Topic: BTC Sentiment Poll for May (Read 801 times)

Daily chart has lost it's momentum, there's no denying that. The volume has also been steadily decreasing since January which is a long-time now. There's lots of chatter about price moving up quickly from next month due to the China news, but not sure how relevant this will actually be. If anything, it'll be an opportunity for some whales to try and manipulate the market - hopefully to the upside for a change. That said, I would have expected price to already be rebounding strong if this were the case based on "buy the rumour, sell the news", as opposed to increasing once new market participants potentially appear.

A lot of people will otherwise get very worried about re-testing the lows or making new lows if $25K doesn't hold as support. I think it's this sort of fear that's needed in the market right now for price to move higher. There has been too much bullish sentiment for too many months now. We need a bear trap to the downside like in March to $20K imo in order to rebound strong. There are many waiting on the sidelines for this type of fear in the market before re-entering long positions. No doubt there will be accumulation all the way down to $25K if it get's there, but otherwise more conservative investors will be waiting for $22K/$23K imo. The former being around a 1 year average price (basically the average since the initial capitulation last year), the later as I said is a strong accumulation zone which is where I see support right now.

One issue I see is that since breaking through $25K it was never re-tested as support. Now two months have passed I'm not convinced it's an area that will find many buyers.


Maybe something to do with the China news. But otherwise the up/down/sideways is generally a good generic poll.

Removing all indicators and leaving just the price, from optics alone BTC daily chart looks like it's losing momentum.  The weekly chart looks fine and looks like it's accumulating.  But then again there's a fine line between accumulation and distribution.  But as I wanna be bullish, let's just assume it's accumulation for now.    As for the monthly chart dunno...  It kinda looks worse than the weekly but if ever it drops another month, let's hope 24k - 25k holds.  Would hate to see it flip and go further down to a lower range.

Anyway new thread coming...  No poll in mind yet, I need new ideas for a fun poll.  Please drop your suggestions.  Thanks. 

I expect the summer to be good for cryptocurrencies, as it was in 2017 or 2020. Hopefully it will be a cycle if similar history repeats itself in 2023. I see no bad reason for bitcoin to start falling again. I call this May a correction after a not bad rise. Bitcoin doubled in the first quarter. It is not a bad result, but there is no growth without a correction. By the way, May is not a negative one. It was just a sideways movement this month.

We'll just see if the candle closes in May, it will be red or green, if it closes in red then we most likely see June as bearish,
but if the candle closes in green then I'm sure June will be bullish. Hopefully bitcoin will recover in the next few hours.

I don't think this applies to cryptocurrencies like Bitcoin though. At the moment, Bitcoin seems to be losing momentum a bit especially at the end of the month like this month, Price action contains all the impact news, events & hype etc. Although Bitcoin (BTC) search volume data on Google by users has reached its highest level in the last 13 months. Source https://www.theblock.co/data/alternative-crypto-metrics/web-traffic.

About 6 more hours of may end and i don't think bitcoin price will be any more shocks, maybe price will close at $27k level, as investors we have to get used to think positive and i think when price is cheap like now it's a good opportunity to buy again .

I thought its back on trach last week but it doesn't instead it continues to maintain 27k price value things that for me is much better that continuing to fall like what happened recently when the value falls down to 15k.
it is 17 hours from now and yes still the price keeps resisting to break 30k

https://coinmarketcap.com/currencies/bitcoin/

maybe this is the faith for may and we can see another changes in June as 2nd quarter will end then .

May will end in about 36 hours, and I think the May price condition will be no different from April, the expectation that the price will skyrocket after March turned out to be wrong, the market continues to decline because many people are taking profits, this is because they buy when the price is cheap under $20k, so by selling at $28k they are making over 30% profit.

This would certainly be the optimistic scenario if $26K / 200 WMA doesn't hold as support that price recently bounced from. I'm still more of a believer of $23K acting as support (which is where I have buy orders), simply because there is very little volume around $25K compared to the accumulation that occurred at $23K. Also the theory that if price makes a new low it will more more than $1K from recent low.

That said, price is currently attempting to reclaim the 200 MA on the 4hr that has been flattening out in recent days. It failed to reclaim this MA last month but potentially it will have more chance after a month more of consolidation, as well as a notable bounce from the 200 WMA last week. While price to me remains relatively neutral on shorter-term time-frames, the Monthly candle is currently looking a bit more bullish a wick to the downside that is longer than the candle body of only -5%. While this could well still signal further selling next month, it otherwise is so far confirming that there are buyers at these lower levels.

