27.05.202216:25 Forex Analysis & Reviews: Trading Signal for Bitcoin (BTC/USD) on May 27-30, 2022: buy above $29,300 (21 SMA - range)

Exchange Rates 27.05.2022 analysis

Early in the American session, the price of Bitcoin (BTC/USD) is trading at 29,183, recovering from the fall of May 26 that was as deep as 27,910.

According to the 4-hour chart, we can see a downtrend channel formed since May 23. Besides, Bitcoin is trading below the 21 SMA which has become a strong resistance in the short term.

If Bitcoin manages to break 21 SMA and the top of the bearish channel in the next few hours and consolidates above 29,300, it would mean a bullish advance so that the price could reach the top of the range around 2/8 Murray at 31,250.

Conversely, as long as BTC trades below the 21 SMA at 29,200, we should avoid buying as it is likely to drop to the zone 1/8 Murray again around 28,125.

On the other hand, in the event that Bitcoin breaks out of the range zone formed on May 12 and consolidates above 2/8 Murray, the bullish force could accelerate and BTC could reach 200 EMA at 32,700 and even 3/8 Murray at 34,375.

Our trading plan for the next few hours is to wait for a break above 29,300 to buy, with targets at the psychological level of 30,000 and 2/8 Murray at 31,250. The eagle indicator is giving a positive signal which supports our bullish strategy.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade

  • Trade Wise, Win Devise
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
Can't speak right now?
Ask your question in the chat.