FX.co ★ BTC update for May 06,.2022 - First downside objective reached, potential for next at $32.850

Technical analysis:

BTC has been trading downside as I expected. The price reached our first downside target at the $37.595. There is the downside breakout of consolidation and potential for further drop.

Trading recommendation:

Due to the breakout of the horizontal consolidation, I see potential for further downside continuation.

Watch for potential selling opportunities on the intraday rallies with the downside objectives at $32.850 and $29.650.

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

Key resistance is set at the price of $40.000