Happy Sunday Everyone

Overview
KRAKEN DAILY CHART: BTC vs USDT

ANALYSIS

Bitcoin has been in an upward parallel channel since January 2022 (See Chart). Bitcoin has re-entered the bottom range of this parallel channel (See Chart).

We’ve had two previous strong bounces with high volume in this area. The likelihood in favour of a strong bullish move towards the upper parallel lines is high.

On the chart I’ve shown similarities between the previous big crash (May 2021) in which accumulation formed a range and subsequently broke above. During that time Bitcoin corrected around the point of the parallel lines range added to the breakout (See Vertical blue line on chart).

If this happens again and occurs this month (May 2022), we could see bitcoin reaching approximately 59k before correcting.

Let me know what you guys think and please add a like if you agree and comment to share your thoughts.

Many Thanks,
Casey

DISCLAIMER: NOT PROFESSIONAL ADVICE. DO YOUR OWN RESEARCH