FX.co ★ BTC update for May 16,.2023 - Fake breakout of the support and potential for the rally

Technical analysis:

BTC has been trading upside this week and I found fake breakout of the the support zone at $26.800, which is good sign for the further upside movement.

Due to the fake breakout of the support zone and the upside trend in the background, I see potential for the further upside movement towards upside references.

Upside objectives are set at the rice of $28.370 and $29.900

MACD oscillator is showing decreasing in the downside momentum, which is good sign for the further rally.

Key support zone is set at the price of $26.500