FX.co - BTC update for May 18,.2022 - Potential completion of the ABC upside correction

2022-05-18T11:49:30

Relevance until2022-05-19

Technical analysis:

BTC update for May 18,.2022 - Potential completion of the ABC upside correction

BTC has been trading sideways at the price of $29.800 for few days but I see potential for the downside continuation.

Trading recommendation:

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

Watch for potential selling opportunities on the intraday rallies with the main downside objective at the price of $25.600.

Stochastic oscillator is showing bear reading with evidence for the reversal.

Key resistance is set at the price of $32.500

*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 18,.2022 - Potential completion of the ABC upside correction