BTC analysis for May 04,.2021 – Completion of the ABC upside correction and potential re-test of $57.800

Further Development

Analyzing the current trading chart of BTC, I found that sellers are in control and that there is still space for more downside and test of lower reference points.

My advice is to watch for selling opportunities on the rallies using the intraday charts.

I found completion of the ABC upside correction on the daily time-frame, which is sign for further downside continuation.

The downside targets are set at the price of $53.000 and $48.000Additionally, there is the fresh bear cross on the Stochastic oscillator and the overbought condition, which is another sign of weakness..Resistance: $58.000

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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