This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 2nd May 2023

Bitcoin Crashes, Are Sellers Targeting $25k?

Past Performance of BTC

Bitcoin is fast dropping, looking at how prices performed at the start of May. Presently, the coin is down 7% and within a bear formation set in motion from April 19. Critical support and resistance levels in the current setup remain at $27k and $30k, respectively, following the drop below $28.3k. Overall, sellers have the upper hand in the short term even though the path of least resistance from a top-down preview is still northwards.

Bitcoin Technical Analysis

Bears are in the driving seat following yesterday's losses, and aggressive traders may look to sell. Since the May 1 bear bar is engulfing and wide-ranging, traders can look to hitch the downtrend on every attempt higher below $28.3k. Immediate support is now at $27k, marking April 2023 lows. Even so, for a more precise trend definition, there must be a high-volume close below $27k for confirmation of sellers. As such, conservative traders can wait for this to print out before engaging, targeting $25k. Any unexpected surge above $30k and April 26 highs would cancel this preview.

What to Expect from BTC

Overall, the uptrend is firm, and BTC surged over 50% from mid-March 2023. As it is, primary support lies at $27k, while resistance is marked at $30k. Although yesterday's bar may anchor the unfolding bear trend, a comprehensive close below the current trade range is vital.

Resistance level to watch: $30k

Support level to watch: $27k

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020