Bitcoin: Estimating The Chances Of A Short-Term Surge

2022-05-09 | Selina Mathew

Bitcoin: Estimating The Chances Of A Short-Term Surge

After a downswing from the $39,000-ceiling following its falling wedge (white) breakthrough, Bitcoin (BTC) moved south. BTC HODLers were focused on defending the $34,423-mark baseline, despite the near-term trend clearly indicating bearish intensity.

While advances have slowed in recent sessions, the nearby support level might help the cryptocurrency avoid a precipitous drop to the south. Before committing to a move, a comfortable closing above the top border of the pitchfork might expose BTC to a retest of the $35,800-zone. BTC was trading at $34,770 at press time, down 3.67 percent in the previous 24 hours.

BTC saw a steady but continuous decline on its peaks shortly after descending from its ATH. The plummet phase was followed by a period of compression between $34,423 and $46,643, which lasted for more than four months. After the bulls failed to maintain the three-month trendline support (now resistance), the bearish impulse grew stronger (white, dashed).

After nose diving from its early April highs, the biggest cryptocurrency has lost approximately 27.64 percent in the previous month.


The RSI's 43-point drop from 4th may have finally found support near the 22-mark. Only time will tell if the stock recovers from its present oversold lows. However, the extent of this rebound will be determined by customers' willingness to increase their purchasing quantities.

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