Technical Analysis for BTCUSD for 19th May 2022
Bitcoin Upward Momentum Fizzling, BTC Held Below $30k
Past Performance of BTC
After days of anticipation, Bitcoin bulls are not pulling through, diffusing upward pressure. From the daily chart, BTC is down four percent in the last trading day, retracing deeper from the $30k psychological price level. The immediate term BTCUSDT candlestick favors sellers as long as prices are below $32k or May 9 highs.
Bitcoin Technical Analysis
There were flashes of lights earlier this week which were extinguished as BTC bulls labored below $30k. From a top-down perspective, sellers are in a commanding position. They may seek to unload on every pullback towards the $32k buy trigger line flashing with May 9 highs. Based on the BTCUSDT layout in the daily chart, prices are trickling lower and aligning with the dominant trend. As such, sellers may unload to target $26k in the immediate term. Conversely, there will be a ray of hope if BTC bulls clear $31.3k or May 15 highs. In that case, buyers may find the required momentum for a leg up towards $34k.
What to Expect from BTC
BTC prices are depressed at the moment, bearish, and consolidating inside a tight trade range. If bears confirm losses of the past two days, Bitcoin may likely slump to retest last week's lows at around $26.7k.
Resistance level to watch: $31.3k
Support level to watch: $26.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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