Technical Analysis for BTCUSD for 23rd May 2023
Bitcoin Erupts, Will Bulls Reverse Recent Losses?
Past Performance of BTC
Bitcoin Technical Analysis
The path of least resistance, in the short term, is southwards despite today’s gains. Traders should watch closely how prices react at $25.8k if bears press on. However, if the bear run is over and bulls are ready to take the coin to a higher level, a convincing close above $28.3k may trigger demand. Either way, the current sideways movement means sellers have the upper hand, and the channel could be a distribution. Going forward, traders can also watch trading volumes. A breakout with expanding participation levels could define the short-term trend. If bulls are determined and build on today’s gains, there must be a sharp, high-volume expansion above $28.3k in subsequent sessions.
What to Expect from BTC
Technically, sellers are in charge despite recent gains. Participation is relatively low, and traders are waiting for proper signals. For now, conservative traders can wait on the sidelines until there is a definitive breakout above or below the current range.
Resistance level to watch: $28.3k
Support level to watch: $25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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.