FX.co ★ BTC update for May 13,.2022 - Strong selling pressure and potential for drop towards $21.000

Technical analysis:

BTC has been trading upside today but I still see potential for the downside continuation towards next downside references. The trend is strongly to the downside.

Trading recommendation:

Due to the strong downside cycle and no bigger signs for the reversal, I see potential for the downside movement.

Watch for potential selling opportunities on rallies with the next downside objective is set at $21.000.

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

Stochastic is showing overbought condition with potential for the fresh bear cross.

Resistance is set at the price of $30.600