Technical Analysis for BTCUSD for 27th April 2023
Bitcoin Remains Firm, Path Back to $31k?
Past Performance of BTC
For a brief moment on April 26, Bitcoin prices soared to as high as $30k before flash crashing back towards $28k in what turned out to be a volatile NY session. At this pace, the spike in trading volumes and a Doji bar printing capped an evening of indecision. BTC prices contracted but recovered strongly early today as traders doubled down on the undervaluation of April 26. Since prices are above the $28.3k level and trading above the recent consolidation defined by the April 21 bear bar, the odds of BTC rising to $30k and $31k remain amplified.
Bitcoin Technical Analysis
Bitcoin prices are volatile when writing. The flash crash that unwound most gains posted yesterday saw BTC lose over $2k in an hour. Buyers remain in control above $28.3k, an endorsement for optimistic traders. For sellers of April 19 through 21 to take charge, there must be a convincing close below $27k with the same rapidity as of April 26. In that case, BTC may drop to $25k in a bear trend continuation formation. As it is, provided BTC is above $28.3k, aggressive traders can look to load the dips, targeting $30k and $31k in the near term.
What to Expect from BTC
A Doji bar in the daily chart at the back of high trading volumes points to a balanced ecosystem. Still, BTC ended up higher, above $28.3k, confirming gains of April 25. This development has also been confirmed today following gains above $29k. For bears to take charge, BTC prices must first unwind gains of the past two days and slip below $27k.
Resistance level to watch: $31k
Support level to watch: $28.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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