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Bitcoin Analysis for May 2nd 2021

Bitcoin is in the process of bouncing from the low it hit earlier this morning at just over $56k. It is still too early to tell if that is the low for this mini pull back but so far it looks as though it might be. At the moment BTC is struggling with the 4-hour 7 EMA, it should get some help from the 21 EMA which is pushing up from below.

Bitcoin 4-hour Chart

Bitcoin Daily Chart

Looking at the daily chart we can see that BTC dropped down and almost touched the 7 EMA which is what I thought BTC needed to do. This does not mean however that BTC is now just going to make another huge push higher, we may see a bit more sideways price action before the next leg up. On this uptrend we are getting kind of a stair stepped pattern, which I believe is healthier and more sustainable than a huge move higher all at once.



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