FX.co - BTC update for May 05,.2023 - Channeling mode intraday

2023-05-05T06:37:23

Relevance until2023-05-06

Technical analysis:

BTC update for May 05,.2023 - Channeling mode intraday

BTC/USD has been trading upside this morning but I found rejection of the intraday resistance at the price of $29.400

Due to rejection of the resistance in the sideways regime, I see potential for the downside rotation today towards lower reference.

Downside objective is set at $28.755

Short-term support is set at the price of $29.400

*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 05,.2023 - Channeling mode intraday