Technical Analysis for BTCUSD for 15th May 2023
Bitcoin Rejects Bears after Slipping to $25.8k
Past Performance of BTC
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
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