Following the Federal Reserve’s interest rate hike, experienced crypto trader Ton Weiss updated his forecast for bitcoin (BTC), whose price experienced great volatility on May 5.
In a new strategy session, Weiss told his 120,000 YouTube subscribers that Bitcoin’s almost instantaneous 3% rise from $38,766 to $39,935 was likely a dead cat bounce.
Weiss compared the technical analysis to the fundamentals and concluded that “the situation looks like a rebound that will likely lead to a decline in the price of bitcoin.”
The technical analysis points to a price decline. In fact, I am always optimistic about bitcoin, and it could go up any minute…and we should have another critical rise.
Turning to the daily candles, Weiss singled out $41,000 as a key resistance level that he thinks BTC is unlikely to overcome anytime soon.
At the moment we have neither a bullish nor a bearish trend,” is how he described the current uncertain situation.