🔥May Follow-up Market Analysis + Chapter 21 of Chan Theory Diagram👇

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On May 1st, Bitcoin broke through the resistance level of $95,000, but the bulls were unable to maintain the upward momentum, with the price retreating from a high of $97,895 on May 2nd. Currently, the price has risen back above $95,000, the 20-day EMA ($92,106) continues to trend upwards, and the RSI is in the positive territory, indicating bullish dominance. If the price stabilizes and rebounds between $95,000 and the 20-day EMA, the bulls may push BTC/USDT towards $100,000.
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🔥 Conversely, if the price breaks below and closes below the 20-day EMA, a breakout of $95,000 could be a bull trap, increasing the risk of a decline towards the 50-day SMA ($86,682). The 4-hour chart shows that the moving average is flattening, the RSI is near the midpoint, and the momentum is weakening. A break below $95,000 could lead to a test of $92,800 to $91,660, and a break below the latter would lead further downside to $86,000.
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Buyers need to push the price to break through and maintain above $97,895 to regain control, targeting $100,000, or even $107,000.

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