Past Performance of #Bitcoin
Bitcoin prices are fairly stable at spot rates, swinging within a bear breakout formation as sellers remain firm. Technically, bears have the upper hand provided prices range within last week’s trade range, as per the candlestick arrangement in the daily chart . In upcoming sessions, the reaction at $40.5k and around $37.3k—marking this week’s lows, would define the short-term trend.
Bitcoin Technical Analysis
BTC is within a bear breakout formation as per the formation in the daily chart , aligning with the lower BB. The inability of BTC bulls to build on recent gains and float above $40.5k is negative for optimistic bulls. The immediate term price action is defined by last week’s bear bar of April 26 of which the wide-ranging bar forced BTC lower in a bear breakout pattern. Aggressive, risk-off traders can unload on every retest, targeting $37.3k and later $35k if prices continue dumping in line with last week’s trend. Overall, the upside appears limited and bulls exhausted.
What to Expect from #BTC?
The BTCUSDT price action is still in a bear breakout pattern despite solid fundamentals. This overview is valid as prices are below $40.5k and range inside the April 26 candlestick .
Resistance level to watch out for: $40.5k
Support level to watch out for: $37.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
