Chart of the Day - Friday, May 3, 2024

🏆 Today’s Chart of the Day was shared by Jason Perz (@JasonP138).

• Bitcoin made quite the roundtrip this week. It's back to where it started, at $63k, after dropping more than 10%.

• Price reclaimed a critical support level today (around $60k-$62k), marking a Failed Breakdown. The bears are now trapped below $60k, and record highs are back on the table.

• Jason points out that Bitcoin is ripe for a potential swing trade. Wednesday's low, at $58k, serves as a clear line in the sand to manage risk in the near term.

The takeaway: Bitcoin shook out the weak hands this week. It reclaimed a pivotal level at $62k, keeping the Crypto bull market alive and intact.