Bitcoin Technical Analysis Report | 15th-May-2023

Bitcoin appeared to regain $27,000 at the weekly close on May 14th as volatility surged in after-hours trading. The asset hit its highest level in several days, reflecting a rise of around 7.5% from local lows set in the week’s last trading session on Wall Street. However, the lack of a strong supply of whales at lower levels could be a worrying sign. The bullish outlook could be invalidated if Bitcoin stays below the 200-week moving average. It looks like Bitcoin has started a corrective phase. The dominance of the asset is currently at 46.37%.

At the time of writing, BTC was trading at $27,440

Bitcoin Daily Chart | 15th May 2023
Bitcoin (BTC) Chart

BITCOIN after witnessing a rally from $19,550 to $31,000 was trading in a range forming a ‘Symmetrical Triangle’ pattern with low volumes where the upper downsloping trendline was acting as a resistance and the lower upsloping trendline was acting as a support for the asset. The asset finally gave a breakout on the downside of the pattern and it made a low of $25,811. BTC made a red body ‘Hammer’ candle at the recent low and is trying to recover. $28,500 and $32,500 will be the major hurdles for the bulls. To witness a rally BITCOIN needs to break, close and sustain above these levels whereas $25k will act as a strong support.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.
$22,500$25,000BTC$28,500$32,500

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

ZebPay Weekly

Subscribe for latest crypto news & stay updated!

    Start Trading Now