BTC saw a 2023 ATH in April and has since been consolidating between $31,000 and $26,000 since mid-March.
Judging from a higher time frame, we remain in an uptrend.
The observed bullish pennant seen in the daily time frame has been broken recently, with the price now retracing. From this break of the trendline, it’s common knowledge that there will be a retest followed by a bearish trend. Although this movement will only be confirmed depending on LTF price action on the supply area marked out in pink/red. All these can be seen in the chart analysis image below.
Price remains bullish.
Chart showing performance of BTC/USD [Coinbase Chart] (Daily Time Frame). Source: Trading View
In the last two months, ETH saw a continuous bullish break of a structure, taking it to $2,140 (the highest price level reached so far this year), upon which a retracement occurred immediately, taking the price to the nearest 4-hour demand zone and the price has been since consolidating there ($1800 – $1955), as seen on the 4-hour time frame, until a nice liquidity sweep occurred on the 11th of May, as seen in the chart below.
A bullish move towards the 4-hour supply zone ($2100) still remains possible since our last analysis but ultimately depends on how the price reacts from the demand zone(blue) below. Traders should be taking bullish positions now.
The price remains bullish.
Chart showing performance of ETH/USD [Coinbase Chart](4hr Time Frame). Source: Trading View
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⚠️This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding.