Technical Analysis for BTCUSD for 30th May 2022
Bitcoin Prices Break above the Bear Flag, adding 4%
Past Performance of BTC
BTC prices are encouragingly up in the last trading day, breaking above the middle BB. Despite general optimism and some traders saying the bear run is exhausted, Bitcoin prices are still below critical resistance levels. In the past trading day, Bitcoin is up four percent but down 34 percent from April 2022 highs.
Bitcoin Technical Analysis
Technically, BTCUSDT prices could be in a firm downtrend but prices have broken above the bear flag, reading from the development in the daily chart. The primary support is $28.7k, while resistance and buy trigger are still at May 11 highs and $32k. Risk-averse traders should wait for a clear trend definition above or below these reaction levels. Meanwhile, aggressive bulls may load on dips, targeting $34k. On the cautious side, if there is a bear trend continuation, BTC may drop to $24k and register new 2022 lows. Thus far, in the monthly chart, prices are below the 20-month moving average, a concern for sellers.
What to Expect from BTC
From a top-down analysis, BTC prices are in a bear breakout formation. Still, the revival in the past 24 hours and the close above the middle BB may trigger more demand in the days ahead.
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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