Market trend analysis for BTC on May 22nd
The weekly trend is preparing to initiate a correction phase, however, smaller time frame waves such as D and 2D are showing an upward trend. It's crucial to closely monitor price action and trends on the 1D and 2D time frames to see if they break through the nearest resistance levels, especially around the 74k zone.
Scenario 1 (60% probability): If the price fails to break through the resistance levels and forms a structure of lower highs, it indicates that the buying pressure has subsided, and the selling side might regain control to push the price lower, aligning with the weekly trend.
Scenario 2 (40% probability): If the price breaks through strongly, it could lead the weekly trend back into an upward trajectory along with the monthly trend.
For short-term future trades, I am opening long positions to continue riding the upward trend on the D timeframe.
Scenario 1 (60% probability): If the price fails to break through the resistance levels and forms a structure of lower highs, it indicates that the buying pressure has subsided, and the selling side might regain control to push the price lower, aligning with the weekly trend.
Scenario 2 (40% probability): If the price breaks through strongly, it could lead the weekly trend back into an upward trajectory along with the monthly trend.
For short-term future trades, I am opening long positions to continue riding the upward trend on the D timeframe.
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