Watch these BTC price levels as Bitcoin threatens to lose $27K support
Bitcoin (BTC) looked poised to give up $27,000 as assistance on May 17 with traders lying in wait for new lows.BTC/ USD 1-hour candle light chart on Bitstamp. Source: TradingViewWhales fulfill low liquidityData from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $26,800 at the time of writing.The set had staged several crosses of the $27,000 mark the day prior, that area forming a low-timeframe focus now at risk of breaking down.BTC/ USD annotated chart. Source: Crypto Tony/ Twitter” 3 wave up into resistance, followed by a retest and a rejection off resistance zone,” popular trader Crypto Tony summarized about current activity.” For the next few days I expect rate action to be choppy in between $27.2 k – $26.5 k,” Titan of Crypto wrote in one such market appraisal.BTC/ USD annotated chart.
Bitcoin (BTC) looked poised to give up $27,000 as assistance on May 17 with traders lying in wait for new lows.BTC/ USD 1-hour candle light chart on Bitstamp. Source: TradingViewWhales satisfy low liquidityData from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $26,800 at the time of writing.The set had staged several crosses of the $27,000 mark the day prior, that area forming a low-timeframe focus now at risk of breaking down.BTC/ USD annotated chart. Source: Crypto Tony/ Twitter” 3 wave up into resistance, followed by a retest and a rejection off resistance zone,” popular trader Crypto Tony summed up about current activity.
Publication: Alamedas $38B IRS expense, Do Kwon kicked in the assets, Milady frenzy: Asia ExpressThis post does not contain investment guidance or recommendations. Every investment and trading move involves danger, and readers ought to perform their own research when deciding.
Zooming out, however, an accompanying narrative for lots of remained the principle of “choppy” price action continuing.The present trading variety, including as an essential assistance and resistance zone from 2021 onward, revealed no indications of relinquishing control.” For the next couple of days I anticipate cost action to be choppy in between $27.2 k – $26.5 k,” Titan of Crypto composed in one such market appraisal.BTC/ USD annotated chart. #Bitcoin is trying to retest the neckline in this popular chart pattern.
” Small long flush early in the morning,” another popular trader, Daan Crypto Trades, continued. “On the Bybit futures chart we can see how asks were filled and from there on out spot pressed rate to secure the longs that built up in this tiny variety. In general still choppy and no clear instructions.” Analyzing order book setup on Binance, keeping track of resource Material Indicators noted a general lack of liquidity.The largest-volume traders, it revealed, had actually reduced activity to a minimum as an outcome, perhaps due to that lack of coins exposing them to prospective slippage.Liquidity on both sides of #Bitcoin price is so thin that whales need to either break up their market orders into smaller sized order sizes to lessen slippage or await pockets of liquidity prior to smashing buttons. Cranked the Volume Percentile filter way down to see how and … pic.twitter.com/dpXddCKgiX— Material Indicators (@MI_Algos) May 16, 2023