Bitcoin Fails To Take Out Previous Highs

May 1, 2020 at 10:54 PM
Bitcoin has failed to take out previous highs. We are now anticipating sideways movement for the foreseeable future. The daily chart for BTC/USD shows that it has faced rejection at the previous resistance and will now remain range bound for the next week or two. This is going to be a boring point from a trading standpoint. 

For the bulls, this is their last chance to push higher. If Bitcoin fails to break higher from here, we would be looking at one of the most devastating declines in recent Bitcoin history. The next decline is expected to coincide with a similar move in the stock market. The S&P 500 (SPX) is long overdue for a correction having tested the 0.618 fib retracement. The next leg down could easily pull BTC/USD below $3k by October, 2020. 
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