My Bitcoin analysis for May 2024 shows some notable new technical signals. In particular, the MACD-H and Donchian Channel indicators on the weekly timeframe have appeared new signals that could affect Bitcoin's price movements.
The MACD-H indicator has shown a negative cross between the MACD Line and the Signal Line for the first time since October 2023, which could be confirmed if Bitcoin continues to decline this week. In the past, every time such a negative cross signal appeared, Bitcoin often entered a period of strong price decline or began a sideways trading process.
Donchian Channel, another technical indicator, is also showing important signals. This indicator consists of three lines, similar to Bollinger Bands, and act as resistance and support. The most positive scenario predicted is that Bitcoin price could fall to Donchian's Middle Band at the $56,000 region and then recover to begin a sideways trading process. Meanwhile, the negative scenario is that the price could drop to the Lower Band at the 38,500 USD area before starting to recover.
Additionally, the current Bitcoin price is 62,447.10 USD and the upward trend is continuing. However, it should be noted that the cryptocurrency market is often volatile and prices can change drastically at any time, please follow me to see future information
