Bitcoin (BTC/XBT) Daily Technical Analysis 2021/05/22

Bitcoin broke down from the symmetrical triangle and closed below the 38-39.5k zone. Consolidated there for a little bit before moving down a second leg (very typical after an initial large break of structure) down to the golden pocket of 34.5k, where it has had a nice bounce. It is now retesting the point of breakout at 38k. Bulls need to close above 38k in order to reverse the immediate bearish structure and bearish momentum and potentially even start to put in some bullish structure.

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after forming a bullish 3-finger pattern, bitcoin has rallied back into the critical 38-39.5k zone, the zone from which it broke. If we can break and close above 39.5k, this will be the first important bullish formation since the crash.