FX.co ★ BTC update for May 11,.2022 - Key resistance on the test and potential for downside rotation

Technical analysis:

BTC has been trading sideways today at the price of $31.600. Key resistance is set at the price of $32.500 and I see potential for the downside movement.

Trading recommendation:

Due to the strong downside cyle in the background and key resistance on th test, I see potential for the downside movement.

Watch for selling opportunities with the downside objective at the price of $29.700.

Stochastic oscillator is showing overbought condition, which is sign for the potential downside rotation.

Key resistance is set at the price of $32.500