#Bitcoin Accumulating, Upside Capped At $31k
Past Performance of Bitcoin
Bitcoin reacted to fundamental events in the United States and stayed above
27K and 28.3k. When writing on May 4, the uptrend remains, but sellers have a chance since buyers didn't reverse recent losses. Immediate support is at 28.3k, while bulls must break above 30k before the uptrend resumes.
#Bitcoin Technical Analysis
In the daily chart, like in small time frames, BTC is in a tight trade range. In a bearish breakout formation, traders expect BTC to edge lower in sync with the May 1 bear bar, further confirming losses of April 19. Prices remain inside the bear flag, and 30k limits the uptrend. Conservative, risk-on traders can wait for a clean break below27K before riding the emerging trend. Conversely, until there is a convincing break above the current flag and later 
31K, the bear run from the second half of April is still valid.
What to Expect from BTC?
The sideways movement of the coin could be accumulation or distribution depending on the breakout direction. From a top-down preview,27K and 31K are critical reaction levels.
Resistance level to watch out for:31K
Support level to watch out for:27K
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin reacted to fundamental events in the United States and stayed above
27K and 28.3k. When writing on May 4, the uptrend remains, but sellers have a chance since buyers didn't reverse recent losses. Immediate support is at 28.3k, while bulls must break above 30k before the uptrend resumes.#Bitcoin Technical Analysis
In the daily chart, like in small time frames, BTC is in a tight trade range. In a bearish breakout formation, traders expect BTC to edge lower in sync with the May 1 bear bar, further confirming losses of April 19. Prices remain inside the bear flag, and 30k limits the uptrend. Conservative, risk-on traders can wait for a clean break below
27K before riding the emerging trend. Conversely, until there is a convincing break above the current flag and later 31K, the bear run from the second half of April is still valid.What to Expect from BTC?
The sideways movement of the coin could be accumulation or distribution depending on the breakout direction. From a top-down preview,
27K and 31K are critical reaction levels.Resistance level to watch out for:
31KSupport level to watch out for:
27KDisclaimer: Opinions expressed are not investment advice. Do your research.
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