Technical Analysis for BTCUSD for 25th May 2023
Bitcoin Dumps in a Breakout, BTC May Drop to $22.5k
Past Performance of BTC
Bitcoin is in red, dropping roughly 3% in the last 24 hours. Following an extended sideways movement, the coin is now bearish and edging lower in line with recent losses from early May. Based on yesterday's gains, traders should look for entries to unload the coin on every attempt higher. At this pace, the immediate target can be $25.8k and later $22.5k.
Bitcoin Technical Analysis
BTC prices broke below key support levels early today, swinging the coin into bearish territory in a breakout pattern. Considering the pace of the drawdown and the level of support, it appears that sellers are in the driving set. The chart shows that volumes are above average, meaning the sell-off had high participation levels. From this setup, the first resistance level is between $26.6k and $27.5k. Every attempt within this range may offer shorting opportunities with targets at $25.8k. If sellers press on, BTC may crumble to $22.5k in a bear trend continuation pattern. The only time this preview won't hold is if Bitcoin unexpectedly expands above $28.3k, peeling back yesterday's losses.
What to Expect from BTC
The coin is under pressure, and bears are unrelenting. As it is, this sell-off may continue, marking the start of another leg down after a pause from mid-May. Sellers can continue dumping, provided prices are below the recent resistance zone between $27.6k and $28.3k on the upper end.
Resistance level to watch: $27.5k
Support level to watch: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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