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Bitcoin Price Analysis May.23

Bitcoin Price Analysis May.23
As we can see, a quick 500$ drop in value of Bitcoin in just 24 hours after breaking down the important support level at $8,400, and the MA-50 support line. The $8,200 also got broken what led to a huge sell-off candle. Now Bitcoin is facing the $7,800~ support area. From here, next support levels lie at $7,500 (weak) and $7,300 (strong support).
The sell-offs were followed by high trading volumes. Despite that, the recent red candles are getting smaller, what indicates on the shrinking number of sellers. RSI is also at its very low levels, the market is sold out, we might see a correction up from here. Also, BTC is now testing the descending line support (marked in light blue). The bull side, which can’t be seen as of now, is support-turned resistance at $8,200 and $8,400.
BTC/USD BitFinex 4 Hours chart

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