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Technical Analysis for BTCUSD for 15th May 2023

Bitcoin Rejects Bears after Slipping to $25.8k

Past Performance of BTC

The last three days have been turbulent for BTC prices. Bitcoin prices crashed to as low as $25,800 before bouncing and stabilizing. Despite the recovery, price action favors sellers since the coin is trading at below critical resistance. Overall, this outlook will remain bearish and can influence price action in the session ahead.

Bitcoin Technical Analysis

The bearish outlook remains until prices break $28.3k and $30k. This can happen considering the long lower wick of May 12, pointing to strong rejection. Notice that the follow-through wasn't strong, suggesting pent-up momentum that can only be shaped once there is a breakout. A surge higher may be the foundation for a leg up to $31k. Moreover, the strong rejection on May 12 is at the 50% Fibonacci retracement level of the March to April 2023 trade range, an important level. Therefore, how prices pan out in the days ahead can shape the medium-term trend.

What to Expect from BTC

The bear run could be coming to an end, and the May 12 bar had a long lower wick suggesting intense buying pressure. Moreover, the divergence from the lower BB indicates low volatility. Therefore, there are risks for traders who might short without a convincing close below last week's lows at $25.8k. For now, any upswing above $28.3k might ignite demand.

Resistance level to watch: $28.3k

Support level to watch: $25.8k

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

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