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
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