This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 9th May 2022

Bitcoin Sell-off Continues, BTC May Retest Q1 2022 Lows of $32.5k

Past Performance of BTC

Bitcoin is inches away from retesting Q1 2022 lows. The coin is down four percent in the last trading day. Buyers are struggling to keep up against a deluge of sellers. Based on the formation in the daily chart, traders can unload on every attempt to pullback towards recent highs.

Bitcoin Technical Analysis

BTC sellers are firmly in control, dashing bulls' hopes. From the daily chart, the path of least resistance is southwards. Notably, bear bars are banding along the lower BB, pointing to strong liquidation pressure. At the same time, the divergence from the middle BB suggests high volatility. At spot rates, BTC is within a bear breakout set in motion by the April 11 bear bar and confirmed by subsequent bars, including the conspicuous, high volume candlestick of May 5. Reading from the daily chart, odds of BTC sliding to $32.5k and Q1 2022 lows remain elevated.

What to Expect from BTC

Bitcoin is under immense selling pressure following the dump from $37.3k. BTC may easily slide to retest key reaction points of the Q1 2022 trade range if bears continue to double down.

Resistance level to watch: $37.3k

Support level to watch: $32.5k

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

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020