Weekly Bitcoin Technical Analysis (May 17th, 2021)
Weekly Bitcoin Technical Analysis (May 17th, 2021)
The downtrend on daily and daily charts is clear.
The downtrend on daily and daily charts is clear.
Last week we saw a deeply bearish week with a high of $59,600 and a low of $43,700 forming a red candle covering ahead. With that, an opening price of $58,300 and a closing price of $48,400 equates to a 20% drop.
Follow Wall Street Investment Funds
Last week investment funds sold 0.06% ~ 1,500 BTC. Last week, investment funds bought very strongly, but this week sold out but with a small volume.
Movement of cash flow
We have seen a positive amount of #Bitcoin moving from wallet to exchange in the past three weeks. As a result, creating selling pressure is weighing on the market.
Last week 31,523 #BTC moved from the exchange to the wallet, and 51,372 #BTC moved from the wallet to the exchange, i.e., the amount of Bitcoin transferred from the wallet to the exchange was 19,849; this is a relatively large amount.
However, with the positive amount of USDT transferred from the outside in, 3,153,689,912 USDT (6,039,140,790 USDT moved into the exchange compared to 2,885,450,878 USDT moved out) shows a positive sign.
Bitstamp BTC/USD: Weekly Chart
We see 11 weeks the price does not break out of the $61,000 area. This is one of the alarming signs of Bitcoin.
The price closed below the MA20; on the weekly chart, MACD has cut down, the RSI has plunged. Shows that the $29,000 — $31,000 support zone coincides with Fibo 0.618.
Bitstamp BTC/USD: 4D Chart
MACD cut down to nearly zero lines; RSI is still on the way down.
Also, on the chart, we see the price is above the BB, so we can expect a pullback after 1–2 sessions of deep plunge.
Bitstamp BTC/USD: Daily Chart
A bearish channel has formed.
Hard Support Zone: $39,000 — $41,000.
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