Technical Analysis for BTCUSD for 2nd May 2022
Bitcoin Recovers, BTC Prices Held Below $40.5k
Past Performance of BTC
Bitcoin is stable in the last trading week. Technically, bears remain in control in a breakout formation. The April 26 bear bar defines the immediate trend. As sellers are in control, traders may seek to unload on every correction towards April 11 highs at around $40.5k.
Bitcoin Technical Analysis
From an effort versus result perspective, BTC bears have the upper hand. Although market participants are upbeat, traders are yet to reverse the losses of April 26. Besides, there have been lower lows in the past few trading days as bars begin to lean along the lower BB. Technically, this is a bearish development pointing to confident sellers. Therefore, as long as BTCUSDT prices trend inside last week's trade range, sellers may unload, targeting $35k in the immediate term in a bear trend continuation pattern. However, a surge above $40.5k and back into the April 11 trade range below $45 could embolden optimistic bulls.
What to Expect from BTC
Bitcoin buyers, even amid the sell-off, remain upbeat. Nonetheless, sellers are in the driving seat, provided prices are below $40.5k and $45k in the medium term. Sharp losses below last week's lows may trigger a sell-off, forcing the coin back to Q1 2022 lows.
Resistance level to watch: $40.5k
Support level to watch: $35k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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