BTC Weekend Update

7 may 2023

#BTC is still holding major trendline support! Bitcoin recently broke down and currently retesting ascending channel support. BTC is lacking liquidity due to weekend and ranging sideways, we may see some big move next week because of many fundamental catalysts which may impact markets and economy. For now, 29800-30000 is major resistance zone for BTC.

9 may 2023

Nota

#BTC dumped over 6%, in line with our technical analysis. The downward movement was initiated by the breakdown and subsequent retest of the ascending channel support, confirming the validity of our previous observations. Additionally, a key trendline support has been breached, signaling a notable shift in market sentiment triggered by BTC Network Congestion Problem. However, it is noteworthy that the price is currently holding within the expected support zone of $27,000 to $27,200, indicating a potential area of demand. Moving forward, it is crucial to monitor the next major static support levels at $26,400 to $26,600. Stay Tuned and Trade Safely!