🔎Does the saying "Sell in May and walk away" apply this month to Bitcoin? 🤔

Many people echo the famous saying in the financial markets in May:

"Sell in May and walk away"

So does this really apply to #Bitcoin this month? Let's see

👇

📊 First: Bitcoin analysis on the monthly time frame

We notice that #BTC closed the monthly candle below the previous wick with a positive candle, and it also closed above the 5EMA!

Closing below the wick is slightly negative, but it does not negate the positivity. But the most important thing is closing above the 5EMA because historically it means the continuation of the upward trend!

Usually, as we see on the chart, as long as Bitcoin $BTC is above the 5EMA, it is positive and we expect higher numbers, but the monthly chart, even in an uptrend, often corrects to approach the 5EMA (which is currently at $90,566), so any correction to this level is considered an excellent buying opportunity.

📈 RSI Indicator?

The RSI on the monthly time frame is still above 60, which means it is in positive territory and has also bounced from it!

⚠️ Important Note:

This analysis is specific to the monthly chart and gives us an idea about the larger time frame, but there are other caution points in the daily and weekly time frame analyses (mentioned on the page earlier).

✅ Summary:

So far, the monthly chart on #Bitcoin is considered positive and the overall picture still indicates the possibility of new peaks, but the precise timing of the peak is what is difficult.