#Bitcoin Volatility Drops, Will April Support Line Hold?
Past Performance of Bitcoin
Bitcoin prices are drab, trading inside a narrow range in a predominantly bearish formation. Although the bears of May 8 weren't confirmed, the failure of bulls to push higher points to weakness. As it is, the immediate support line remains at 27k. Conversely, how prices react at 28.3k and 30k may shape the short-term trend.
#Bitcoin Technical Analysis
Overall, the trend is bullish from a top-down preview. Sellers are pressing lower but have failed to break below the multi-week support at 27k. This line also flashes with April 2023 lows. If broken, the coin could drop to as low as
25K in a bear continuation formation. All the same, this breakout should be with expanding volumes. Notice that prices are generally in range after the expansion of mid-March which also had high trading volumes. The current consolidation has low participation levels, pointing to possible cautious traders.
What to Expect from #BTC?
The upside momentum remains, but it is vital to see how prices react at
27K and 28.3k. Though prices dropped on May 8, the failure of follow-through at the back of generally lower trading volumes is a concern. A breakout below the immediate support line would break the bulls' resilience, allowing for the next leg down.
Resistance to watch out: 28.3k
Support to watch out:27K
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices are drab, trading inside a narrow range in a predominantly bearish formation. Although the bears of May 8 weren't confirmed, the failure of bulls to push higher points to weakness. As it is, the immediate support line remains at 27k. Conversely, how prices react at 28.3k and 30k may shape the short-term trend.
#Bitcoin Technical Analysis
Overall, the trend is bullish from a top-down preview. Sellers are pressing lower but have failed to break below the multi-week support at 27k. This line also flashes with April 2023 lows. If broken, the coin could drop to as low as
25K in a bear continuation formation. All the same, this breakout should be with expanding volumes. Notice that prices are generally in range after the expansion of mid-March which also had high trading volumes. The current consolidation has low participation levels, pointing to possible cautious traders.What to Expect from #BTC?
The upside momentum remains, but it is vital to see how prices react at
27K and 28.3k. Though prices dropped on May 8, the failure of follow-through at the back of generally lower trading volumes is a concern. A breakout below the immediate support line would break the bulls' resilience, allowing for the next leg down.Resistance to watch out: 28.3k
Support to watch out:
27KDisclaimer: Opinions expressed are not investment advice. Do your research.
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