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May 18, 2023
Having lost $2,146 over 14 days, Today is looking a bit better: without a clear-cut direction, Bitcoin is trading around $27,400 and ranging between $27,183 and $27,457.
United States Initial Jobless Claims is next today at 12:30 UTC.
This uncertain state for Bitcoin is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of -920,000 with a reading of 5 million. United States Building Permits (Apr) came out at 1.42 million, while a consensus of analysts was expecting 1.44 million. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.954, while the previous figure was 3.92.
Trend-focused traders would be interested to note that Bitcoin made an initial break below its 3 day Simple Moving Average at $27,228, a possible indication of a forthcoming negative trend. Having stamped out a session range of $27,183 to $27,457, Fibonacci-inclined Bitcoin traders were highly concentrated around active Fibonacci support at $27,264. Japanese candlestick formations show a "inverted hammer” chart pattern. When it appears at the bottom of a prevailing bearish trend, as it is now, some traders would consider this as an indication of a trend reversal. According to asset volatility analysis, Bitcoin's upper Bollinger Band® is at $29,625 and the lower is $26,129. Technical chart analysis shows Bitcoin is approaching key support, around $567.69 away from $26,827. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
With market volatility ebbing, the current technical outlook indicates Bitcoin will remain range-bound for the immediate future.
At the same time, mixed performances are seen elsewhere as FTX Token is up 9.54%. UNICORN Token USD is trading around $6.43 (down $0.197).
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Philadelphia Fed Manufacturing Index (May) is expected today at 12:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released today at 12:30 UTC. United States Existing Home Sales (Apr) is expected today at 14:00 UTC.
Pointing downwards for around a month. Bitcoin has managed to gain 63.76% so far this year despite trading at lows around $15,759 previously.
