BTC update for May 16,.2023 – Fake breakout of the support and potential for the rally
May 16, 2023 8:23 am
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
The material has been provided by InstaForex Company – www.instaforex.com
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
The material has been provided by InstaForex Company – www.instaforex.com
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