Technical Analysis for BTCUSD for 4th May 2023
Bitcoin Accumulating, Upside Capped at $31k
Past Performance of BTC
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
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