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04.05.202114:08 Forex Analysis & Reviews: BTC analysis for May 04,.2021 - Completion of the ABC upside correction and potential re-test of $57.800

Further Development

Exchange Rates 04.05.2021 analysis

Analyzing the current trading chart of BTC, I found that sellers are in control and that there is still space for more downside and test of lower reference points.

My advice is to watch for selling opportunities on the rallies using the intraday charts.

I found completion of the ABC upside correction on the daily time-frame, which is sign for further downside continuation.

The downside targets are set at the price of $53.000 and $48.000Additionally, there is the fresh bear cross on the Stochastic oscillator and the overbought condition, which is another sign of weakness..Resistance: $58.000

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2021
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