Bitcoin Records The Best Monthly Close In May With Over 62% Gains Since 2017
- A cross and hold above $8731 would be bullish for a push back up over $9k – Crypto trader
- Bearish in the short term, the big picture remains intact, Time to start buying once volume explodes
Since going above $9,000 to flash crashing below $8,000, the leading cryptocurrency is back to making its way upwards as it climbs to $8,624, the highest point of today on Bitstamp.
At the time of writing, the world’s top cryptocurrency has been trading at $8,579 with 24 hours gains of over 3 percent.
BTC/USD chart, Source: TradingView
The 5th month of the year 2019 has turned out to be not only the best month of 2019 but also the best one in over a year and a half. With more than 62 percent gains in May, Bitcoin registered the best monthly close since 2017.
In May 2019, we saw Bitcoin starting the month at around $5,280 from where we first smashed through $6,000 on May 8th then $7,000 on May 11th. But BTC didn’t just stop here, it further sailed through $8,000 for the first time on May 13th but couldn’t remain above this level. After two weeks of struggling here, on May 27th we broke through $9,000 briefly first time and then again on May 30th.
We had a great month in May and now we have moved onto June, so what are we looking at?
Have We Been In A Bull Trap?
Crypto analyst and trader The Cryptomist is bearish on Bitcoin in the short term despite a green close of May as it remains in a wedge. She says we would get to know this weekend if we had been in a bull trap all along.
Meanwhile, crypto trader and investor Josh Rager says BTC price needs to make its way back up to the level at $8,731 where the support flipped resistance. He further says a cross and hold above this level would be bullish for Bitcoin that could see us push back up over $9,000.
Economist and crypto trader Alex Kruger shares the similar sentiments as he says the drop from $9,000 wasn’t a pullback, “but a Trap.” He further said Bitcoin trend is still up and big picture remains intact as the pullback was “nothing but short term noise.”
“Time to start buying is once volume explodes. If volume explodes on a breakout, trade in the direction of the volume. If volume explodes after a large move, ideally against a larger trend, trade against the direction of the volume,” advises Kruger.