Past Performance of Bitcoin Bitcoin prices bounced back on May 2, reversing losses. Bulls are finding reprieve with the coin 2% higher in the past 24 hours. However, the path of least resistance remains southwards in the short term. As long as prices are inside the bear bar of May 1, every high is an unloading opportunity for aggressive sellers targeting FWB:27K and FWB:25K in short to medium term.
#Bitcoin Technical Analysis BTC is pulling back after sharp gains in the past four months. There are signals of weakness, but price action remains in a breakout formation. For now, traders can watch out for how prices react in the short term. With the primary support marked at FWB:27K, any high-volume loss below this level might trigger a sell-off towards FWB:25K, an opportunity for conservative traders. Still, aggressive traders can look to unload on every attempt higher but within the bear bar of May 1. Targets remain at FWB:27K and later FWB:25K if sellers press on. Any expansion above 30k cancels this bearish outlook.
What to Expect from #BTC? Buyers are confident, but the current trend favors sellers. Still, the bounce on May 2 doesn't mean sellers have the upper hand. If anything, sellers remain in charge if prices are below 30k. Further losses below FWB:27K would draw in more sellers. 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.