For all my Italian subscribers, I am pleased to announce that my analyzes are now available in Italian on bit-rappel.com. This Italian website, with which I collaborate, is a valuable resource for those interested in the world of cryptocurrency, with a lot of information and a technical analysis section written by me. In addition to covering Bitcoin, I also occasionally discuss some altcoins using the same approach, using the CRSI oscillator and KAMA price bands. You can find the Italian version of this article also on this site.
Since I made my last prediction in February, Bitcoin has continued to rise and is now approaching the $36,000 resistance level. However, bitcoin is hesitating just below that critical $36,000 level with no clear breakout. The modified RSI oscillator is approaching the overbought level, so we are probably two to three months away from a top.
Based on the average Kama levels, my earlier prediction of a target range of at least $36,000 with a maximum potential upside of $58,000 still stands. However, given the current market conditions, it is difficult to say whether we will see a new intermediate high this year. However, there is still a significant chunk of May left, so it will be interesting to see how the market develops in the coming weeks and if there is enough fuel to approach $36,000 before the end of June and possibly break it for hope to see $50,000 by the end of the year.
For those who follow me on Twitter, they already know the short-term situation. Since the market’s corrected reversal on April 25, it has been weak and moved sideways. It is possible that it will fall to $25,900, which could cause my CRSI to oversell and reload, which could lead to a new short-term buy signal.