Technical Analysis for BTCUSD for 26th May 2023
Bitcoin Selloff Drops, BTC Upside Limited at $27k
Past Performance of BTC
Bitcoin Technical Analysis
The path of least resistance is southwards, and BTC is within a bear formation. Overall, traders can look for short entries if prices are inside the May 24 bear trade range and below $27k. In a bear breakout, every attempt higher is a retest of the previous support turned resistance. The trend is clear, and sellers can double down, targeting last week's lows at around $25.8k. Deeper losses may trigger even more drawdown towards $22.5k and $20k.
What to Expect from BTC
Bulls are confident since the BTC price action is broadly within a bullish formation in higher time frames. The immediate support is $25.8k. Still, the upside is capped at around $27k and last week's highs. Bears will continue dominating as long as prices cannot float back to the primary bullish trend.
Resistance level to watch: $27k
Support level to watch: $25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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