For all my Italian followers, I am pleased to announce that my analysis are now available in Italian on bit-reminder.com. This Italian website, which I collaborate with, is a valuable resource for those interested in the cryptocurrency world, with...
BTCUSD Monthly Chart Jan 2021 to present day
For all my Italian followers, I am pleased to announce that my analysis are now available in Italian on bit-reminder.com. This Italian website, which I collaborate with, is a valuable resource for those interested in the cryptocurrency world, with lots of information and a technical analysis section authored by me. In addition to covering Bitcoin, from time to time I also discuss some altcoins using the same approach, utilizing the CRSI oscillator and KAMA price bands. You can find the Italian version of this article on that website as well.
Since I last made my prediction in February, Bitcoin has continued to rise and is now approaching the resistance level of $36,000. However, bitcoin is hesitating just below this critical level of $36,000 without a clear breakout. The modified RSI oscillator is approaching the overbought level, so probably we are two to three months from a top.
Based on the Kama average levels, my earlier prediction of a target range of at least $36,000 with a maximum potential upside of $58,000 still stands. However, given the current market conditions, it’s difficult to say whether we will see a new intermediate top this year. However, there is still a significant portion of May left, so it will be interesting to see how the market develops in the coming weeks and if there is enough fuel to approach $36,000 before end of June and possibly break it to hope to see $50,000 by the end of the year.
Short Term View
BTCUSD Daily Chart
For those who follow me on Twitter, they already know about the situation in the short term. Since the market’s corrected inversion on April 25th, it has been weak and moving sideways. There is a possibility that it might drop to $25900, which could result in my CRSI becoming oversold and recharging itself, potentially leading to a new short-term buy signal.