Technical Analysis for BTCUSD for 3rd May 2023
Bitcoin Recovers but Remains Bearish Below $30k
Past Performance of BTC
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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