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Technical Analysis for BTCUSD for 13th May 2022

Bitcoin adds 9%, BTC Prices back above $30k

Past Performance of BTC

The BTC price is back above $30k when writing, trackers reveal. The recovery is a shot in the arm for buyers following sharp, destabilizing losses below $28k on May 12. Sellers are still in control, but the pullback from the present reaction line could point to slowing down bears and a possibility of a higher high over the weekend. BTC is now up nine percent versus the USDT on the previous trading day.

Bitcoin Technical Analysis

Overall, sellers are still in the driving seat as per the arrangement in the daily chart. Although BTC is still within a bear breakout formation, bouncing from the $29.5k and $30k support zone, the path of least resistance is southwards. The immediate cap is at $32k and later $34k. Therefore, as long as prices are below these levels, sellers have the upper hand and may liquidate, targeting this week's lows of $26.7k. On the flip side, gains above $32k, correcting the undervaluation of May 12's bar, which is below the lower BB, could see BTC inch higher to retest $34k—a relief for optimistic but shredded bulls.

What to Expect from BTC

From the daily chart, BTC buyers appear to be recovering. However, the general sentiment is still bearish. A close above $32k, reversing the losses of May 11, could embolden buyers in the immediate term.

Resistance level to watch: $32k

Support level to watch: $26.7k

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

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