Technical Analysis for BTCUSD for 11th May 2022
Bitcoin Bulls Plugging the Drain, BTC Finds Support at $30k
Past Performance of BTC
According to trackers, Bitcoin is back to July 2021 lows when writing, dumping double digits in the last trading week. At spot rates, BTC is bearish and retesting critical support lines. Although the coin is evidently under immense selling pressure, the rejection of lower prices on May 10 could indicate shifting trader sentiments.
Bitcoin Technical Analysis
The selling momentum is intense as per the BTCUSDT candlestick arrangement in the daily chart. While the path of least resistance is southwards, the primary reaction stands at around $30k. The response at this BTC price level would shape the immediate and medium-term. Following the rejection of lower prices on May 10, there is a bullish bar with a long upper wick below the lower BB, pointing to a possible undervaluation. This could be corrected in the days ahead in a development that may offer support for BTC prices. Still, losses below $30k would place bears squarely in charge, forcing BTC to new 2022 lows.
What to Expect from BTC
Bitcoin is closely watched. Bulls appear to be plugging the drain of May 9. However, the short to medium-term price trajectories depend on the reaction at $34k—flashing with May 9's highs-- on the upside and $29.5k on the lower end.
Resistance level to watch: $34k
Support level to watch: $29.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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