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Technical Analysis for BTCUSD for 21st April 2023

Bitcoin Extends Losses, BTC Uptrend Likely Over

Past Performance of BTC

Bitcoin prices are under pressure when writing on April 21. The drawdown of April 19 was confirmed yesterday as the coin sank lower. Presently, the coin is retracing from this month's highs, and $31k remains to be an important reaction point. Unless there is an expected expansion above the immediate reaction level, the path of least resistance is southwards. Notice that the bear bar of April 19 is engulfing and is noticeable with high trading volumes. For this reason, traders can search for entries to short, aligning with the emerging bear trend as they set eyes on $26.6k or lower.

Bitcoin Technical Analysis

In the short term, sellers are in control. The path of least resistance is southwards. The failure of buyers to flow back and resist lower prices of April 20 means the current correction could continue for the sessions ahead. Since prices are below $29.6k, the April 10 high and reaction level, every attempt high may be an unloading opportunity for sellers angling for $26.6k in the short term. This preview will be valid as long as prices, even in a recovery, are trending inside the April 19 anchor bear bar.

What to Expect from BTC

After weeks of encouraging expansions as BTC recovered from the crypto winter, the coin may be overheated. The cool-off being experienced doesn't entirely cancel out the uptrend. Still, the coin may drop lower in a retracement, retesting $26.6k or lower.

Resistance level to watch: $29.6k

Support level to watch: $26.6k

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

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