Technical Analysis for BTCUSD for 27th April 2023
Bitcoin Remains Firm, Path Back to $31k?
Past Performance of BTC
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
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