Technical Analysis for BTCUSD for 17th May 2023
Bitcoin Bearish below $28.3k, Selling Pressure Falling
Past Performance of BTC
Bitcoin prices remain flaccid, moving within a tight range, in a general bearish formation. After temporarily floating above $27k, prices dropped below the critical resistance level. As it is, bears remain in control. BTC is in a breakout formation with liquidation levels at $27k and $28.3k. As it is, sellers can look for entries. However, there could be more once there is a break below last week's lows at $25.8k.
Bitcoin Technical Analysis
The path of least resistance is southwards, at least in the immediate term. The failure of bulls to push forward yesterday swung prices in favor of sellers. Still, prices remain in consolidation. However, this can change if there is a decisive, high-volume dump below $25.8k. In light of this, conservative traders can wait while aggressive traders double down, selling on attempts to retest the ceiling at $27k and $28.3k, respectively. This preview will be canceled once prices surge above $28.3k and $30k with expanding volumes. If not, BTC could crash towards $25k and $22.5k, especially if the coin drops below last week's lows.
What to Expect from BTC
The coin remains under pressure, but selling momentum is waning. There are higher highs relative to the lower BB, signaling strength. Even so, sellers have the upper hand unless bulls push prices above $28.3k.
Resistance level to watch: $28.3k
Support level to watch: $25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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