Bitcoin is bearish; resistance lines at $34,000 and $29,000

8 พ.ค. 2022

Hello Traders! CTDave here again with another price analysis chart.

Today I will be analyzing BTC:

As we all know, Bitcoin has been dumping for more than a month already. By zooming out to a larger daily timeframe, we can see a support line (blue line) at ~$34,000. Once it hits it, it might get rejected before dumping.

The green support line shows a strong support line which has rejected the price for more than a year already. The orange line is a strong trendline. If we zoom back into the 2 hour timeframe, we see that the price has broken the red support line, and the orange one.

The red arrow shows that the price can go down to the ~$29,000 where a major support lies. Possibly, it might go back up after hitting the support line but it is highly unlikely with the current interest rate issues.

Thank for reading! Happy trading!

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Note: I am not a financial advisor, please do not trade solely based on my trading decisions. Do your own research or consult a professional financial advisor before conducting a trade.