Tuesday, May 17, 2022
Banner Top

Yet again the weekend is approaching, and the Bitcoin prices are initiated with a notable decline again. The bears currently have become a little active at the press time as the asset is back around $36,500, plunging from $37,500.

Advertisement

Markets are getting boring day by day as the buyers remain off the track, preventing stepping in, and hence the volatility remains pretty low. In such a case, there are 3 main possibilities that remained with the BTC price rally.

As said, Bitcoin has now fallen into again descending trend which may be fueled by a huge options expiry scheduled on Friday. And in case of the plunge, BTC price has to test 3 levels before dropping heavily towards $30,000 which is the last daily support. The asset is expected to flip on either of these levels in order to prevent further dip below $30,000.

What’s in Store For Bitcoin This Weekend?

As shown in the HTF chart of Bitcoin, the price initially had broken the upper trend line and followed a notable downtrend line. The price yet again broke out of the descending trend line and surged high but further fell into the same bearish trap. The price since then is following another descending trend line. And currently plunging down including some consolidations. 

The BTC price after the recent crash is accumulating within a narrow range where-in the asset has multiple options open for the next leg. The asset after rejecting the $37,500 levels is plunging below and may find its support at $34,889. A flip here is much expected as it did a couple of times before. However, if rejected due to multiple external factors, the next levels at 33,214 may do the job before hitting hard at $30,000 levels. 

On the contrary, if the BTC price gains bullish momentum and slices through the upper immediate resistance at $38,625, then the uptrend may be sustained if it retains its levels above $40,000. However, the higher target currently remains around $58,334 which falls along the uptrend trend line. Bitcoin above these levels may come back on track to surge towards the ATH. 

Show More
Tags: , , , ,

Related Article