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.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.