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BTC analysis for May 11,.2021 - First downside target at the price of $55.350 has been reached. Potential for next target

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Technical analysis:

analytics609a6f8b5f86b.jpg

BTC has been trading downwards as I expected. THe price reached my first downside target at $55.345 and it is heading for the second target at $53.000.

Trading recommendation:

Watch for potential selling opportunities on the rallies with the next downside targets at $53.000 and $48.140.

The main cause for the most recent drop was the rising wedge pattern and momentum decreasing on the upside...

The material has been provided by InstaForex Company - www.instaforex.com
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