BTC outlook for 10 May 2022.
BTC trading back above 32k at the moment. Looking at the weekly timeframe we can see that BTC is rejecting a very strong support zone around 30k. This is what I'm looking out for toady:
1) For bullish continuation I would like to see BTC establish a strong support before seeing the 4h or daily timeframe create a little uptrend back towards my previous trend line around the 40k level.
2) I expect further downwards momentum if BTC either closes weak bearish on the daily timeframe or breaks yesterday's low's around the 30k level.
Overall I will remain bearish in the short term until BTC manages to push back upwards towards my previous long term trend line and closes back above it.
1) For bullish continuation I would like to see BTC establish a strong support before seeing the 4h or daily timeframe create a little uptrend back towards my previous trend line around the 40k level.
2) I expect further downwards momentum if BTC either closes weak bearish on the daily timeframe or breaks yesterday's low's around the 30k level.
Overall I will remain bearish in the short term until BTC manages to push back upwards towards my previous long term trend line and closes back above it.
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