BTC seems to be making lower peaks and lower troughs

17 mai 2023

After peaking at $27,666 on Monday, Bitcoin drifted back below $27,000. This subtle fluctuation is not alarming, given the high volatility in the cryptocurrency market. However, what catches our attention is that Bitcoin seems to be finding growing resistance after pulling back from the 14th April 2023 high (and while trying to reclaim the $31 000 mark). After dipping to $27,998 on 24th April 2023, Bitcoin struggled to break above $30 000. Then, after faltering again (even below $27,998), it started to find a strong resistance near $28,000. This type of price action is reminiscent of short-term/medium-term trend reversal (as Bitcoin is finally starting to constitute lower troughs and lower peaks). Nonetheless, we would like to see the price fall below $25,800 to confirm this fact.

Illustration 1.01

Illustration 1.01 shows the daily chart of BTCUSD. Yellow arrows indicate particular technical developments.

Technical analysis
Daily time frame = Slightly bearish
Weekly time frame = Neutral

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

19 mai 2023

Note

Yesterday, Bitcoin tried to break above the resistance at $27,666 but failed. It seems that Bitcoin is finding more resistance near the $27,500 level.