Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

10 May

The Bitcoin at 10 months low as it lost 56% since November 2021 when started the decline from $68,960 landing today at a low of $29,742. However, BTCUSD decline was expected but the geopolitical conflict in Eastern Europe pressured the Bitcoin to the lowest price in ten months.

Long-Term outlook:

When looking at the long-term chart (weekly chart) it appears that the current levels are the strongest support for the Bitcoin since it broke above it in January 2021. However, the support level around $31,200 is a critical level of which if the price broke below, there will not be proper support before the $10,000.

The technical indicators in the long term show a negative outlook targeting $26,000, but it is worth mentioning again that there is no proper long-term support above the $10,000. On the other hand, the visual reading for the weekly chart shows a possibility of a rebound from the current support towards $37,200 near the Fibonacci 50 level.

Medium-term outlook

In the medium time frame, the BTCUSD shows a volatile movement inside a four-month horizontal channel between $37,240 and $44,700. The price has broken the channel downwards on the 5th of May 2022 to reach its 10-month low.

Technical indicators signal a further decline without a clear target. Meanwhile, Fibonacci retracement signals a possibility of a rebound towards $37,200 from $29,500. On the other side, if prices fell below 31,400, they will most likely continue the decline to $26,000.