#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:
27K
Disclaimer: Opinions expressed are not investment advice. Do your research.
