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FX.co ★ BTC analysis for May 10,.2021 - Rising wedge in creation and potential drop towards $53.000

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Forex Analysis

10 May 2021 at 11:46AM (UTC+0)
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BTC analysis for May 10,.2021 - Rising wedge in creation and potential drop towards $53.000

Technical analysis:

BTC analysis for May 10,.2021 - Rising wedge in creation and potential drop towards $53.000

BTC has been trading sideways at the price of $58.000. Potential exhaustion on the upside and chance for the downside ration.

Trading recommendation:

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Watch for potential selling opportunities if you see the breakout of the rising wedge pattern.

Downside targets are set at the price of $55.350 and $53.000.

Additionally, there is the bearish divergence on the Stochastic oscillator, which is good indication for the downside movement.Resistance set at $59.000

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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