Technical Analysis for BTCUSD for 18th May 2023
Bitcoin Floats Higher, Selling Momentum Waning
Past Performance of BTC
Bitcoin is higher today, shaking off the weakness of the past few days, but is capped below immediate resistance lines at $28.3k and $30k. Even though the downtrend remains and prices are within a range defined by sellers early this month, selling momentum is waning. For now, how prices react at $28.3k and $25.8k on the lower end will shape the immediate-term trend.
Bitcoin Technical Analysis
The path of least resistance, at least in the short term, remains southwards. This preview is despite the rejection of lower prices on May 17. What's noticeable about yesterday's gains is that trading volumes were decent. With prices higher, traders may wait for clearer signals before loading and trading in the direction of the emerging trend. Since sellers are technically in control, any dip below $25.8k may see BTC post more losses towards $25k or worse. Conversely, any expansion above this week's high and $28.3k may nullify this outlook, allowing BTC to expand towards April highs at $31k.
What to Expect from BTC
Traders are closely watching out for what the immediate trend will turn out to be. In all, the uptrend from a top-down preview remains. Even so, the drop below $27k last week questions the strength of buyers. Still, a recovery lifting the coin above recent resistance levels may drive the coin higher.
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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CryptoAltum does not accept any clients under the age of 18.