BTC Technical Analysis: Global Consolidation Is Not Over

The trading week on 16 May passed without much volatile wars between market participants. Comparing how big the weekly candle was relative to the 16 May candle, it seemed that the price had fallen into a slow space. Trading volumes were not as high as last week. However, high enough to indicate the interest of market participants in the range of $29,000. This range is the lower limit of global consolidation, in which the BTC price moves from May 2021. Sellers were able to break this range during the panic week of sales on 9 May. https://www.tradingview.com/x/Ptn8hyMF/ However, buyers did not allow the BTC price to fall below this mark for two weeks. If we look at the history of Bitcoin trading, we see that in November 2021, buyers had a similar situation. The BTC price broke the historical high, but could not be fixed above it. As a result, the bitcoin market has seen a strong counter-trend in the form of a wave of decline. Given the retention of $29,000 by buyers, we believe that the consolidation of Bitcoin in the range of $29,000-$26,000 is incomplete. Therefore, by the end of May, we expect a local reversal of the BTC price with the first target of $38,000. In case of total weakness of buyers – from this mark, the new fall wave and breakdown of the lower range of consolidation can begin. The final target of a local growth wave is the range of $51,000. BTC Technical Analysis On The Daily Timeframe https://www.tradingview.co...