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HomeTechnical AnalysisBitcoin Price Today - BTC Technical Analysis Support Resistance May 2023

Bitcoin Price Today – BTC Technical Analysis Support Resistance May 2023

As on May 30, 2023 BTC is priced at $27,710. From a technical analysis perspective, Bitcoin price today presently experiencing a downtrend on the daily timeframe. The price resides below the 50 daily indicating a bearish sentiment.

To comprehend the existing levels of support and resistance for Bitcoin, we must examine the historical price data. Analyzing BTC daily chart reveals a trading range of $26,570 to $28,400 over the recent days.

Bitcoin’s crucial support level lies at $26,570 significantly impacting the cryptocurrency. A dip below this level could potentially lead to further price decline, with the subsequent support level positioned at $25,178.

Conversely, BTC current resistance level resides at $28,480. A successful breakthrough beyond this level may initiate a bullish trend, with the subsequent resistance level set at $29,700.

BITCOIN PRICE TODAY BTC TECHNICAL ANALYSIS

Bitcoin Price Today – BTC Technical Analysis

Utilizing technical analysis indicators such as the Relative Strength Index RSI and Moving Averages can enhance our comprehension of the prevailing trend.

The RSI currently demonstrates a reading of 52.79 indicating a neutral zone where neither the bulls nor the bears hold significant dominance.

Regarding Fibonacci levels, BTC presently below at 0.236, equivalent to $28,327. This level is computed by calculating 0.236 multiplied by the difference between the previous trend’s highest and lowest points. It holds significance as a potential support or resistance level within a trend.

Bitcoin is consolidating within range of $26,570 to $28,480 featuring resistance zone positioned below the 0.236 Fibonacci level and support zone located above the 0.382 Fibonacci level.

Following the last bullish wave, BTC has completed a triple correction and may resume its uptrend upon breaking above the corrective channel.

Based on Fibonacci extensions and previous resistance levels, the upcoming targets for BTC are $28.5K, $29.7K, and $31K.

However, failure to sustain above $26.5K might prompt further selling pressure, potentially driving Bitcoin towards key support levels at $25.1K, $23.9K and $22K.

Utkarsh - CoinFTA
Utkarsh - CoinFTA
Meet Utkarsh, your trusted crypto analyst with over 6 years of experience in the dynamic world of cryptocurrency. Since entering the crypto space in 2017, Utkarsh has honed his technical analysis skills and become a seasoned expert in fundamental and technical analysis. With a passion for uncovering market trends and identifying lucrative investment opportunities, Utkarsh delivers insightful analysis to empower traders and investors. From evaluating crypto projects to exploring the possibilities of the DeFi, Metaverse, NFTs, Web3, AI and blockchain gaming, Utkarsh covers the full spectrum of the crypto ecosystem. Join COINFTA and let Utkarsh guide you through the exciting world of crypto with expertise and precision.
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