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.
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CryptoAltum does not accept any clients under the age of 18.