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May 14, 2023
While in the midst of a 10 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Marginally higher but lacking a clear-cut direction, Bitcoin is trading at $26,921 after ranging between $26,679 and $26,921 today.
Despite posting gains so far today, Bitcoin slid below its 3 day Simple Moving Average at $26,858 in earlier trade — an early indicator that a negative trend could be emerging. Bitcoin could be slowing down soon; it is getting close to the resistance line and is now at $27,000, only $71.47 away. Crossing the resistance line could, however, suggest that further gains are ahead. On the other hand, note that Bitcoin's lower Bollinger Band® is at $26,323, indicating that the market is oversold and fertile for new buyers.
Technical analysis of Bitcoin price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Bitcoin shows positive signs, other assets are also on par: FTX Token is up 9.54% to $1.36.
At the same time, UNICORN Token USD closed at $6.43 (down 2.98%).
On a negative trend for around 28 days. Bitcoin has gained 62.18% since its lowest print of $15,759 earlier this year.
