Waiting for BTCUSD to decide on the next move.
A QUICK TECHNICAL OVERVIEW
After recently breaking above a key short-term resistance line drawn from the high of April 14th, BTCUSD is currently testing a key resistance area, roughly between the 31000 and 31500 levels. The rate is stuck near the highest point of April. Although the short-term picture shows a possibility of a bullish flag formation, we would still need to see a strong move above the previously mentioned resistance area and the 31500 barrier.
Alternatively, a drop back somewhere below the 28440 hurdle may temporarily spook the bulls from the field. Such a move might lead the crypto to a larger correction lower, as let’s not forget that overall we are still trading above a medium-term upside support line drawn from the low of December 30th 2022.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
After recently breaking above a key short-term resistance line drawn from the high of April 14th, BTCUSD is currently testing a key resistance area, roughly between the 31000 and 31500 levels. The rate is stuck near the highest point of April. Although the short-term picture shows a possibility of a bullish flag formation, we would still need to see a strong move above the previously mentioned resistance area and the 31500 barrier.
Alternatively, a drop back somewhere below the 28440 hurdle may temporarily spook the bulls from the field. Such a move might lead the crypto to a larger correction lower, as let’s not forget that overall we are still trading above a medium-term upside support line drawn from the low of December 30th 2022.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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