Technical Analysis for BTCUSD for 9th May 2023
Bitcoin Slips, May Break Below $27k Marking April 2023 Lows
Past Performance of BTC
Bitcoin is down 4% on the last trading day, dropping below $28k, and inching closer to $27k, an important support level. This reaction points marks April 2023 lows. If lost, BTC may break out, slipping towards $25k in continuation of losses posted from April 19.
Bitcoin Technical Analysis
In the daily chart, BTC is down 12% from April highs, dropping lower as the upside momentum fades. Even though buyers are in control from a top-down preview, a head-and-shoulder pattern has formed in the daily chart. Primary support is at $27k, marking April 2023 lows. Therefore, with sellers pressing on, albeit with low volatility since BB are nearly horizontal, traders can watch out for how prices react at $27k. Ideally, a breakout with expanding volumes could see BTC drop to as low as $25k. Any upswing above $28.3k and $30k, reversing recent losses, will invalidate this bearish outlook.
What to Expect from BTC
Buyers are confident that prices will recover. Even so, losses have been steep, and the coin is at the cusp of breaking a critical, multi-month support level. Any drop below this line may mark the beginning of a leg down, pressurizing coin holders.
Resistance level to watch: $28.3k
Support level to watch: $27k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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