FX.co - BTC update for May 16,.2022 - Potential completion of the ABC upside correction

2022-05-16T13:14:41

Relevance until2022-05-17

Technical analysis:

BTC update for May 16,.2022 - Potential completion of the ABC upside correction

BTC has been trading sideways at the price of $30.000. I see potential for the ABC correction to complete. Downside opportunities can be productive.

Trading recommendation:

Due to potential completion of the ABC correction and strong downside cycle, I see further downside movement.

Watch for potential selling opportunities on the rallies with the downside objectives at $28.725 and $25.605.

Stochastic is showing downside reading with no evidence for the reversal.

Key resistance is set at the price of $31.200

*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 16,.2022 - Potential completion of the ABC upside correction