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Technical Analysis for BTCUSD for 5th May 2023

Bitcoin Flat-Lining below $30k in a Possible Distribution

Past Performance of BTC

Bitcoin is uneventful when writing. The coin is generally lower, trending below $30k. However, since it is above $28.3k and $27k is still a valid reaction point, traders should wait until a convincing breakout. The spike, in either direction, should be with rising volumes.

Bitcoin Technical Analysis

BTC prices are inside the Doji bar printed on April 26. In the short term, sellers from April 19 to 21 define the immediate trend. The resulting consolidation has capped the uptrend and prevented sellers from causing more damage to bulls. Therefore, while the upswing remains from a top-down preview, traders can wait for a clean breakout below $27k or above $30k, and preferably $31k, before engaging.

What to Expect from BTC

The consolidation is sapping momentum. In a possible distribution, sellers have the upper hand from an effort versus result preview considering losses from mid-April. $27k is a critical buying zone that, if lost, could see BTC crater to $25k in a bear continuation pattern.

Resistance level to watch: $30k

Support level to watch: $27k

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

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