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

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.

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