#Bitcoin Selling Pressure Falling, Will Bears Take Charge?
Past Performance of Bitcoin
Bitcoin prices ended up higher yesterday but closed with a long upper wick suggesting a sell-off in lower timeframes. This was confirmed with the spill off today, forcing prices lower. Moreover, while there were notable gains, associated trading volumes were lower than expected. Therefore, although bulls are optimistic and expecting more, traders should adopt a wait-and-see approach. Specifically, gains above 28.3k may pump prices. However, BTC remains within a trading range with clear resistance and support levels, trending lower at spot rates.
#Bitcoin Technical Analysis
The horizontal consolidation of BTC prices continues, reading from the development in the daily chart. Even though bears have the upper hand, at least per the recent price action, the downside momentum is fading. Bear bars are moving away from the lower BB, suggesting lower selling pressure. At the same time, prices are moving back to the middle BB, suggesting low volatility. The 28.3k resistance line and the middle BB are immediate resistance levels. On the lower end, support is at 25.8k. Therefore, without a comprehensive close above either reaction lines, conservative traders can wait for a clear trend definition.
What to Expect from #BTC?
The upsides remain from a top-down preview. However, sellers appear to be in control, peeling back gains from late April. As it is, bears appear to be in control, provided resistance is at 28.3k. Any drop below the current trade range's low at 25.8k will cancel bullish attempts, paving the way for even more liquidation in the short term.
Resistance level to watch: 28.3k
Support level to watch: 25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices ended up higher yesterday but closed with a long upper wick suggesting a sell-off in lower timeframes. This was confirmed with the spill off today, forcing prices lower. Moreover, while there were notable gains, associated trading volumes were lower than expected. Therefore, although bulls are optimistic and expecting more, traders should adopt a wait-and-see approach. Specifically, gains above 28.3k may pump prices. However, BTC remains within a trading range with clear resistance and support levels, trending lower at spot rates.
#Bitcoin Technical Analysis
The horizontal consolidation of BTC prices continues, reading from the development in the daily chart. Even though bears have the upper hand, at least per the recent price action, the downside momentum is fading. Bear bars are moving away from the lower BB, suggesting lower selling pressure. At the same time, prices are moving back to the middle BB, suggesting low volatility. The 28.3k resistance line and the middle BB are immediate resistance levels. On the lower end, support is at 25.8k. Therefore, without a comprehensive close above either reaction lines, conservative traders can wait for a clear trend definition.
What to Expect from #BTC?
The upsides remain from a top-down preview. However, sellers appear to be in control, peeling back gains from late April. As it is, bears appear to be in control, provided resistance is at 28.3k. Any drop below the current trade range's low at 25.8k will cancel bullish attempts, paving the way for even more liquidation in the short term.
Resistance level to watch: 28.3k
Support level to watch: 25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.