FX.co ★ BTC update for May 17,.2022 - Potential completion of the ABC upside correction

Technical analysis:

BTC has been trading sideways at the price of $31.000. The short-term trend is still downside and I see potential for the downside continuation. Key resistance is set at the price of $32.500.

Trading recommendation:

Due to the strong downside cycle and potential for the completion of the upside correction ABC, I see potential for the downside continuation.

Watch for potential selling opportunities on intraday rallies with the downside objective at the price of $28.700 and $25.450.

Stochastic oscillator is showing overbought condition with potential for the bear cross, which is sign for further downside rotation.