Bitcoin may not go up more than $78000 in May again

[Oshosondy]

There are 5 days left in May, bitcoin got to $78090 not long ago before falling back to $76500 which is the price presently. Did you check the daily candles? I used BB for it. Did you see double top? The first was on 21st and the second was today.

I do not know what will happen in the month of June, but this has shown us that bitcoin may not rise again this month above $78200.

Why did I post this on this thread? Swing traders and other traders should be able to answer that. I hope the month of June will not be bearish, but triple top in another month could indicate bear market.

[Franctoshi]

There are 5 days left in May, bitcoin got to $78090 not long ago before falling back to $76500 which is the price presently. Did you check the daily candles? I used BB for it. Did you see double top? The first was on 21st and the second was today.

I do not know what will happen in the month of June, but this has shown us that bitcoin may not rise again this month above $78200.

Why did I post this on this thread? Swing traders and other traders should be able to answer that. I hope the month of June will not be bearish, but triple top in another month could indicate bear market.

Technically, If we close today's candle on red, then the chances that we won't go above $78k this month will be on the high side, if not certain, and this is signaling that $78k has stand and still remains a very strong level of resistance for the bull to break, and we could see Bitcoin drop further to $64k and lower in the month of June. However, sometimes Psychology and low liquidity can fake people out and we see a continuation trend in the month of June but that means that the bulls will need to reclaim that level of $78k with force.

[Ndabagi01]

With the opening candle of the new month of May and how far the market has trend from then till now, one can see that the market started on a bullish trend but after a very strong rejection in the $80K level, we may be seeing the price ending below $80K as speculated not to be the case, but the market ending on an higher price above $80K. Five more days before the end of the month, and it’s not looking like a market that will see achieve $80K. The closing price will although show some signs to be a price a bit higher than the opening price of the month, this I feel will be a rather good outcome instead of a price below the opening price of the month.

[Zaguru12]

I do not know what will happen in the month of June, but this has shown us that bitcoin may not rise again this month above $78200.

Why did I post this on this thread? Swing traders and other traders should be able to answer that. I hope the month of June will not be bearish, but triple top in another month could indicate bear market.

I also agree that the top of this month of May is already confirmed to be $82k and that right now the resistance is at $78k with the market definitely not looking like they will actually be breaking this height again I think the right question will be what will be the bottom of this month. This month has actually been bearish in totally but more of a consolidation between $80k and $76k region and to a greater extent it’s not actually surprising after the recent past bullish sentiment.

I think with the current market conditions the $75k support which has been a primary support throughout last month will definitely be tested this month I think if the $75k doesn’t holds this month then it will be setting next month up for a bearish sentiment

[masulum]

Seeing today bitcoin fail to break resistance area 77K, BTC now plunge to 75K this maybe a sign that there is chance BTC bearish. If we shorten it until end of May, there is possibility BTC will close in 71K-74K area, because from EMA indicator, current price already below EMA 50 and EMA 100, and have potential to close in that position. So possibility in the next 5 days, BTC is quite hard to go to 78K except there is market action and fundamental that change the trend direction.

[Jaweria parveen]

If we look at the performance of this entire month, Bitcoin had made a price above this price and if we talk about these days, we find some difficulties in it. Bitcoin has been decreasing since it came below $82,000, but the good thing about it is that the way it decreases is slow and it comes up at a faster pace. At this time, the price is still going down and if it gets any positive news, we will see an increase in the price. Still, the price of Bitcoin will take time to go up now and it may take the whole month of June, so we have to wait.