As Bitcoin and Whole crypto market has been going through correction for the past couple weeks now. What’s more interesting is that Bitcoin is About to Close 8 Red Candles Weekly in a Row which has never happened Before in Bitcoin History.
Will next week Be Green for Bitcoin or 9th Red candle?
Bitcoin Analysis – 23rd to 30th May, 2022
Bitcoin is hovering at 30,000$ support for more than a week which is dipping as low as 29,000$ indicating that sell pressure is relatively low in the short term and Support at $30,000 is still strong even after being tested 5 times.
While, for the bullish movement, 32,000$ is a critical resistance level for the upcoming week and if bullish scenario plays out in upcoming week. Bitcoin can easily touch 37,618$ in upcoming week or two.
However, 37,800$ is a Strong Resistance which is going to be hard for Bitcoin to Break as This level was a Strong Support which was tested Many times Before Breakdown.
Based on Our analysis, Breaking 37,800$ Resistance can Be the best case scenario for Bitcoin in the upcoming week if bullish scenario plays out.
It’s very important to focus on both scenarios as to stay realistic while trading which can help reduce losses in crypto trading.
If Bitcoin Breaks 28,000$ the next Major Support levels are at 24,000$ as per our analysis.
In worst case Scenario, Bitcoin can touch 21,000$ in upcoming week or Two which is Unlikely as RSI levels are Oversold which Represents Bullish Movements in Market.
As The whole Stock Market has been Correcting for the past couple of weeks, Bitcoin correlation with Stock Market Can Also Affect Price movements in upcoming weeks as If Stock Market Crashes Further, The chances of Bearish Scenario Being Play Out are High.
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