This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

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.

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. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020