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Technical Analysis for BTCUSD for 18th April 2023

Bitcoin Cracks Emerging, BTC Bull Run Coming to an End?

Past Performance of BTC

Bitcoin prices are melting at spot rates. The disintegration of April 17 is noticeable and wide-ranging. Since it is a bearish engulfing bar, dropping below the April 10 bull bar with decent participation, the bullish preview has been nullified, and sellers appear to be in control. This follows the consolidation and divergence from the upper BB, suggesting a dropping upside momentum. Since prices are below $30k, a psychological reaction line, and the uptrend is stretched, today's close can determine whether bulls' resilience will be broken. Ideally, any close below $29k by today's close will be a big blow for optimistic traders.

Bitcoin Technical Analysis

Presently, the April 17 bear bar is engulfing. It noticeably printed after buyers' momentum fizzled out, resulting in the pin bar on April 14. Since prices over the weekend didn't edge higher above $31k, instead contracting inside the pin bar, sellers could be taking over. Accordingly, traders can look for entries to short with targets at February highs at around $28.6k and, later, March 22 lows at $26.5k. This preview will be nullified should there be a sharp expansion above $31k with expanding volumes.

What to Expect from BTC

After an impressive surge from December, bulls are struggling. The momentum is falling, and buyers appear to be taking their profits. Yesterday's bar follows the pin bar of April 11. As it is, traders can unwind their longs, especially if today closes even lower.

Resistance level to watch: $31k

Support level to watch: $28.6k

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

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