Technical Analysis for BTCUSD for 26th April 2023
Bitcoin Rejects Bears, Will Bulls Build on Gains?
Past Performance of BTC
Bitcoin prices recovered slightly on April 25, bouncing from around the $27k primary support. While the boost was positive, BTC is still not out of the woods, and prices might collapse if there is no follow-through in sessions ahead. For now, important reaction lines remain unchanged at around $28.3k and $27k, defined by the bear candlestick of April 23. Because of this state of affairs, BTC is still bearish, with the bear bars of April 19 through 21 shaping the immediate to medium-term trend. Overall, from a top-down preview, buyers have a chance though only after there is a sharp reversal above $31k.
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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