Technical Analysis for BTCUSD for 21st April 2023
Bitcoin Extends Losses, BTC Uptrend Likely Over
Past Performance of BTC
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
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