Technical Analysis for BTCUSD for 24th April 2023
Bitcoin Dumps 10%, BTC May Crash to $25k
Past Performance of BTC
Bitcoin crashed 10% from April highs last week. Prices remain below a critical support level when writing. The daily chart shows prices are stuck in a tight horizontal range below $28.6k. While the contraction was expected after continuous expansion in the better part of Q1 2023, the current correction is with relatively low trading volumes. Technically, this is supportive of buyers. Even so, how prices pan out in the next few trading sessions depends on whether bears will extend last week's gains. Any loss below $27k would likely accelerate the dump, forcing the coin toward $25k.
Bitcoin Technical Analysis
The selling pressure of last week will likely spill over. There was a spike in selling volumes in the second half of last week, forcing the coin below $29k and $28k. However, participation is relatively low. For now, resistance remains at $28.3k while support is at $27k, the trading range of the bear bar of April 21. Aggressive traders can look to short on every attempt below $28.3k. Still, there are better opportunities below $27k, especially if there is a high volume breakout below $27k. In that case, BTC may drop to February highs at $25k in a retest.
What to Expect from BTC
BTC is bearish and under pressure. The correction was expected and came after a 55% surge from mid-March. Reaction levels in the medium term remain at $25k and $31k. If bears press on, BTC will likely drop to February 2023 highs.
Resistance level to watch: $28.3k
Support level to watch: $27k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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