This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 11th May 2023

Bitcoin Dumps, Breakout below $27k Highly Likely

Past Performance of BTC

On May 10, Bitcoin prices crashed to as low as $26,900. However, prices recovered with a Doji bar forming. Still, the coin is lower when writing, within a bearish formation, with a high probability of even more losses in the sessions ahead. For now, traders should watch out for how prices react at the immediate support of $27k.

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

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020