#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.
