BITCOIN: CANDLES SPEAK: 11.05.2021

Not much changed since the previous update. As projected, BTC continues to bounce between 48-60k. It looks like it is trying to complete an ABC (flat) wave within a smaller rectangle. Based on the structure, the current wave is corrective, thus highly unpredictable.

There is a possibility of a new all time low marked as “alt(III)” in blue, however, consider this as a low probability.

Forecast:

The coin is under bearish pressure on the daily and weekly frames. I am expecting it to grind down, completing the wave B in green in the next several days.

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Previous Monthly/Weekly Analysis:

BITCOIN: Monthly and Weekly (+LT): 01.05.2021

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