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Technical Analysis for BTCUSD for 26th May 2023

Bitcoin Selloff Drops, BTC Upside Limited at $27k

Past Performance of BTC

Bitcoin is down but steady, looking at price action in the daily chart. There are attempts of higher highs in the lower time frames, but the downtrend remains. As it is, primary resistance levels remain at May 24 highs at around $27k and $27.5k.

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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