This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 22nd May 2023

Bitcoin Sideways Movement, BTC Remains Bearish Below $28k

Past Performance of BTC

The horizontal consolidation of BTC prices below $28.3k continues. As it is, the sideways movement is within a leg down. Because of this, sellers are in control in the immediate term. This preview is, nonetheless, forming within a broader bull formation defined by the solid gains posted from mid-March 2023. Technically, watchers should watch how prices react at $25.8k, the immediate support trigger line.

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

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020