Technical Analysis for BTCUSD for 25th April 2023
Bitcoin Consolidates, BTC Finds Support at $27k
Past Performance of BTC
Bitcoin Technical Analysis
The April 19 bar dictates the current formation. Follow-throughs in subsequent sessions capped with the bear bar of April 21 that shapes the immediate state of price action. Notice that prices are in range, inside the bear bar of April 21, with caps at $28.3k and $27k. Although bulls might be in the driving seat from the top-down preview, sellers are in control now. Still, participation levels are low. Therefore, if BTC crumbles below $27k, confirming losses of April 27, ideally with above-average volumes, the coin might drop to the $25k region in a retest.
What to Expect from BTC
Buyers will have a chance if prices continue consolidating. A recovery above $28k will be welcomed. For now, BTC is in a precarious position. Losses below last week's low may trigger another wave of solid sell-offs.
Resistance level to watch: $28.3k
Support level to watch: $27k
Disclaimer: Opinions expressed are not investment advice. Do your research.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.