BTC May 7, 2024: Consolidating Right Below MA-50
In a previous post on May 1, when
BTCUSD
made a new low, I expected 2 scenarios: A fake breakdown and further decline.
It happened to be the first scenario.
Now after running up straight from a fake breakdown,
BTCUSD
is forming a consolidation zone right here below its MA-50, between $62,800 and $64,500.
A breakout above this area would provide a buy point.
How about a breakdown?
I will stay flat in that case and wait for another bull pattern because I am not planning to short
BTCUSD
, at least for now.
BTCUSD
made a new low, I expected 2 scenarios: A fake breakdown and further decline. It happened to be the first scenario.
Now after running up straight from a fake breakdown,
BTCUSD
is forming a consolidation zone right here below its MA-50, between $62,800 and $64,500. A breakout above this area would provide a buy point.
How about a breakdown?
I will stay flat in that case and wait for another bull pattern because I am not planning to short
BTCUSD
, at least for now.
Trade active:
Follow-through well after breaking out.
