Technical Analysis for BTCUSD for 18th April 2023
Bitcoin Cracks Emerging, BTC Bull Run Coming to an End?
Past Performance of BTC
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
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