FX.co - BTC update for May 03,.2022 - Watch for the dowwnside continuation towards $37.656

2022-05-03T11:47:52

Relevance until2022-05-04

Technical analysis:

BTC update for May 03,.2022 - Watch for the dowwnside continuation towards $37.656

BTCUSD has been trading sideways at the price of $38.500 and I see potential for the downside continuation of the larger time frame trend.

Trading recommendation:

Due to the strong downside trend in the background and the broken bear flag, I see potential for the downside continuation.

Watch for potential selling opportunities on the rallies with the downside objective at 1.0350.

MACD oscillator is showing strong downside momentum, which is another confirmation that sellers are in control.

Resistance is set at the price of $39.160

*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 update for May 03,.2022 - Watch for the dowwnside continuation towards $37.656