further down to a lower range.

Anyway new thread coming...  No poll in mind yet, I need new ideas for a fun poll.  Please drop your suggestions.  Thanks.  :)

Daily chart has lost it's momentum, there's no denying that. The volume has also been steadily decreasing since January which is a long-time now. There's lots of chatter about price moving up quickly from next month due to the China news, but not sure how relevant this will actually be. If anything, it'll be an opportunity for some whales to try and manipulate the market - hopefully to the upside for a change. That said, I would have expected price to already be rebounding strong if this were the case based on "buy the rumour, sell the news", as opposed to increasing once new market participants potentially appear.

A lot of people will otherwise get very worried about re-testing the lows or making new lows if $25K doesn't hold as support. I think it's this sort of fear that's needed in the market right now for price to move higher. There has been too much bullish sentiment for too many months now. We need a bear trap to the downside like in March to $20K imo in order to rebound strong. There are many waiting on the sidelines for this type of fear in the market before re-entering long positions. No doubt there will be accumulation all the way down to $25K if it get's there, but otherwise more conservative investors will be waiting for $22K/$23K imo. The former being around a 1 year average price (basically the average since the initial capitulation last year), the later as I said is a strong accumulation zone which is where I see support right now.

One issue I see is that since breaking through $25K it was never re-tested as support. Now two months have passed I'm not convinced it's an area that will find many buyers.


Maybe something to do with the China news. But otherwise the up/down/sideways is generally a good generic poll.