Bitcoin Price analysis

BTC Monthly chart

This is the same charting as two weeks ago and as you can see, BTC has recently touched the 50% fib retracement at about $25,800. If it breaks below, which I won’t be surprised if it does, then it could be heading to $23,000 (ish). If it doesn’t bounce up from $23,000 there are a few opportunities for support.

Alternatively, it could bounce off $25,000 so we’ll have to see if May develops a long wick on that red body and it could still close the month above April’s close of $29,248 or March’s of $28,475. March’s low of $19,559 is good to keep an eye on because if BTC produces a lower low then it is increasingly likely to continue to the downside. However, I’m still of the view that BTC will most likely not go lower than $13k ish. It’s a long way to the $9k that some bears are calling for.

BTC weekly chart from the last newsletter.

On the weekly chart we can see the wick down to the 50% retracement more clearly and you can see the directional tool I used for a potential downturn. If I really pressed myself, I think BTC could touch $19k during the summer months before a more defined move to the upside but I could be totally wrong.

There is still room to the downside on the weekly RSI and volume remains low which means buyers are waiting for lower prices. Any pricing as close to or just under $20k seems like a good dynamic DCA entry point in my opinion, but not financial advice.