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Technical Analysis for BTCUSD for 3rd May 2022

Bitcoin Stabilizes in a Bear Formation, BTC Resistance Level at $40.5k

Past Performance of BTC

Bitcoin prices are fairly stable at spot rates, swinging within a bear breakout formation as sellers remain firm. Technically, bears have the upper hand provided prices range within last week's trade range, as per the candlestick arrangement in the daily chart. In upcoming sessions, the reaction at $40.5k and around $37.3kā€”marking this week's lows, would define the short-term trend.

Bitcoin Technical Analysis

BTC is within a bear breakout formation as per the formation in the daily chart, aligning with the lower BB. The inability of BTC bulls to build on recent gains and float above $40.5k is negative for optimistic bulls. The immediate term price action is defined by last week's bear bar of April 26 of which the wide-ranging bar forced BTC lower in a bear breakout pattern. Aggressive, risk-off traders can unload on every retest, targeting $37.3k and later $35k if prices continue dumping in line with last week's trend. Overall, the upside appears limited and bulls exhausted.

What to Expect from BTC

The BTCUSDT price action is still in a bear breakout pattern despite solid fundamentals. This overview is valid as prices are below $40.5k and range inside the April 26 candlestick.

Resistance level to watch: $40.5k

Support level to watch: $37.3k

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

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