FX.co - BTC analysis for May 07,.2021 - WEll defined trading range and potential for the downside rotation towards $53.125

2021-05-07T14:08:18

Relevance until2021-05-09

Technical analysis:

BTC analysis for May 07,.2021 - WEll defined trading range and potential for the downside rotation towards $53.125

BTC has been trading sideways at the price of $57.000 but I see potential for the further downside rotation.

Trading recommendation:

I found the wll defined trading range between the price of $59.000 and $53.120

Watch for potential selling opportunities with the downside target at $53.125

Additionally, there is the bearish corss on the Stochastic oscillator, which is another sign for the downside movement...

*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 analysis for May 07,.2021 - WEll defined trading range and potential for the downside rotation towards $53.125