Technical Analysis for BTCUSD for 10th May 2022
Bitcoin Dumps 15% to Retest an 11-Month Low at $30k
Past Performance of BTC
The Bitcoin price sank to as low as $30k on May 9 as bears stepped up. Following the sharp dump, sellers are in a commanding position. BTC is now down four percent in the previous trading day and a massive 15 percent week-to-date. Reading from the extreme fear in the market, sellers are apprehensive, and this won't help steady BTC.
Bitcoin Technical Analysis
The BTC price found support from H2 2021 lows, registering new 2022 lows on May 9. Considering the state of candlestick arrangement in the daily chart, sellers may find entries on every pullback towards $34.2k and $37.3k. Although BTCUSDT prices are pinned within the May 9 bear candlestick, yesterday's move could be climactic if Bitcoin bulls flow back, driving prices above $35k. Conversely, the coin may tank further to a multi-month low if sellers force prices below $30k. In that case, BTC may slide to as low as $24k.
What to Expect from BTC
Sellers are in a commanding position at spot levels. It is despite the widespread adoption. The dump could be sparked by fundamental factors, forcing a sell-off. However, how BTC prices react at $30k would shape the immediate and medium-term price action.
Resistance level to watch: $34.2k
Support level to watch: $30k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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