Bitcoin is at Very Critical Level – is $32,000 Bitcoin Imminent? | Technical Analysis for May, 2022

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Bitcoin has been ranging Between Around 33,000$ and 48,000$ and it’s been quite a long time for bitcoin to range in this range for more than 3 months.

Well, the Wait for the next big move is About to end Very soon as Bitcoin Price is showing high resistance at 40,000$.

Have a look at the image below for more detailed Price chart.

Above bitcoin chart looks Really interesting and as you can see that bitcoin price has visited that area 3 times out of which the price went up quickly 2 times within 2 hours.

Bitcoin Technical Analysis in May, 2022

While as you can see bitcoin has been following this channel pattern for more than 3 months now and the overall Momentum looks weak for Bitcoin. While Moving Averages as per 1 Day Charts Does not indicate Bullish Movement.

Support and Resistance Levels

Bitcoin has a strong support at 35,000$ which is a very important level to watch out for bitcoin price.

Bitcoin has strong resistance levels at $40,000 and $42,000 if Bitcoin breaks these levels in Upcoming weeks, bitcoin will be targeting $48,000 resistance.

Will Bitcoin Go down in May, 2022?

Well, As per our analysis Bitcoi. Has high probability of Breaking down due to Weak Sentiments and can Target major resistance at $35,000 in Upcoming weeks.

If Bitcoin breaks $35,000 which is unlikely can lead the price to 32,000$.

Will Bitcoin Go up In May. 2022?

Well, Bitcoin is very unpredictable, the charts does show more probability of Breaking down Unfortunately.

Do share your thoughts and share this article with crypto community.


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