Past Performance of Bitcoin Bitcoin is fast dropping, looking at how prices performed at the start of May. Presently, the coin is down 7% and within a bear formation set in motion from April 19. Critical support and resistance levels in the current setup remain at FWB:27K and 30k, respectively, following the drop below 28.3k. Overall, sellers have the upper hand in the short term even though the path of least resistance from a top-down preview is still northwards.
#Bitcoin Technical Analysis Bears are in the driving seat following yesterday's losses, and aggressive traders may look to sell. Since the May 1 bear bar is engulfing and wide-ranging, traders can look to hitch the downtrend on every attempt higher below 28.3k. Immediate support is now at FWB:27K, marking April 2023 lows. Even so, for a more precise trend definition, there must be a high-volume close below FWB:27K for confirmation of sellers. As such, conservative traders can wait for this to print out before engaging, targeting 25k. Any unexpected surge above 30k and April 26 highs would cancel this preview.
What to Expect from #BTC? Overall, the uptrend is firm, and BTC surged over 50% from mid-March 2023. As it is, primary support lies at FWB:27K, while resistance is marked at 30k. Although yesterday's bar may anchor the unfolding bear trend, a comprehensive close below the current trade range is vital. Resistance level to watch out for: 30k Support level to watch out for: FWB:27K
Disclaimer: Opinions expressed are not investment advice. Do your research.