FX.co ★ BTC update for May 05,.2022 - Potential for the downside rotation

Technical analysis:

BTC/USD has been trading sideways at the price of $39.500 but I see potential for the downside rotation.

Trading recommendation:

Due to the rejection of the upper trend-line I see potential for the downside rotation.

Watch for potential selling opportunities on the intraday rallies with the objective at $37.700.

Stochastic oscillator is showing overbought condition and fresh bear cross, which is sign for further downside movement.

Key resistance is set at the price of $40.750