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May 07, 2023
While Bitcoin is on a 7 day bullish trend, Today's session might suggest a slow down — a mostly flat day so far for Bitcoin, ranging between $28,800 and $29,152; currently at $28,869.
Bitcoin made an initial break below its 21 day Simple Moving Average at $28,817, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $28,818 currently serving as support. If price action breaks below, the next Fib hurdle is $28,423. Bitcoin's upper Bollinger Band® is at $29,931, suggesting that a downward move may follow. Despite this, Bitcoin is approaching key support, around $511.25 away from $28,358. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Bitcoin is positioned for a downward move in the near term.
At the same time, mixed performances are seen elsewhere as FTX Token rallies 9.54% to trade around $1.36. UNICORN Token USD closed at $6.43 (down 2.98%).
Bitcoin has managed to gain 73.96% so far this year despite trading at lows around $15,759 previously.
