Technical Analysis for BTCUSD for 18th May 2022
Bitcoin Wavy Around $30k; BTC's Primary Trend is Bearish
Past Performance of BTC
BTC bulls are still struggling at spot rates and with relatively low trading volumes slowing down the rally beyond immediate ceilings. BTC prices are consolidating horizontally at spot rates even though the primary trend is bearish. As per the BTCUSDT arrangement, the immediate resistance level is at May 11 highs of $32k.
Bitcoin Technical Analysis
The path of least resistance is southwards, and bears are still in charge despite recent gains. BTC prices are oscillating horizontally, tethered around the $30k--a psychological price level. Even though buyers are confident and expect higher highs, the likelihood of fresh losses below last week's lows remains pronounced. For now, risk-averse traders may wait for a clear trend definition. Any break above $32k may see BTC expand to $34k in a welcomed recovery. On the flip side, losses below $26.7k could see Bitcoin plunge to $24k or worse in a bear continuation pattern.
What to Expect from BTC
The increasing adoption wave of the digital gold may offer support in the medium to long term. Presently, the optimism around fundamental factors is yet to bear fruits. BTC is bearish with a strong liquidation line at $32k.
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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