Technical Analysis for BTCUSD for 24th May 2022
Bitcoin Prices in a Bear Flag, BTC Adds 15% in 2 Weeks
Past Performance of BTC
Bitcoin prices are posting higher highs when writing, soaking bear pressure and improving general trader sentiment. While there are positive gains, BTCUSDT prices are trending inside a bear flag. Therefore, unless there are comprehensive, high-volume gains above immediate liquidation levels, bears still have the upper hand from an effort versus results perspective. Notably, prices are within the May 5 to 11 trade range. In the last trading day, BTC is up three percent and stable versus the USDT in the past trading week.
Bitcoin Technical Analysis
There are hints of strength at spot rates. Still, risk-averse traders need to wait for clean breakouts above immediate liquidation lines for trend definition.
The recent consolidation can either be an accumulation or distribution depending on the breakout direction inside the current $3.5 range.
A surge above $31.6k and ideally $32k, flashing with the May 11 bar, could set the trend. On the flip side, losses below the bear flag may trigger a dump towards 2022 lows. In that case, BTCUSDT prices could break above $34k as Bitcoin bottoms up.
What to Expect from BTC
BTC bulls are upbeat. Nonetheless, sellers have the upper hand. Going forward, the reaction at $28.7k and $32k would shape the immediate and medium-term formation.
Resistance level to watch: $31.5k
Support level to watch: $28.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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