BTC TA ANALYSTS DAILY SUMMARY -MAY, 31st

Analysts Sentiment Summary

@chartguys

Bullish reversal candle did not confirm, so the bulls will not win the week, with a reversal candlestick. Recent price pull back might be good entry for those with a bullish bias. Suggested stop loss for swing trading should be around $7272 - $7000. If bulls break $7558 the recent higher low should be in.

In short, market signals ares still mixed and clarity should arise in a few days.

The Moon

He is still fairly bullish. For him the recent triple bottom (touching the bottom of the triangle) is a very bullish sign, indicating that BTC is about to break the pennant formation to the upside. That said, he is still trading 'neutral' until he sees an increase in buying volume. $7600 seems to be weak resistance, but nothing too serious. Expect $7600 to be broken in the short term.

200 EXPONENTIAL MA (EMA) is still a big resistance. Previous rally was a 'fake out' breaking the 200 EMA. Breaking 200 EMA, would be a trend indicator that BTC is moving up, and on it's way to break the pennant formation.

Coin Mastery

UPDATE is 12 hours old at time of posting (May 30th in US), so little old. He is of opinion that the recent retracement is further indication of the 'unhealthy' increases we've seen the past 2 days. He is not confident about adding to his BTC position at these levels. He might add to his position around the $7200 level with a tight stop-loss (BTC price is around $7500 at time of writing).

chris L $ChartVampire$

Looks like BTC is in a perfect ABC with A-leg finished or finishing. He's not trading the BTC market at this stage.

Peter Brandt

(NO NEW UPDATE)

Trend Model remains down
Sell volume has dried up (positive sign)
Major support at lower boundary of the sixteen week symmetrical triangle and Apr 1st low.
A violation of the April low would indicate a Chart sell signal.
4-wk channel would be minor buy signal

Nick Cawley

Nick always gives a more macro view of BTC, as DAILY FX is more geared towards macro trends and currency trading. The trading range for BTC in the past months have been betweeen 6k-10k. He's of the opinion that the BTC market is in a 'indecisive stage'. He notes the recent lows of $5932, $6438 and & $7052 being hard supports.

He suspects a short rally to follow and the recent support of $7052 to hold. In the longer term, he suspects 10k and 200MA to be heavy resistance, and don't see BTC breaking 10k any time soon.

The RSI is still in a negative trand, and we need to push the 49 level to break the downward trend in the RSI.

Trading Room

Bearish Scenario: Probability to break on the downside is now 60% if we don’t move above 7700 before Sunday night UTC. Close above 7700 in weekly candle will reduce the probability for the time being. Keep your stops tight.

Bullish Scenario: Bulls are trying to gain momentum.

@tradedevil

(NO NEW UPDATE)

BTC just finished a 5th wave down within a 5th wave, within the larger ABC structure. Thus finishing C leg down. Therefore we're probably looking at a 5 wave structure from BTC's low, with the first wave being almost finished or already finished.

Looking to play the 2 wave coming down to capitalize on the 3rd wave going up. A potential buy zone is between 7.2k-7.3k.

Crypto Guru

(NO NEW UPDATE)

Expecting a minor correction after the recent rally. The Triple bottom, from the lower area of the pennant formation, is a very bullish sign.

Also, a shout out to @famunger for his daily Analyst Summaries over the past months.

A big thanks to @philakonesteemit @ew-and-patterns @haejin for all they do for the community. And for teaching me the basics about TA.