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Technical Analysis for BTCUSD for 4th May 2023

Bitcoin Accumulating, Upside Capped at $31k

Past Performance of BTC

Bitcoin reacted to fundamental events in the United States and stayed above $27k and $28.3k. When writing on May 4, the uptrend remains, but sellers have a chance since buyers didn't reverse recent losses. Immediate support is at $28.3k, while bulls must break above $30k before the uptrend resumes.

Bitcoin Technical Analysis

In the daily chart, like in small time frames, BTC is in a tight trade range. In a bearish breakout formation, traders expect BTC to edge lower in sync with the May 1 bear bar, further confirming losses of April 19. Prices remain inside the bear flag, and $30k limits the uptrend. Conservative, risk-on traders can wait for a clean break below $27k before riding the emerging trend. Conversely, until there is a convincing break above the current flag and later $31k, the bear run from the second half of April is still valid.

What to Expect from BTC

The sideways movement of the coin could be accumulation or distribution depending on the breakout direction. From a top-down preview, $27k and $31k are critical reaction levels.

Resistance level to watch: $31k

Support level to watch: $27k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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