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BTC plummeted from an all-time high of $68,977 to $25,259 between Nov 07, 2021, and May 05, 2022, losing more than 60%.
According to the weekly charts, the latest drop was supported by the 200 EMA located at 26,978. Meanwhile, a consolidation is observed in the form of lows and highs around the psychological level of 30,000.
According to the daily chart, we can see that Bitcoin has formed a symmetrical triangle pattern that was broken earlier this week. Currently, it is trading above the 21 SMA located at 29,565 with a slightly bullish bias but strong resistance at 2/8 Murray around 31,250.
If the trend of Bitcoin continues in the next few hours and it consolidates above 2/8 Murray around 31,250, this price action could encourage an upward movement and BTC could quickly reach 34,375 (3/8 Murray) and even move towards the EMA 200 around 40,163.
The eagle indicator is giving a positive signal after having reached oversold levels on May 13. Currently, the signal could favor the recovery of Bitcoin which will give us an opportunity to buy in the next few hours while it remains above the psychological level of $30,000.
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