FX.co ★ BTC update for May 12,.2022 - Strong selling pressure and potential for drop towards $20.000

Technical analysis:

BTC has been trading downside as expected and there is the major brekaout of the key multi year support at $29.000. I can see further drop towards $20.000,

Trading recommendation:

Due to the strong downside cycle and broken key support at $29.000, I see further downside continuation.

Watch for potential selling opportunities on daily rallies with the downside objective at the price of $20.000.

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