Technical Analysis for BTCUSD for 16th May 2023
Bitcoin Floats Higher, Gains Could be Short-Lived
Past Performance of BTC
Bitcoin Technical Analysis
Though prices are higher, trading volumes are relatively thin, and BTC remains within a bear breakout formation. At this stage, sellers are still in a commanding position. Notice that prices are still inside the May 10 to 12 trade range, swinging price action to favor sellers from an effort versus result perspective. In the days ahead, there must be a conclusive close above the $28.3k and $30k, with expanding volumes, for buyers to take charge. Conversely, any contraction pushing prices below last week's lows at $25.8k may trigger more dumps towards $25k and $22.5k in a bear-trend continuation formation.
What to Expect from BTC
Sellers have the upper end despite yesterday's gains. This preview holds if prices are below the $28.3k and $30k zone. Moreover, prices are higher with lighter volumes, meaning participation is still lower; suggesting weakness.
Resistance level to watch: $28.3k
Support level to watch: $25.8k
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