FX.co - BTC analysis for May 12,.2021 - Broken rising wedge and potential for the downside continuation towards $53.180

2021-05-12T13:53:56

Relevance until2021-05-14

Technical analysis:

BTC analysis for May 12,.2021 - Broken rising wedge and potential for the downside continuation towards $53.180

BTC has been trading sideways today at the price of $57.000. I still see potential for the downside movement towards $53.180.

Watch for potential selling opportunities on the rallies with the downside target at $53.180.

Stochastic is showing fresh bear cross, which is sign for the further downside continuation.

Main pattern in the background is broken rising wedge....

*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 12,.2021 - Broken rising wedge and potential for the downside continuation towards $53.180