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.
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