#Bitcoin Floats Higher, Selling Momentum Waning
Past Performance of Bitcoin
Bitcoin is higher today, shaking off the weakness of the past few days, but is capped below immediate resistance lines at 28.3k and 30k. Even though the downtrend remains and prices are within a range defined by sellers early this month, selling momentum is waning. For now, how prices react at 28.3k and 25.8k on the lower end will shape the immediate-term trend.
#Bitcoin Technical Analysis
The path of least resistance, at least in the short term, remains southwards. This preview is despite the rejection of lower prices on May 17. What's noticeable about yesterday's gains is that trading volumes were decent. With prices higher, traders may wait for clearer signals before loading and trading in the direction of the emerging trend. Since sellers are technically in control, any dip below 25.8k may see BTC post more losses towards
25K or worse. Conversely, any expansion above this week's high and 28.3k may nullify this outlook, allowing BTC to expand towards April highs at 31k.
What to Expect?
Traders are closely watching out for what the immediate trend will turn out to be. In all, the uptrend from a top-down preview remains. Even so, the drop below
27K last week questions the strength of buyers. Still, a recovery lifting the coin above recent resistance levels may drive the coin higher.
Resistance level to watch: 28.3k
Support level to watch: 25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin is higher today, shaking off the weakness of the past few days, but is capped below immediate resistance lines at 28.3k and 30k. Even though the downtrend remains and prices are within a range defined by sellers early this month, selling momentum is waning. For now, how prices react at 28.3k and 25.8k on the lower end will shape the immediate-term trend.
#Bitcoin Technical Analysis
The path of least resistance, at least in the short term, remains southwards. This preview is despite the rejection of lower prices on May 17. What's noticeable about yesterday's gains is that trading volumes were decent. With prices higher, traders may wait for clearer signals before loading and trading in the direction of the emerging trend. Since sellers are technically in control, any dip below 25.8k may see BTC post more losses towards
25K or worse. Conversely, any expansion above this week's high and 28.3k may nullify this outlook, allowing BTC to expand towards April highs at 31k.What to Expect?
Traders are closely watching out for what the immediate trend will turn out to be. In all, the uptrend from a top-down preview remains. Even so, the drop below
27K last week questions the strength of buyers. Still, a recovery lifting the coin above recent resistance levels may drive the coin higher.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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