Technical Analysis for BTCUSD for 27th May 2022
Bitcoin Retests $28.7k, will BTC Prices Break Below the Bear Flag?
Past Performance of BTC
The Bitcoin price action of the past two weeks has been largely uneventful. A key thing to note is that there are no clear breakouts above or below immediate reaction points. Currently, BTCUSDT prices are below May 11 highs and above the $28.7k mark. There was a dose of volatility during the early NY session on May 26. At press time, prices are trending lower but within yesterday's bar.
Bitcoin Technical Analysis
Analysts are bullish, expecting a recovery. Nonetheless, before there is a lift-off, buyers must unshackle themselves from solid bears. Presently, BTCUSDT prices are inside a bear flag, with reaction points at $32k on the upper end and $28.7k on the lower end. There were attempts to close below last week's lows on May 26, which were quickly rebuffed as prices rose to spot levels. Still, risk-averse traders must wait for a clear price definition in the short term. A close above $30.5k could draw more buyers, creating an anchor for more gains towards $32k and possibly $34k. This would mark price bottoms and a lift-off towards $37.3k. Conversely, losses below $28.7k will heap more pressure on Bitcoin, triggering a dump that may take the coin towards $24k or worse.
What to Expect from BTC
Buyers are optimistic. Still, the failure of buyers to print higher is bearish. A break above or below the bear flag would define the short to medium-term price trajectory.
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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