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
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!
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.