Technical Analysis for BTCUSD for 3rd May 2023
Bitcoin Recovers but Remains Bearish Below $30k
Past Performance of BTC
Bitcoin prices bounced back on May 2, reversing losses. Bulls are finding reprieve with the coin 2% higher in the past 24 hours. However, the path of least resistance remains southwards in the short term. As long as prices are inside the bear bar of May 1, every high is an unloading opportunity for aggressive sellers targeting $27k and $25k in short to medium term.
Bitcoin Technical Analysis
BTC is pulling back after sharp gains in the past four months. There are signals of weakness, but price action remains in a breakout formation. For now, traders can watch out for how prices react in the short term. With the primary support marked at $27k, any high-volume loss below this level might trigger a sell-off towards $25k, an opportunity for conservative traders. Still, aggressive traders can look to unload on every attempt higher but within the bear bar of May 1. Targets remain at $27k and later $25k if sellers press on. Any expansion above $30k cancels this bearish outlook.
What to Expect from BTC
Buyers are confident, but the current trend favors sellers. Still, the bounce on May 2 doesn't mean sellers have the upper hand. If anything, sellers remain in charge if prices are below $30k. Further losses below $27k would draw in more sellers.
Resistance level to watch: $30k
Support level to watch: $27k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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