Technical Analysis for BTCUSD for 26th April 2023
Bitcoin Rejects Bears, Will Bulls Build on Gains?
Past Performance of BTC
Bitcoin Technical Analysis
Looking at the general trend of the last four months, the path of least resistance is northwards. BTC might be down roughly 8% from recent peaks. However, buyers remain in control. For upward trend resumption, there must be a convincing break above the local resistance line at $28.3k. This would unwind losses of April 23, setting the base for another leg up for $31k, especially if the breakout is with high participation levels. If not, losses below $27k with similar rapid movement would cancel out the bullish outlook as BTC drops closer to $25k.
What to Expect from BTC
Buyers are confident, but their optimism will be confirmed if there are price gains above $28.3k towards $30k. Any contraction reversing recent gains might see BTC drop to critical reaction levels, especially 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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