Some rapid declines have failed to lift Bitcoin out of its familiar trading range, with one trader calling it "in an uncertain state".BitcoinOn May 6th, there were new fluctuations as low liquidity weekend trading tested the courage of its trading range
Some rapid declines have failed to lift Bitcoin out of its familiar trading range, with one trader calling it "in an uncertain state".
BitcoinOn May 6th, there were new fluctuations as low liquidity weekend trading tested the courage of its trading range.
BTC/USD1 hourly candle chart (Bitstamp) Source: TradeView
Bitcoin
According to data from CointelegraphMarketsPro and TradeView, BTC/USD fell by over $1000, or 3%, within a few hours of the same day. The largest cryptocurrency sees typical active conditions for weekend trading, while still unable to exit broader channels for several weeks.
Due to the lack of ammunition to clear the $30000 resistance level or fall towards the key trend line near $25000, BTC/USD has caused frustration among market participants.
BitcoinCrypto TonyTwitter
The attached chart shows the potential targets in a bearish scenario.
BTC/USD annotation chart source: CryptoTony/Twitter
The other analyses released earlier in the day also repeated the existing forecast of $32000, and if we look at the upward trend, we will return. In another report, trader CryptoBullet described the day's losses as' nothing special '.
The comments on the "last drop before breakthrough" section indicate that the chart shows BTC/USD in a narrowing wedge and has decided to exit the trajectory.
BTC price bulls must clear $30000
Gert van Lagen200 (SMA)Bitcoin
BTC/USD annotated chart data source: Gettevan Lagen/Twitter
Both traders and investors, CryptoAce, emphasized the significant weekly resistance areas that bulls need to address. Keeping below $24000, IMO will trade at a price within a few weeks.
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