Relevance up to 11:00 2022-05-12 UTC + 00
Technical analysis:
BTC has been trading sideways today at the price of $ 31,600. Key resistance is set at the price of $ 32,500 and I see potential for the downside movement.
Trading recommendation:
Due to the strong downside cyle in the background and key resistance on th test, I see potential for the downside movement.
Watch for selling opportunities with the downside objective at the price of $ 29,700.
Stochastic oscillator is showing overbought condition, which is sign for the potential downside rotation.
Key resistance is set at the price of $ 32,500
* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Petar Jacimovic,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
Leave feedback about this