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.
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