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Technical Analysis for BTCUSD for 28th April 2023

Bitcoin Bulls Buoyant, Path Back to $35k?

Past Performance of BTC

Bitcoin is up roughly 10% from April 2023 lows, stable, and building on the gains of the past two trading days. Technically, the uptrend remains as long as prices are above the recent consolidation with critical resistance, now support, at $28.3k. On the lower end, BTC buyers have a chance if prices are above $27k. Meanwhile, there could be more loading opportunities for conservative bulls should BTC float above $31k.

Bitcoin Technical Analysis

The expansion of BTC prices above $29k on April 27 follows a firm rejection of lower prices on April 26. With a Doji candlestick and a spike in trading volumes, it appears that there was a tussle between market participants for trend definition. Bulls had the upper hand. With trading volumes on April 27 above average and above $28.3k support, aggressive traders may look to buy the dips targeting $31k. On the other hand, buyers could have more opportunities should there be a clean break above April 2023 highs at $31k. In that case, conservative traders can load the dips, targeting $35k. This bullish preview will be canceled if BTC crashes below $27k, reversing recent gains.

What to Expect from BTC

Buyers are confident, and the uptrend remains. The rejection of lower prices on April 26 and the follow-through yesterday affirm the presence of bulls. As such, there is a high probability of buyers of Q1 2023 flowing back and shaping the immediate to medium-term trend.

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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