BTC analysis for May 10,.2021 - Rising wedge in creation and potential drop towards $53.000

Technical analysis:


BTC has been trading sideways at the price of $58.000. Potential exhaustion on the upside and chance for the downside ration.

Trading recommendation:

Watch for potential selling opportunities if you see the breakout of the rising wedge pattern.

Downside targets are set at the price of $55.350 and $53.000.

Additionally, there is the bearish divergence on the Stochastic oscillator, which is good indication for the downside movement.Resistance set at $59.000

The material has been provided by InstaForex Company -