Technical Analysis for BTCUSD for 26th May 2022
Bitcoin in a Bear Flag, BTC Bulls Find Ceiling at $32k
Past Performance of BTC
Bitcoin prices are moving inside a $3.5k range as trading volumes dry up. From the daily chart, the liquidation level is at May 11 highs. Although buyers are upbeat, BTC prices are still in a bear breakout formation pattern. BTC is up two percent in the past trading week. At the same time, it is at break-even with the USDT in the past 24 hours.
Bitcoin Technical Analysis
There is a bear flag in the daily chart. Bitcoin prices are within a $3.5k trade range with decreasing trading volumes in a bear breakout formation.
Notably, prices are still within the May 11 bear bar, marking a solid leg down in the first half of May.
In subsequent sessions, traders may wait until a clear trend develops. A breakout below or above May 11 trade range would determine the immediate and medium-term price trajectory.
What to Expect from BTC
Bulls are optimistic, but the BTCUSDT price action is bearish, struggling to contain waves of sellers. Subsequently, this prevents buyers from building on gains registered from May 12 to 15, heaping more pressure on prices.
Resistance level to watch: $32k
Support level to watch: $28.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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