Today, a friend came to me to complain that he has to prepare gifts for his wife again on May 20th. Including February 14th and Qixi Festival, there are three Valentine's Days in a year, and all the hard-earned private savings have been spent. I could only comfort him by saying, "Anyway, your money is all hers. Spending money to buy gifts for your wife is equivalent to her using her own money to buy them. As for your private savings, they were originally in violation of the rules in your wife's possession. At least she won't be angry if you spend it on her. If she finds out you spent it on yourself, you'll definitely get a beating." Yes, my friend's wife is strict with him, but it's precisely because of her control that he has achieved some success in his career. So I think it's only right for him to give his wife as many gifts as he can, because his wife is the greatest wealth in his life.
So, today is May 20th, and I'm thinking about how I can give a gift to my friends who have always been paying attention to me. After thinking about it, I decided to write another analysis to give to everyone. This is the most useful and considerate gift for everyone. Without further ado, let's get started!
This month, I have updated two articles, and these two analyses have basically perfectly predicted all the trends up to now. In the first ten days, I predicted that Bitcoin would first oscillate and retract to the 59600-60000 area, then rebound after testing the support, and in the middle of the month, I clearly predicted a bullish trend to 68000, and suggested that a medium-term long position could be established near the 60000 level. Last week, the price reached a high of 67800, which is basically in line with our target of 68000. So, how will Bitcoin move in late May, and can it fulfill my prediction? Let's break it down.
There is no doubt that the overall trend continues to be bullish. The upward trend line on the daily chart remains unchanged. Especially on May 1st, the price just happened to retest the support at 56500 after completing the rise, so the price's decline above 72000 in April was only a temporary retracement, not a reversal in the daily chart structure (see the figure below). The main resistance above the daily chart is concentrated in the 72000-73000 range. If the daily chart can break through and stabilize in this area, I will set the target for this round of rise at 80000. When you see this number, don't rush to criticize, just like when I said in mid-April that it would rise to 68000 from 61000, how many people believed me, and how many people ended up with a slap in the face.
In the short term, the key level on the daily chart is 68000, a level that I have repeatedly emphasized. It was just tested and resisted a 2000-point pullback yesterday, indicating that the resistance at this level is effective. If we break it down in stages, stabilizing at 68000 is the primary condition for Bitcoin to continue testing the top resistance at 72000-73000. Structurally, a triple top pressure has actually formed near 72000, so it will be quite difficult for the bulls to refresh the historical high. But in a bull market, there is no top, let alone a new high.
In the short term, there will be resistance in the 67500-68000 range. If a pullback occurs, it should not be surprising. The limit for the pullback support is at 64500-65000. Why do I say it's the limit? Because if the pullback falls below 64500, the short-term uptrend structure will be broken, and we will have to reconsider whether to go long in the short term. So, if there is a pullback and it falls near 65000, you can continue to establish a long position in the short to medium term and look at 68000-72000.
In summary, the trend in late May is expected to be an upward trend, attempting to reclaim the 70000 level, or oscillating around 66000 and stabilizing at 68000 to push higher, or pulling back below 65000 and then rising. But the bottom line is: it's going up!
This article is an original work by me, Xiao Feng. The above analysis is only my personal opinion, for reference only. Investment carries risks, so please be cautious when entering the market. Please indicate the source if you repost!
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