FX.co - BTC analysis for May 17,.2021 - Third target reached at $43.000 but potential for further downside towards $30.000

2021-05-17T12:21:09

Relevance until2021-05-20

Technical analysis:

BTC analysis for May 17,.2021 - Third target reached at $43.000 but potential for further downside towards $30.000

BTC has been trading downwards as I expected. The price reached my third downside target at the price of $43.000.

Trading recommendation:

Anyway, my advice is still to watch for selling opportunities on the rallies with the downside target at $30.100.

Stochastic oscillator is in the oversold zone but there is no fresh bull cross, which is still bearish tone.

Resistance is set at $47.000

*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 17,.2021 - Third target reached at $43.000 but potential for further downside towards $30.000