Technical Analysis for BTCUSD for 20th May 2022
Bitcoin Moving in a Tight $5k Range, BTC Still Sellers Dominant
Past Performance of BTC
The Bitcoin price is still under pressure and struggling against a wave of determined sellers despite May 19 gains. From the daily chart, BTCUSDT is stable as losses of May 18 were reversed yesterday. Still, the coin is under pressure after deep losses of early last week. The coin is currently down 23 percent from May highs and is within a bear breakout formation established from May 9 to 11.
Bitcoin Technical Analysis
Sellers have the upper hand at spot rates despite market-wide confidence and recoveries in some assets. Notably, BTCUSDT prices are oscillating within last week's bear range, at around the psychological round number at $30k. Losses on May 18 heaped more pressure on bulls, forcing the coin lower, aligning with the dominant bear trend. However, the bounce on May 19 is instilling confidence. Nonetheless, as long as prices are below the $32k liquidation line marking May 15 highs, sellers may search for entries in lower time frames. The immediate target, in that case, will be 2022 lows of $26.7k. On the flip side, a high volume close above $32k resulting in a bullish engulfing bar may be the anchor for the next leg up towards $37.3k.
What to Expect from BTC
Bitcoin is propped by solid fundamentals, which is bullish. However, before there are convincing recoveries, ideally above $32k, BTCUSDT is bearish in the short term.
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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