Technical Analysis for BTCUSD for 22nd May 2023
Bitcoin Sideways Movement, BTC Remains Bearish Below $28k
Past Performance of BTC
Bitcoin Technical Analysis
Overall, sellers have the upper hand in the short term. However, this outlook will change should the coin break above $28.3k and last week's highs. At spot rates, buyers have failed to reject selling pressure from the end of April 2023. Therefore, current formation swings to favor sellers. Even so, traders should wait for a convincing, high-volume breakout in either direction. A breakout above last week's highs with expanding volumes may anchor the base for the next leg up towards $30k or better. Conversely, losses below $25.8k may trigger a sell-off, aligning with the bear run from May 6 to 12. In that case, BTC may drop to $22.5k or lower.
What to Expect from BTC
Bulls are upbeat, but sellers are also determined. The result is a sideways movement which can either be a consolidation or distribution, depending on the breakout direction. BTC is bearish from an effort versus result perspective laid out by early May 2023 price action.
Resistance level to watch: $28.3k
Support level to watch: $25.8k
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