FX.co - BTC update for May 04,.2022 - Sideways trading range in progress

4 May 2022 at 11:57AM (UTC+0)

Relevance until5 May 2022 at 11:57AM (UTC+0)

Technical analysis:

BTC update for May 04,.2022 - Sideways trading range in progress

BTC has been trading sideways at the price of $39.000. I see potential for the rejection of the resistance at the price of $39.900.

Trading recommendation:

Watch for potential selling opportunities in case of the rejection of the resistance at $39.900

Downside objective is set at the price of $37.620

MACD oscillator is showing strong downside momentum, which is another confirmation that sellers are in control.

*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 update for May 04,.2022 - Sideways trading range in progress