BITCOIN : WHAT'S NEXT FOR THE KING OF CRYPTOS?

5月29日

- The market still trades above its bullish long-term trendline ; The long-term trend remains alive to this day.

- Since March 2024, the market has entered a consolidation phase, trading sideways between 57K/59K and 70K.

Both moving averages remain bullish, as dynamic support to prices, while the RSI indicator has broken-out its bearish trendline following the sharp market's rebound over 57K.

- This is seen as a bullish configuration for Bitcoin.
Even if the market is still consolidating on a short-term view, the long-term bullish trend remains well-alive so far.
In addition, such consolidation are normal following sharp market bullish acceleration.
The current short-term bearish flag isn't seen as a reversal pattern, which doesn't threaten the long-term bullish trend.
Even if another bearish leg could still take place at this stage, this configuration may be the sign of an accumulation phase before reaching new highs towards $74,250, $78,400, $84,300 and $91,815 by extension.


Pierre Veyret, Technical Analyst at ActivTrades



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