Past Performance of Bitcoin
The BTC price is back above $30k when writing, trackers reveal. The recovery is a shot in the arm for buyers following sharp, destabilizing losses below $28k on May 12. Sellers are still in control, but the pullback from the present reaction line could point to slowing down bears and a possibility of a higher high over the weekend. BTC is now up nine percent versus the USDT on the previous trading day.
#Bitcoin Technical Analysis
Overall, sellers are still in the driving seat as per the arrangement in the daily chart. Although BTC is still within a bear breakout formation, bouncing from the $29.5k and $30k support zone, the path of least resistance is southwards. The immediate cap is at $32k and later $34k. Therefore, as long as prices are below these levels, sellers have the upper hand and may liquidate, targeting this week's lows of $26.7k. On the flip side, gains above $32k, correcting the undervaluation of May 12's bar, which is below the lower BB, could see BTC inch higher to retest $34k—a relief for optimistic but shredded bulls.
What to Expect from #BTC?
From the daily chart, BTC buyers appear to be recovering. However, the general sentiment is still bearish. A close above $32k, reversing the losses of May 11, could embolden buyers in the immediate term.
Resistance level to watch out for: $32k
Support level to watch out for: $26.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
The BTC price is back above $30k when writing, trackers reveal. The recovery is a shot in the arm for buyers following sharp, destabilizing losses below $28k on May 12. Sellers are still in control, but the pullback from the present reaction line could point to slowing down bears and a possibility of a higher high over the weekend. BTC is now up nine percent versus the USDT on the previous trading day.
#Bitcoin Technical Analysis
Overall, sellers are still in the driving seat as per the arrangement in the daily chart. Although BTC is still within a bear breakout formation, bouncing from the $29.5k and $30k support zone, the path of least resistance is southwards. The immediate cap is at $32k and later $34k. Therefore, as long as prices are below these levels, sellers have the upper hand and may liquidate, targeting this week's lows of $26.7k. On the flip side, gains above $32k, correcting the undervaluation of May 12's bar, which is below the lower BB, could see BTC inch higher to retest $34k—a relief for optimistic but shredded bulls.
What to Expect from #BTC?
From the daily chart, BTC buyers appear to be recovering. However, the general sentiment is still bearish. A close above $32k, reversing the losses of May 11, could embolden buyers in the immediate term.
Resistance level to watch out for: $32k
Support level to watch out for: $26.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
