Baxia Markets
May 17, 2022

Bitcoin finds resistance at $31,400

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The cryptocurrency continues the downwards trend after sinking below the $30,000 price line. The pair had a three-session winning streak that is likely to come to an end after the pair found strong resistance close to $31,400.


The Bollinger bands are wide, and volatility is expected to be high in the short to medium-term. The pair trades closer to the lower band, which continues expanding, which will allow Bitcoin to continue moving downwards before the price can start moving up.


BTC May 16th 2022


The relative strength index is at 33% which is just shy of the oversold status; the pair recovered some ground in the recent sessions but not enough to get it out of trouble. Bitcoin is likely to continue moving downwards in the short to mid-term. Our parabolic SAR indicator suggests that the price could see a recovery, but after today's sessions, we doubt its likeliness.


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