Technical Analysis for BTCUSD for 28th April 2023
Bitcoin Bulls Buoyant, Path Back to $35k?
Past Performance of BTC
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
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