Technical Analysis for BTCUSD for 24th April 2023
Bitcoin Dumps 10%, BTC May Crash to $25k
Past Performance of BTC
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
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