#Bitcoin in a Wedge, BTC Has Vital Support at $27k
Past Performance of Bitcoin
Over the weekend, Bitcoin prices moved lower. The sharp drop on May 6 wasn't confirmed on May 7. As such, the coin remains within a $4k trade range with resistance and support at
31K
and
27K
, respectively. Still, the uptrend holds, and prices are now inside a wedge after sharp gains from mid-March 2023.
#Bitcoin Technical Analysis
As it is, bulls are in control. With prices inside a bear flag, traders are watching out for how prices will react at
27K
on the lower end. On the upper end, the resistance trend line, coupled with immediate resistance levels at $30k and
31K
, is important. Unless there is a breakout, traders should watch from the sidelines. Since the primary trend from a top-down preview is bullish, gains above $30k and, ideally,
31K
could propel the coin toward $35k. Conversely, losses below
27K
may see BTC slip to
25K
in a bear continuation from the second half of April.
What to Expect from #BTC?
Traders are cautious, reading from decreasing participation levels. Even as prices move inside a wedge, trading volumes are relatively low. Traders can wait for trend definition with bulls with the upper hand considering gains of the past few months.
Resistance level to watch: $30k
Support level to watch:
27K
Disclaimer: Opinions expressed are not investment advice. Do your research.
Over the weekend, Bitcoin prices moved lower. The sharp drop on May 6 wasn't confirmed on May 7. As such, the coin remains within a $4k trade range with resistance and support at
31K
and
27K
, respectively. Still, the uptrend holds, and prices are now inside a wedge after sharp gains from mid-March 2023. #Bitcoin Technical Analysis
As it is, bulls are in control. With prices inside a bear flag, traders are watching out for how prices will react at
27K
on the lower end. On the upper end, the resistance trend line, coupled with immediate resistance levels at $30k and
31K
, is important. Unless there is a breakout, traders should watch from the sidelines. Since the primary trend from a top-down preview is bullish, gains above $30k and, ideally,
31K
could propel the coin toward $35k. Conversely, losses below
27K
may see BTC slip to
25K
in a bear continuation from the second half of April. What to Expect from #BTC?
Traders are cautious, reading from decreasing participation levels. Even as prices move inside a wedge, trading volumes are relatively low. Traders can wait for trend definition with bulls with the upper hand considering gains of the past few months.
Resistance level to watch: $30k
Support level to watch:
27K
Disclaimer: Opinions expressed are not investment advice. Do your research.