Well , days before the end of month seems the movement is changing and yes it is uptrend now .
breaking 28k again and now positioning at 27-28k is a best act the whole month of May and if this continue to hold then June might be a positive month for this 2023 cycle.
as we have been looking for the good kick in 2024 so this changes must happen for best result .

And as far as I know, a lot of investors still haven't accumulated a lot of bitcoin because they are waiting for the market to drop before the halving. They still believe that history will repeat itself, and there will still be another big dumping to give them a last chance to shop. It is difficult to know what will happen in the future, but those still waiting clearly have a reason and are betting big on their vision.

According to my opinion, I also believe that this year bitcoin can still recover to 40k-50k, but then there will be another drop to 20k. I have the same thoughts as many of those investors.

We were a bit closer to 29k back when the month started, but looking at how we moved from lowers to highs and back to lows again during April, I am guessing that it may happen again, I know we have only few days left but lets see what happens during the weekdays. Its at around 27k right now, a bit lower, and I am guessing that 28k is not as out of reach as people think. We may reach those levels and we may do better. I hope that we do, its going to be very crucial for us to see it grow as much as possible, it will definitely help us a ton. I know a lot of people will be considering this as a way to make some money so buying at this time and selling when it goes up would be a good idea and should be fine in the end.

It really depends on how many bitcoins you have. You would lose $2400 for -8% if you had 1 bitcoin you bought for $30k. The higher your purchase price, the more you lose. This must have had an impact on the psychology of holders because automatically such a downturn has made the value of the bitcoins in their portfolio go down. Of course not everyone will think that way, but it is thought by most people who are easily affected by volatility.

The percentage decline will not always be taken for granted by traders especially if they are not able to fully consider market volatility. Traders panic and will even sell when they lose, so of course the size of the percentage decrease will be considered differently from one trader to another.

How to forget that drop, before the drop caused by the pandemic the price was doing fine and then out of nowhere it dropped like a rock, and who knows maybe we could face another big event which could make the price of bitcoin to go down, however one of the things the pandemic proved is that even if the price of bitcoin went down it was only temporary, as the price went up again as if nothing was happening and the previous all time high was surpassed with ease.

This May really didn't turn out as badly as many expected. 8% is not much for bitcoin, considering that sometimes such fluctuations happen in one day. However, summer is usually not the best time for cryptocurrencies, so it is likely that this correction could continue for a few more months. But I don't think we are in for another bear season.

Yes, it's after the halving, maybe it will take weeks or months, but per history tells us that it will definitely going to happen. The price did go down to $3k that time in March due to covid-19 and then the halving occur in May, then after that the price goes up on a parabolic rise.

So there could be factors that time that might have affected the price going down hard before the halving. And we don't know if we will have that parameters soon, maybe another black swan event? We don't know.

^  Yup.  It has to go down at some point...  And it's a good thing.  There's a lot more money in the sidelines waiting to go in but hasn't had the right conditions to dive in yet.

Like what I said in a post prior, could go down around 24k - 25k, even deviate lower to 23k, before break out above 31k.

Something like this.  Forgive my squiggly line, I suck at this...  Lol.

Well looks like May will end in the red as is currently at -8.5% with 5 days to go. Notably it will be the first red month this year after 4 months of upside, so hardly surprising to see a correction. I don't find it particularly bearish as it's less than -10%, instead of -20% or -30% that is always a possibility in Bitcoin for a monthly candle. Price does remains above the 50 Month MA however that continues to rise in bullish fashion.

Also, this preoccupation over the capped supply like this is the solution for a country's economic problem might be a mistake. It might also be naive because it is difficult to create and maintain a growing economy without increasing the money supply in occurrences where the economy is expanding.

In any case, I reckon limited supply is good if the objective is to make a store of value, however, it would be difficult for something like this to become the foundation of a monetary system.

May is almost at it final lap and just few days before we enterr into June which has always been a month of high resistancefor bitcoin and market attribute that has always accompanied June is the high resistance of its price to breakout, just as we have seen how many times Bitcoin tried to break some benchmark without a breakthrough, we saw how bitcoin struggled to retain the 39m benchmark which didn't happen and also how the price couldn't hold up at 28-29k.
So June will not be that much different and there is the possibility that more downtrends could occur, but the uptrend bitcoin market may face some resistance.