$BTC | Happy May Day!
Bitcoin has officially closed the monthly candle with strength, printing a solid bullish line for April. From a monthly perspective, the uptrend still has room to continue, potentially reaching new highs before a meaningful pullback.
However, the daily candle closed with a spinning top, and we've now seen 6 days of consolidation. Notably, tomorrow and the day after mark Gann turning points, which could trigger a directional move. Personally, I lean toward a scenario where BTC rises first, then retraces.
This was already hinted at in the 3-day candle this morning, showing strong resistance near 95,500. If Bitcoin breaks above 95,780 within the next 3 days, it would confirm a Gann space conversion.
But caution is key:
We're in a rebound market with 9 consecutive bullish candles, a risky pattern.
On the 4H/6H/8H charts, multiple indicators are flashing bearish divergence.
Pulling up with divergence often leads to unsustainable moves and inevitable corrections.
Key levels to watch:
Resistance: 95,200 / 96,200 / 96,600 / 97,700
Support: 93,000 / 92,100 / 91,600 / 90,600
