Technical Analysis for BTCUSD for 19th May 2023
Bitcoin Dumps, Upside Momentum Fades
Past Performance of BTC
Bitcoin prices are wavy, looking at how prices have been moving in the past two trading days. After the coin posted encouraging gains on May 17, yesterday's losses forced the coin lower, wiping gains and swinging price action back to bearish territory. Overall, the downtrend set in motion from late April 2023 remains.
Bitcoin Technical Analysis
The downtrend is clear as long as BTC remains below $28.3k and $30k on the upper end. As such, traders might find opportunities to double down on their shorts. This preview depends on if bears will press lower today, confirming yesterday's losses and pushing BTC below the $25.8k support level marking this week's lows. In all, conservative traders should watch out for how price action pans out, aware that a high volume break below this week's lows will trigger further liquidation. From that, the bear breakout formation of last week will be confirmed, setting the motion for a possible drop towards $25k and $22.5k in a sell trend continuation formation.
What to Expect from BTC
Overall, the short-term trend ticks to favor sellers. There have been no solid gains above immediate liquidation levels to support bulls. Therefore, every opportunity where prices rise towards $28.3k may offer entries for traders expecting further losses in the short to medium term.
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.