Technical Analysis for BTCUSD for 17th May 2022
Bitcoin Edges Higher, will BTC Prices Pierce $32k?
Past Performance of BTC
Bitcoin prices continue to move within tight trade ranges when writing. Although there were hints of strength, the pullback from May 15's highs could slow down ambitious buyers. As per the current arrangement, sellers remain in control as long as prices continue oscillating inside May 9 and 11 bear candlesticks.
Bitcoin Technical Analysis
BTCUSDT is within a bear breakout formation. Bulls have unsuccessfully maintained prices above $32k—the first resistance level despite encouraging gains over the past few trading sessions. Therefore, since prices are within last week's trade range, sellers can find entries from a volume analysis perspective. Besides the slow advance northwards, the recent leg up has relatively low trading volumes. Therefore, every attempt higher may offer entries for sellers angling for a retest of last week's lows at $26.7k. Conversely, if there is a spike in volumes, thrusting prices above $32k and later, $34k, the bearish preview will be null.
What to Expect from BTC
At spot rates, BTC is struggling against a wave of sellers. The immediate resistance level is $32k. However, prices are pinned below $30k, pointing to general weakness and intense selling pressure.
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.
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.