Technical analysis by Bangamen about Symbol BTC on 5/12/2022

Hi! Let see how this scenario plays out but next months is not gonna bring any good news. Best case we see at above 30k sideways action. As you can see on chart, BTC has respected these trendlines for quite some time now. And this bear market has been brutal, because we have 7 weeks in a row red candles. Maybe we can turn this to green end of the week, but macro economics and nasdaq doesn´t seems to support that. So at some point we should see relief rally to 37k at the mid June ( also CME gap at 35,2k ) and then maybe after that we would touch this 200 MA (extended blue line) and then we could finally break this long term downtrend and start slowly next leg up. Falling wedge pattern seems to be played out here. Weekly RSI is on bottom range where historically bear markets have bottomed. Lower blue line is marking bottoms for 2015 and 2018 bear markets and white line is 2020 Covid crash. Whole market situation is choppy still and UST and LUNA story could bring crypto regulations. Perfect time and situation where come out with these regulations about stablecoins and whole crypto market in general. I am not against regulations, but at this time they can come out too harsh regulations. This can also bring more big money in game.Stay strong and dont panic!