Technical Analysis for BTCUSD for 23rd May 2022
Bitcoin Consolidates, Will Bulls Sustain Prices Above $28.5k?
Past Performance of BTC
BTC prices are up three percent in the past 24 hours. However, BTCUSDT is consolidating as per the candlestick arrangement in the daily chart. Although Bitcoin bulls may drive prices above the immediate resistance at around $32k, sellers are still in charge with a clearly defined support at last week's lows.
Bitcoin Technical Analysis
BTCUSDT prices are in range, accumulating and printing higher highs relative to the lower BB, indicating that bull momentum could be building up. The current formation has resulted in a bear flag following the rebound from 2022's lows at $26.7k. Nonetheless, unless there is a comprehensive close above $32k and May 11 highs, sellers have the upper hand. Risk-averse bulls may find better entries once prices edge past $32k, preferably with rising trading volumes. In that case, BTC may soar to $37.3k as prices bottom up. On the flip side, price drops below last week's lows at $28.5k may heap more pressure on BTC, pushing the coin back to 2022 lows at $26.7k.
What to Expect from BTC
Bitcoin is still under pressure despite higher highs. Price gains above the current consolidation may draw more buyers, pumping BTC to new weekly highs.
Resistance level to watch: $32k
Support level to watch: $28.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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