#Bitcoin Dumps, Breakout below $27k Highly Likely
Past Performance of Bitcoin
On May 10, Bitcoin prices crashed to as low as $26,900. However, prices recovered with a Doji bar forming. Still, the coin is lower when writing, within a bearish formation, with a high probability of even more losses in the sessions ahead. For now, traders should watch out for how prices react at the immediate support of 27k.
#Bitcoin Technical Analysis
There are a series of lower lows at spot rates, and Bitcoin is no exception. Specifically, in the 1hr chart, prices are within a bear bar of yesterday's NY session. Therefore, sellers have the upper hand unless there is a sharp expansion above 28.3k. For this reason, traders can look for shorts in lower time frames However, a breakout below yesterday's lows and
27K would provide better entries for risk-averse traders. In that case, BTC may slip to as low as 
25K in the coming sessions.
What to Expect from #BTC?
As mentioned earlier, Bitcoin is fragile, and sellers are pressing on. While aggressive traders can look to dump on any attempt higher towards 28.3k or May 10 highs, there are better entries once there is a comprehensive close below April lows.
Resistance level to watch: 28.3k
Support level to watch:27K
Disclaimer: Opinions expressed are not investment advice. Do your research.
On May 10, Bitcoin prices crashed to as low as $26,900. However, prices recovered with a Doji bar forming. Still, the coin is lower when writing, within a bearish formation, with a high probability of even more losses in the sessions ahead. For now, traders should watch out for how prices react at the immediate support of 27k.
#Bitcoin Technical Analysis
There are a series of lower lows at spot rates, and Bitcoin is no exception. Specifically, in the 1hr chart, prices are within a bear bar of yesterday's NY session. Therefore, sellers have the upper hand unless there is a sharp expansion above 28.3k. For this reason, traders can look for shorts in lower time frames However, a breakout below yesterday's lows and
27K would provide better entries for risk-averse traders. In that case, BTC may slip to as low as 25K in the coming sessions.What to Expect from #BTC?
As mentioned earlier, Bitcoin is fragile, and sellers are pressing on. While aggressive traders can look to dump on any attempt higher towards 28.3k or May 10 highs, there are better entries once there is a comprehensive close below April lows.
Resistance level to watch: 28.3k
Support level to watch:
27K Disclaimer: Opinions expressed are not investment advice. Do your research.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.