Crypto Outlook In May: Watch Out For A Bulltrap Ahead On Bitcoin

Since early April, Bitcoin has experienced a good bull run. However, please be aware of the strong resistance ahead. We are looking at a few resistance levels. 7,500 USD will be the turning point to determine whether the short term bull run makes or break.

We are expecting a strong downward push when bitcoin reaches the key resistance at 7,500–7,700USD. Huge selling is foreseen to retest the previous key resistance-turned-support from 6,500USD to 6,800USD and then 5,800–6,000USD.

There is a positive outlook for the price to hold. The shorter the bear candlestick in the coming 2–3 weeks, the higher the chance for the next wave of upswing. We are looking at a price target aim of 10,000USD for the next 4 weeks. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Tokenize Xchange. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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