FX.co - BTC analysis for May 21,.2021 - Watch for selling opportunities due to breakout of rising channel

2021-05-21T12:18:10

Relevance until2021-05-23

Technical analysis:

BTC analysis for May 21,.2021 - Watch for selling opportunities due to breakout of rising channel

BTC has been trading upside in the past 10 hours but there is still potential for the downside swing to develop.

Trading recommendation:

I found the breakout of the rising wedge correction and failed re-test of the previous high, which is sign that downside movement is expected.

Watch for potential selling opportunities with the downside targets at $38.550, $35.300 and $29.000.

Key resistance is set at $42.500

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

Analytical expert

Petar Jacimovic

FX.co ★ BTC analysis for May 21,.2021 - Watch for selling opportunities due to breakout of rising channel