Exclusive Bitcoin (BTC) Signals Bullish Trend with Strong Bounce

Share Article
In Brief
  • Bitcoin created a bullish engulfing candlestick.

  • BTC bounced at the $53,000 support area.

  • It is likely in the third sub-wave of the fifth wave.

  • promo

    Free Cloud Mining Providers to Mine Bitcoin in 2021

The Trust Project is an international consortium of news organizations building standards of transparency.

Bitcoin (BTC) increased considerably on May 5, creating a bullish engulfing candlestick in the process.

Sponsored



Sponsored

BTC is expected to continue increasing, breaking out from the $56,000 resistance area.

Bullish engulfing BTC candlestick

BTC bounced considerably on May 5 after reaching the $53,000 support area. It created a bullish engulfing candlestick, negating the bearish implications from the previous day’s decrease. This is a sign that the trend is still bullish and the price is likely to continue heading upwards.

Sponsored



Sponsored

Technical indicators are also bullish. This is especially evident by the growing bullish cross in the Stochastic oscillator (green arrow).

In addition, the MACD is moving upwards and is positive, and the RSI has just crossed above 50.

Therefore, the daily time-frame indicates that the current BTC trend is bullish.

BTC Chart By TradingView
 

Short-term BTC movement

The two-hour chart also aligns with this scenario. First, it shows that BTC has bounced at the $53,000 area, which is the 0.5 Fib retracement support level (white) of the previous upward movement.

Secondly, both the MACD and RSI are bullish. The former has just crossed into positive territory while the latter has crossed above the 50-line.

Therefore, if BTC manages to clear the 0.618 Fib retracement resistance at $58,000, it’s likely to continue moving higher toward a new all-time high price.

BTC Chart By TradingView

Wave count

The wave count suggests that the price is in sub-wave three (orange) of wave five (white) of a long-term bullish impulse.

The most likely targets for the top of the current upward move are located at $81,300 and $102,300. These targets are found by using a Fib projection on waves 1-3.

A decrease below the April 24 low of $47,004 would invalidate this particular wave count.

BTC Chart By TradingView

Conclusion

Bitcoin is expected to resume the ongoing bounce from $53,000 and gradually increase towards new highs.

For BeInCrypto’s previous bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Crypto predictions with the Best Telegram Signal with +70% accuracy!

Join now

Free Cloud Mining Providers to Mine Bitcoin in 2021

Go

How To Mine Cryptocurrency: Beginner’s Guide

Let's Go