Technical Analysis for BTCUSD for 11th May 2023
Bitcoin Dumps, Breakout below $27k Highly Likely
Past Performance of BTC
Bitcoin Technical Analysis
There are a series of lower lows at spot rates, and Bitcoin is no exception. Specifically, in the 1hr chart, prices are within a bear bar of yesterday's NY session. Therefore, sellers have the upper hand unless there is a sharp expansion above $28.3k. For this reason, traders can look for shorts in lower time frames However, a breakout below yesterday's lows and $27k would provide better entries for risk-averse traders. In that case, BTC may slip to as low as $25k in the coming sessions.
What to Expect from BTC
As mentioned earlier, Bitcoin is fragile, and sellers are pressing on. While aggressive traders can look to dump on any attempt higher towards $28.3k or May 10 highs, there are better entries once there is a comprehensive close below April lows.
Resistance level to watch: $28.3k
Support level to watch: $27k
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