BTCUSDT $27170 Weekly Update May 23 2023 #21
Price continues its consolidation btw 26500-27500 for the last 2weeks.
Bears are controlling the 3D trend because price continues to stay below the 3D21ema and macd remains negative.
However, the W downside volatility has not picked yet since the W macd is not yet negative and price is above the W21ema.
So, bulls could use that as a plausible argument to continue to try to defend the 27-26k range.
The probability to print a zig-zag is not high at the moment knowing that in general from May-July, market tends to be boring, bearish and or choppy.
The downside fibs supports are still 0.382-0.50fib or 24-22k. Will discuss 0.618fib if or when necessary.
Since Market could be choppy, 30.3k remains a resistance to stay below.
Note: The DXY is also pushing up toward 106. This will put pressure on btc
Price continues its consolidation btw 26500-27500 for the last 2weeks.
Bears are controlling the 3D trend because price continues to stay below the 3D21ema and macd remains negative.
However, the W downside volatility has not picked yet since the W macd is not yet negative and price is above the W21ema.
So, bulls could use that as a plausible argument to continue to try to defend the 27-26k range.
The probability to print a zig-zag is not high at the moment knowing that in general from May-July, market tends to be boring, bearish and or choppy.
The downside fibs supports are still 0.382-0.50fib or 24-22k. Will discuss 0.618fib if or when necessary.
Since Market could be choppy, 30.3k remains a resistance to stay below.
Note: The DXY is also pushing up toward 106. This will put pressure on btc
