#Bitcoin Erupts, Will Bulls Reverse Recent Losses?
Past Performance of Bitcoin
Apart from today’s gains, there are no major changes on Bitcoin, and prices remain within a trade range in a possible distribution or accumulation dictated by the breakout direction. Presently, BTC is limited to the upside at 28.3k while prices are bouncing above the 25.8k support level.
#Bitcoin Technical Analysis
The path of least resistance, in the short term, is southwards despite today’s gains. Traders should watch closely how prices react at 25.8k if bears press on. However, if the bear run is over and bulls are ready to take the coin to a higher level, a convincing close above 28.3k may trigger demand. Either way, the current sideways movement means sellers have the upper hand, and the channel could be a distribution. Going forward, traders can also watch trading volumes. A breakout with expanding participation levels could define the short-term trend. If bulls are determined and build on today’s gains, there must be a sharp, high-volume expansion above 28.3k in subsequent sessions.
What to Expect of #BTC?
Technically, sellers are in charge despite recent gains. Participation is relatively low, and traders are waiting for proper signals. For now, conservative traders can wait on the sidelines until there is a definitive breakout above or below the current range.
Resistance level to watch: 28.3k
Support level to watch: 25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Apart from today’s gains, there are no major changes on Bitcoin, and prices remain within a trade range in a possible distribution or accumulation dictated by the breakout direction. Presently, BTC is limited to the upside at 28.3k while prices are bouncing above the 25.8k support level.
#Bitcoin Technical Analysis
The path of least resistance, in the short term, is southwards despite today’s gains. Traders should watch closely how prices react at 25.8k if bears press on. However, if the bear run is over and bulls are ready to take the coin to a higher level, a convincing close above 28.3k may trigger demand. Either way, the current sideways movement means sellers have the upper hand, and the channel could be a distribution. Going forward, traders can also watch trading volumes. A breakout with expanding participation levels could define the short-term trend. If bulls are determined and build on today’s gains, there must be a sharp, high-volume expansion above 28.3k in subsequent sessions.
What to Expect of #BTC?
Technically, sellers are in charge despite recent gains. Participation is relatively low, and traders are waiting for proper signals. For now, conservative traders can wait on the sidelines until there is a definitive breakout above or below the current range.
Resistance level to watch: 28.3k
Support level to watch: 25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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