#Bitcoin Sideways Movement, BTC Remains Bearish Below $28k
Past Performance of Bitcoin
The horizontal consolidation of BTC prices below 28.3k continues. As it is, the sideways movement is within a leg down. Because of this, sellers are in control in the immediate term. This preview is, nonetheless, forming within a broader bull formation defined by the solid gains posted from mid-March 2023. Technically, watchers should watch how prices react at 25.8k, the immediate support trigger line.
#Bitcoin Technical Analysis
Overall, sellers have the upper hand in the short term. However, this outlook will change should the coin break above 28.3k and last week's highs. At spot rates, buyers have failed to reject selling pressure from the end of April 2023. Therefore, current formation swings to favor sellers. Even so, traders should wait for a convincing, high-volume breakout in either direction. A breakout above last week's highs with expanding volumes may anchor the base for the next leg up towards 30k or better. Conversely, losses below 25.8k may trigger a sell-off, aligning with the bear run from May 6 to 12. In that case, BTC may drop to 22.5k or lower.
What to Expect from #BTC?
Bulls are upbeat, but sellers are also determined. The result is a sideways movement which can either be a consolidation or distribution, depending on the breakout direction. BTC is bearish from an effort versus result perspective laid out by early May 2023 price action.
Resistance level to watch: 28.3k
Support level to watch: 25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
The horizontal consolidation of BTC prices below 28.3k continues. As it is, the sideways movement is within a leg down. Because of this, sellers are in control in the immediate term. This preview is, nonetheless, forming within a broader bull formation defined by the solid gains posted from mid-March 2023. Technically, watchers should watch how prices react at 25.8k, the immediate support trigger line.
#Bitcoin Technical Analysis
Overall, sellers have the upper hand in the short term. However, this outlook will change should the coin break above 28.3k and last week's highs. At spot rates, buyers have failed to reject selling pressure from the end of April 2023. Therefore, current formation swings to favor sellers. Even so, traders should wait for a convincing, high-volume breakout in either direction. A breakout above last week's highs with expanding volumes may anchor the base for the next leg up towards 30k or better. Conversely, losses below 25.8k may trigger a sell-off, aligning with the bear run from May 6 to 12. In that case, BTC may drop to 22.5k or lower.
What to Expect from #BTC?
Bulls are upbeat, but sellers are also determined. The result is a sideways movement which can either be a consolidation or distribution, depending on the breakout direction. BTC is bearish from an effort versus result perspective laid out by early May 2023 price action.
Resistance level to watch: 28.3k
Support level to watch: 25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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