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

Technical Analysis for BTCUSD for 12th May 2023

Bitcoin Slips Below Critical Support, BTC Traders Targeting $25k

Past Performance of BTC

On May 11, Bitcoin prices fell lower, dropping below the $27k level. BTC is below the primary trade range, distributing and under pressure at spot rates. Bears have the upper hand, and sellers can look for entries, riding the emerging trend with targets at crucial support levels in the short term.

Bitcoin Technical Analysis

The path of least resistance is southwards, reading from the performance in the daily chart. BTC prices are trending below the wedge and April 2023 lows in a breakout formation. Moreover, bear bars are beginning to band along the lower BB, suggesting that momentum is shifting to support sellers. Based on this, traders might start looking for entries on any attempt higher toward $28.3k and the April 2023 lows. Targets will be $25k and $21.5k in the days ahead. Any reversal, pushing prices above $28.3k and $30k, will nullify this preview.

What to Expect from BTC

After a 56% rally from mid-March, BTC is cooling off. This retracement precedes a consolidation from late March through April when the coin soared toward $31k. Still, as BTC falls, whether sellers will double down in the days ahead will shape the medium-term trend.

Resistance level to watch: $28.3k

Support level to watch: $25k

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