BTC/USD Price Forecast & Analysis: Weekly Chart Breakdown
22 May 2023
BTC/USD TECHNICAL ANALYSIS: WEEKLY CHART
In the weekly chart, BTC/USD is trading in down channel.
BTC/USD is currently trading above 20&50 SMA.
RSI is in buying zone, which shows bullishness. Stochastic is suggesting down trend.
Its immediate support is at 26890 & the resistance is at 28201
BTC/USD was trading in a downward channel before the trend turned to an upward one. The price was rising until it encountered significant resistance at a certain level, at which point it began to collapse. Currently, the price is trading in a support zone, and if it breaks it, BTC/USD may continue to decline.
BTC/USD 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 selling zone, which shows bearishness. Stochastic is suggesting no trend.
Its immediate support is at 26692 & the resistance is at 27237
After increasing, BTC/USD started trading downward and began forming lower lows. At this time, the price is trading at a crucial support level, and if this level is broken, further declines are to be anticipated.