#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.
