Technical analysis by jpwall about Symbol BTC: Buy recommendation (5/5/2023)

BTC-USD: $30.4K, We Meet Again! Here we can see Bitcoin pausing at the $30.4K level. Assuming it can break above, we may hit the $32K area before dropping to $28K and moving upward over the next month or two. If we break above or below these ranges, it might make sense to consider positions in that direction. In this particular case, I am leaning towards the long side. Granted, there are events on the horizon that could potentially speak to the opposite. That being said, it seems unlikely for us to go below $19K again. I will update this post with thoughts on the range. With continued layoffs, and other parts of the U.S. economy stalling, it is looking like the Federal Reserve will take us to a 'hard landing'- or some variation of it. Interestingly enough, bank failures would be bullish for Bitcoin. That is, unless the price action following SVB and other bank failures were a fluke... Happy trading, everyone! A rather short but to the point post today. Written by a human, not an AI. Not financial advice - content is intended for educational or entertainment purposes.Comment: OK, looks like my range estimation was slightly off - 27K to 30.4K / 32K seems more accurate. Anyone else think this looks like the SOS in Phase D of a Wyckoff Accumulation? Will undoubtedly keep an eye on it...