Bitcoin Technical Analysis: BTC Falls While Stocks Rally Again (May 2020)

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Bitcoin Technical Analysis: BTC Falls While Stocks Rally Again (May 2020)

Bitcoin crashed below a key support yesterday but there was no follow through. So, the price ended up climbing back above the support and flipped bullish. Even though it is now showing signs of strength, there is a good chance that it is all temporary and we might be headed lower after a near term retest of the trend line support turned resistance. In the most optimistic scenario, we could expect a rally towards $9.5k now that the S&P 500 (SPX) has also started the day in green and has shot past the psychological resistance of 3,000.

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  1. BTC will bounce back a little bit — may be 9300-…but after will fall…..definately…the question is how far …about from 6200….could turn back..or will visit lower – levels….. (btw there is still a gap around 3570 on the BTC-CME chart) I beleive the bull-ran could start from lower levels, now the bulls are blooded away….. Patiente…. :/

  2. The more BTC keeps retesting that resistance trend, and gets rejected, the stronger the bears get.

    BTC just doesn't have enough thrust to penetrate that wall… and then, gravity will win again.

  3. Irrelevant to the price in the short term, but a few thoughts on the Craig Wright article and the message sent from those addresses.
    1: I mentioned it last time when the 40 Bitcoins were sent, but I am now even more sure someone wanted to expose Craig.
    2: To me, the most interesting part is knowing that these Bitcoins are not lost, as many suspected. Which means, at some point, they will be distributed.
    3: How can such a large amount be distributed. There is no exchange who would be able to take it on. At least, I can't see how.
    Craig is very intelligent for sure, and most pathological liars are, but in the end, I don't consider him a threat.
    Anyway. Back to business. I think we are gonna go down rather sooner than later. I am still holding on to my cash, until June or July I am guessing right now. Hard to tell.
    As always, thank you for your insight.

  4. Jefe was one of the first channels to predict the dump we've been having. One of the few Youtubers to go against the grain. Bold and accurate so far.

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