Technical analysis by NoFomoCharts about Symbol BTC on 5/11/2024

Bitcoin (BTC/USD) has been in a long-term price uptrend since 2023. However, Bitcoin has been in a short-term downtrend since April 2024.Bitcoin price could potentially re-test Support Trendline 1 and support prices of approximately $56000 down to $55000.Bearish Scenario: price falls and test support levels below such as $58000, $55000, $50000, $45000, $40000.Bullish Scenario: price bounces and continues higher to resistance prices of $64000, $69000, $73000, $77000, $80000.Note: crypto regulatory changes, government vs crypto exchange lawsuits, breaking news, corporate earnings, and global events could override technical chart patterns.Date created: 05/10/2024First Bullish Profit Target reached: $64000Second Bullish Profit Target reached: $69000Date: 05/21/2024