. BTCUSD Price Forecast & Technical Analysis - 12 May 2023

BTC/USD PRICE FORECAST ANALYSIS & LATEST NEWS – 12 MAY 2023

BTC/USD PRICE FORECAST ANALYSIS & LATEST NEWS – 12 MAY 2023

BTC PRICE

BTC/USD TECHNICAL ANALYSIS: WEEKLY CHART 

In the weekly chart, BTC/USD is trading in the down channel.

BTC/USD is currently trading above 20&50 SMA.

RSI is in buying zone, which shows bullishness. Stochastic is suggesting a downtrend.

Its immediate support is at 26516 & the resistance is at 27010

The price of BTC/USD was rising until the trend changed, a bearish engulfing formed at the area of resistance, and the price began sliding. Currently, the price has broken the previous week low and is trading at the support zone; if it breaks, more declines to the downside are expected.  

BTC/USD TECHNICAL ANALYSIS: DAILY CHART

In the daily chart, BTC/USD is trading in down channel.

BTC/USD is currently trading below all SMA.

RSI is in buying zone, which shows bullishness. Stochastic is suggesting down trend.

Its immediate support is at 26579 & the resistance is at 27040

The price of BTC/USD was rising until the trend changed, a bearish engulfing formed at the area of resistance, and the price began sliding. Currently, the price has broken previous day low and is trading at the support zone; if it breaks, more declines to the downside are expected.

TRADE SUGGESTION: – SELL AT 26521, TAKE PROFIT AT 25812, SL AT, 27109

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