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Technical Analysis for BTCUSD for 8th May 2023

Bitcoin in a Wedge, BTC has Vital Support at $27k

Past Performance of BTC

Over the weekend, Bitcoin prices moved lower. The sharp drop on May 6 wasn't confirmed on May 7. As such, the coin remains within a $4k trade range with resistance and support at $31k and $27k, respectively. Still, the uptrend holds, and prices are now inside a wedge after sharp gains from mid-March 2023.

Bitcoin Technical Analysis

As it is, bulls are in control. With prices inside a bear flag, traders are watching out for how prices will react at $27k on the lower end. On the upper end, the resistance trend line, coupled with immediate resistance levels at $30k and $31k, is important. Unless there is a breakout, traders should watch from the sidelines. Since the primary trend from a top-down preview is bullish, gains above $30k and, ideally, $31k could propel the coin toward $35k. Conversely, losses below $27k may see BTC slip to $25k in a bear continuation from the second half of April.

What to Expect from BTC

Traders are cautious, reading from decreasing participation levels. Even as prices move inside a wedge, trading volumes are relatively low. Traders can wait for trend definition with bulls with the upper hand considering gains of the past few months.

Resistance level to watch: $30k

Support level to watch: $28.3k

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

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