Technical analysis by missiderap about Symbol BTC: Buy recommendation (5/22/2023)

bitcoin prediction BTCUSD A small idea on the trajection of btc.Comment: The rings seem to provide good support and resistance up until now. Once we cross the following ring I thus believe we can ride the current supporting ring up till 33000.Comment: Current resistance on the red line while keeping support on white ring. I see 3 scenarios: - Support on the ring holds and resistance breaks: Price will track the white ring upwards till at least ~34000 - The resistance keeps holding and support breaks: fall back to next support on ~26500 - Both white support ring and red resistance line break: unclear result, possible sideways movement or upward movement following the ring. Slowly tracing upwards till ~37500Comment: Fall back to 26500 occurred. I suspect the red resistance line to break next week after which we can rally to ~37500. Theoretically, resistance can hold leading to further downfall to ~23600. This scenario seems however less likely to me as this would mean a stop to the current rising trend.