Bitcoin Technical Analysis Report | 16th-May-2022 

May has been the bear’s month so far, the largest crypto asset by market cap is down almost 32% this month. However, BITCOIN bounced back up above the psychological level of $30k indicating that bulls are buying the dip. BTC is up by 2.3% over the past 24 hours. Its dominance is currently at 44.4% and the market capitalization is $577bn.

At the time of writing, BTC was trading at $30,315.

BITCOIN witnessed a sharp fall last week and the prices made a low of $25,338. Technically, on a daily time frame, BTC has made a ‘Long Legged Doji’ candle which indicates indecision in trend and a possible trend reversal. The asset has given a daily closing above the key support of $28,800 and is currently trading above $30k. IF BTC holds the support and trades above $31,500 then we can expect a relief rally up to $35k-$37k levels whereas a break or close below the support will lead to further downfall.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2

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