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