According to Transfero’s chart analysis, the current bearish movement in bitcoin prices may continue. From the short-term BTC chart viewpoint, with the support of the 9 and 2-period averages, there is a consolidation of prices in the region between US$ 28,000 and US$ 31,000, forming a structure, which, if broken, could represent a sharp drop.
In this case, the first target would be at around US$ 26.8 thousand and the last, in the region of US$20.2 thousand. Check the chart:
However, if the current bearish scenario is not confirmed and BTC tries a recovery, there could be a rebound to the US$ 32,000 region again. Thus, if this level is surpassed, the next resistance zone would be around US$ 35,000.
For the medium term, the current price is seen as an accumulation opportunity for holders since it works in a solid support zone, which is the region of US$ 30,000.
On Thursday (5/26) at 11 am, bitcoin was trading at around US$ 29,000.
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