Technical Analysis
Bitcoins opens at $57K and goes down to around $56K and stable around $56K ~ $57K. The average transaction fee is $18.57 which is 6.42% increase from 05-05-21. As I mentioned yesterday, Bitcoin drops around $53K since All Time High has reached at $64K. My calculation on its value is $65K at some point which indicates that Bitcoin may continue correction in coming week with its strong support at $53K. If it stables around $61K ~ $62K, the next target is stable at $64K and hit $65K. You can reference my method here.
I remain my floor price to $50K indicates the strong support and remain the ceiling price at $60K.
Bitcoin volatility is moving less volatile in yesterday. The market has reacted peak value at $61K but retreated to $53K which means the Bitcoin prepares for next milestone $60K at some time if continue stabling around $58K. It is fairly stable at this level around $52K. High transaction fee may continue dragging valuation. Its valuation has been offset and amount of transactions are lower than it was before.
Bitcoin increases its correlation for Dollar that it becomes a neutral position ???. The price may fluctuate more in the coming day since Bitcoin VIX is low. There may have medium risks in the coming day as the greed level goes up!
Bitcoin Value = $50k ~ $60k and my position is Long.
Here are some highlights to support my analysis:
Current News Summary:
Most Bullish News ??
Banks embrace Bitcoin now
It indicates that Bitcoin price will be stable with more supporting from users.
Most Bearish News ??
More taxes come to Bitcoin
It indicates that Bitcoin may face correction due to taxation.
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Also, if you have any suggestions, please do not hesitate to let me know!
Thanks for reading and see you tomorrow!
------------------------------------------------------------------------------------Note: Cross-references of this article has created by author and has cross-referenced on multiple platforms. You can find links below ????:
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You can reference my previous monthly Bitcoin and Ethereum analysis here ????:
Note:some links refer at the beginning of next month that include all previous month links of reports
???? January 2021 Technical Analysis Summary ????
???? February 2021 Technical Analysis Summary ????
???? March 2021 Technical Analysis Summary ????
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You can reference my previous daily Bitcoin analysis here ????:
Bitcoin Technical Analysis 04-01-21??
Bitcoin Technical Analysis 04-02-21??
Bitcoin Technical Analysis 04-03-21??
Bitcoin Technical Analysis 04-04-21??
Bitcoin Technical Analysis 04-05-21??
Bitcoin Technical Analysis 04-06-21??
Bitcoin Technical Analysis 04-07-21??
Bitcoin Technical Analysis 04-08-21??
Bitcoin Technical Analysis 04-09-21??
Bitcoin Technical Analysis 04-10-21??
Bitcoin Technical Analysis 04-11-21??
Bitcoin Technical Analysis 04-12-21??
Bitcoin Technical Analysis 04-13-21??
Bitcoin Technical Analysis 04-14-21??
Bitcoin Technical Analysis 04-15-21??
Bitcoin Technical Analysis 04-16-21??
Bitcoin Technical Analysis 04-17-21??
Bitcoin Technical Analysis 04-18-21??
Bitcoin Technical Analysis 04-19-21??
Bitcoin Technical Analysis 04-20-21??
Bitcoin Technical Analysis 04-21-21??
Bitcoin Technical Analysis 04-22-21??
Bitcoin Technical Analysis 04-23-21??
Bitcoin Technical Analysis 04-24-21??
Bitcoin Technical Analysis 04-25-21??
Bitcoin Technical Analysis 04-26-21??
Bitcoin Technical Analysis 04-27-21??
Bitcoin Technical Analysis 04-28-21??
Bitcoin Technical Analysis 04-29-21??
Bitcoin Technical Analysis 04-30-21??
Bitcoin Technical Analysis 05-01-21??
Bitcoin Technical Analysis 05-02-21??
Bitcoin Technical Analysis 05-03-21??
Bitcoin Technical Analysis 05-04-21??
Bitcoin Technical Analysis 05-05-21??
You can reference my Bitcoin methodology here and here.
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You can reference my previous daily Ethereum analysis here ????:
Ethereum Technical Analysis 04-01-21??
Ethereum Technical Analysis 04-02-21??
Ethereum Technical Analysis 04-03-21??
Ethereum Technical Analysis 04-04-21??
Ethereum Technical Analysis 04-05-21??
Ethereum Technical Analysis 04-06-21??
Ethereum Technical Analysis 04-07-21??
Ethereum Technical Analysis 04-08-21??
Ethereum Technical Analysis 04-09-21??
Ethereum Technical Analysis 04-10-21??
Ethereum Technical Analysis 04-11-21??
Ethereum Technical Analysis 04-12-21??
Ethereum Technical Analysis 04-13-21??
Ethereum Technical Analysis 04-14-21??
Ethereum Technical Analysis 04-15-21??
Ethereum Technical Analysis 04-16-21??
Ethereum Technical Analysis 04-17-21??
Ethereum Technical Analysis 04-18-21??
Ethereum Technical Analysis 04-19-21??
Ethereum Technical Analysis 04-20-21??
Ethereum Technical Analysis 04-21-21??
Ethereum Technical Analysis 04-22-21??
Ethereum Technical Analysis 04-23-21??
Ethereum Technical Analysis 04-24-21??
Ethereum Technical Analysis 04-25-21??
Ethereum Technical Analysis 04-26-21??
Ethereum Technical Analysis 04-27-21??
Ethereum Technical Analysis 04-28-21??
Ethereum Technical Analysis 04-29-21??
Ethereum Technical Analysis 04-30-21??
Ethereum Technical Analysis 05-01-21??
Ethereum Technical Analysis 05-02-21??
Ethereum Technical Analysis 05-03-21??
Ethereum Technical Analysis 05-04-21??
Ethereum Technical Analysis 05-05-21??
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You can reference my previous daily Dogecoin analysis here ????:
Doge Analysis 01-11-21??
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You can reference my previous weekly Cryptomarket forecast analysis here ????:
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21????
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21????
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21????
Crytomarket Weekly Overview and Forecast 02-12-21 to 02-19-21????
Crytomarket Weekly Overview and Forecast 02-19-21 to 02-26-21????
Crytomarket Weekly Overview and Forecast 02-26-21 to 03-05-21????
Crytomarket Weekly Overview and Forecast 03-05-21 to 03-12-21????
Crytomarket Weekly Overview and Forecast 03-12-21 to 03-19-21????
Crytomarket Weekly Overview and Forecast 03-19-21 to 03-26-21????
Crytomarket Weekly Overview and Forecast 03-26-21 to 04-02-21????
Crytomarket Weekly Overview and Forecast 04-02-21 to 04-09-21????
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Risk forecast guideline:
Risk Averse means you can use as defense ???
Risk Seeking means you can use as offense ??
Risk Neutral means no decision made and continue seeking opportunities ???
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.
