🔥May follow-up market analysis + Chan Theory Diagram Explanation Lecture 21👇

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On May 1, Bitcoin broke through the resistance level of $95,000, but the bulls failed to maintain the upward momentum, with the price retreating from a high of $97,895 on May 2. The price is currently back above $95,000, the 20-day EMA ($92,106) continues to trend upwards, and the RSI is in the positive zone, indicating bullish dominance. If the price stabilizes and rebounds between $95,000 and the 20-day EMA, the bulls may push BTC/USDT to challenge $100,000.
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🔥On the contrary, if the price breaks below and closes under the 20-day EMA, the breakout at $95,000 may be a bull trap, increasing the risk of a decline towards the 50-day SMA ($86,682). The 4-hour chart shows that the moving averages are flattening, the RSI is close to the midpoint, and momentum is weakening. If it breaks below $95,000, it may drop to $92,800, and further to $91,660; breaking below the latter would lead to further downside to $86,000.
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Buyers need to push the price to break through and stabilize above $97,895 to regain control, targeting $100,000, or even $107,000.

#sol #virtual #sui #eth #btc