FX.co ★ Technical analysis on Bitcoin for May 11th, 2023.

Blue lines- bearish RSI divergence

green lines- triangle pattern (broken downwards)

Bitcoin is trading around $27,180. Price recently broke the triangle pattern to the downside. This was a bearish signal. Price is vulnerable to more downside. Bitcoin was at overbought levels showing bearish reversal warnings when it was trading near $31,000. Price in the near term is making lower lows and lower highs. A break below the April 24th low will be an added bearish signal for a move towards at least $25,000.