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.

[LogitechMouse]

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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.

A bearish engulfing candle has been formed on a weekly candle 2 weeks ago, and right now it seems like that's the one that's prevailing as we've seen in the last 2 weekly candles where Bitcoin's price is going down still.

Currently sitting at around the $75,000 price range, Bitcoin's movement on the short term is bearish, and it isn't surprising knowing that we are in a bear market situation still. Indicate bear market? Like are we not in a bear market ever since? I mean we have been for the whole year, right? My sentiment is bearish for the whole year and whatever bounce that happens along the way is just Bitcoin creating lower highs... or maybe that's also a way for those traders to get trapped by these market movers.

I also saw that double top on the daily chart, but what's in my mind is the bearish engulfing candle that formed on the weekly candle. TBH, it's good to have conversations and threads like this so that those who have an idea on trading or technical analysis will share their idea or opinion here.

[Alpen]

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.

Bitcoin dropped in a four-step staircase pattern early this year. The recovery shaping up for the second half of the year will move within those exact boundaries.

In April, Bitcoin cleared the first step, but in mid-May, an attempted breakout from the sideways consolidation triggered a deep correction. I've highlighted this area on the chart.

The fundamental backdrop here perfectly mirrors what we are seeing today. Just like back then, initial positive headlines about a Middle East ceasefire were completely overshadowed by news of stalled and dragging negotiations.

Bitcoin’s drop from the second-step resistance is also due to the uncertainty surrounding the reopening timeline of the Strait of Hormuz. However, we are currently at the local bottom, right at the tail end of this correction.

Iran has agreed to hand over its uranium—which is the key driver here—and the US is prepared to lift some of the sanctions. This sets the stage for a bullish trend in June, with BTC finally breaking out and securing a foothold above $80K by month-end.

From there, the path will open up toward $90K, the third-step resistance level.

[dwyane36]

From there, the path will open up toward $90K, the third-step resistance level.

Of course, many would like to see a bullish trend return to the market, but it seems to me that the bulls are still too weak for a breakout. So it’s not certain that it will go the way you’ve indicated on the chart. Moreover, the area on the chart that you marked in yellow looks like it’s forming a head-and-shoulders pattern. I think that if the BTC price falls below $75k, this pattern might be confirmed,  and the price could then drop to $70k.

[gabbie2010]

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.

Based in my personal technical analysis the price of bitcoin had formed a low of month of May at $74141 as well as a Turtle- Soup with reference to dialy timeframe therefore price had formed a swing point already and price had broken a Resistance at $75373 to $75793 which turned support looking very closely the price broke highest closing Resistance which had turned Support already of course  the price got rejected already all those zone which is a clear indication of bullish market sentiment in June, for swing traders I think better entries should be rejection of outside Bollinger's band target the next swing point as Take Profit.

[_act_]

Iran has agreed to hand over its uranium—which is the key driver here—and the US is prepared to lift some of the sanctions. This sets the stage for a bullish trend in June, with BTC finally breaking out and securing a foothold above $80K by month-end.

Where did you see this? According to what I have been following, this is not true. United States said that, or Iran should destroy the 400 kg 60% enriched uranium, but Iran said that the enriched uranium is not going to leave Iran and that they are not going to destroy it, but they said they will dilute it under the supervision of International Atomic Energy Agency supervision.

I also do not believe there will be bull run if the war ended. I am not saying the war has ended, but if it ends, any bull run is not caused by the war that ended.

[sergiorus]

May is almost over anyway, it doesn't matter.
I believe the summer is gonna be bullish with geopolitical stability restoring ahead of the midterms.

[michellee]

May just left few days but the price dropped to $75,000 level so we might not see above $78,200 for a while. Don't know what happening next month but that could be more risky so you need to analyze the market before doing something. But bullish will comes soon and no need to worry because we should focus to the future where we can make a big profit from our Bitcoin accumulation. Maybe next month the situation changes into bear market so we should prepares for the bad things.

[Kelward]

May just left few days but the price dropped to $75,000 level so we might not see above $78,200 for a while. Don't know what happening next month but that could be more risky so you need to analyze the market before doing something. But bullish will comes soon and no need to worry because we should focus to the future where we can make a big profit from our Bitcoin accumulation. Maybe next month the situation changes into bear market so we should prepares for the bad things.

Four days to go in this May, and presently price is still sitting at approximately $75k and it is not a bullish sign that we should expect anything around $80k but we will wait and see if it nears it although I doubt that it can happen. The market is quite tricky now and by my estimation you must think that a downturn is expected in the coming month and it just might happen otherwise and an uptrend will be the case.

But what I know is that bear run is not quite over yet so if you're planning to take profit anytime soon you might have to wait a while longer, if you're holding Bitcoin there is really nothing to worry about. It is just a matter of time and we will enter bull run but the puzzle has always been "when" if you don't know then you should hold and wait.

[AakZaki]

-snip-

Iran has agreed to hand over its uranium—which is the key driver here—and the US is prepared to lift some of the sanctions. This sets the stage for a bullish trend in June, with BTC finally breaking out and securing a foothold above $80K by month-end.

From there, the path will open up toward $90K, the third-step resistance level.

Nonsense, did you just associate that news with the trendline you made? I don't think that's how to analyze the market, you should use existing indicators. Instead of installing such a trendline, if you only install such a trendline, there is a high chance of misplacement.

In the end, the price you mentioned will be an expectation that never happens. Manual trendlines are not effective to be used as a price reference, you have to use the automatic indicator first and then use the trendline.

In fact, what I see is no momentum indicator on your chart, which is currently below 50% which indicates a bearish is underway. Then you say the price is going to go towards $90,000, I guess that's just your expectation.

[crwth]

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.

No one really knows what would happen. What we should do is something we can control, and that's going to be dollar-cost averaging in, so we do not care about timing the market and just continuously and religiously buy bitcoin.

Of course, this would be a good approach if you really believe in Bitcoin, but to hedge against that position and take advantage of the down market, you could also buy stablecoins to preserve the value of your money and then buy again.

[Dr.Bitcoin_Strange]

I agree with you OP, price might not even get past $76k because that's where I see a supply zone that will cause the price go bearish again after getting there, I am guessing that price could also be bearish by next month because I see a pattern on the daily candle which seems like head and should, if it gets broken, then we can hope for a bullish movement by June, if not, then it will continue a down trend.