Past Performance of Bitcoin For a brief moment on April 26, Bitcoin prices soared to as high as 30k before flash crashing back towards 28k in what turned out to be a volatile NY session. At this pace, the spike in trading volumes and a Doji bar printing capped an evening of indecision. BTC prices contracted but recovered strongly early today as traders doubled down on the undervaluation of April 26. Since prices are above the 28.3k level and trading above the recent consolidation defined by the April 21 bear bar, the odds of BTC rising to 30k and FWB:31K remain amplified.
#Bitcoin Technical Analysis Bitcoin prices are volatile when writing. The flash crash that unwound most gains posted yesterday saw BTC lose over 2k in an hour. Buyers remain in control above 28.3k, an endorsement for optimistic traders. For sellers of April 19 through 21 to take charge, there must be a convincing close below FWB:27K with the same rapidity as of April 26. In that case, BTC may drop to FWB:25K in a bear trend continuation formation. As it is, provided BTC is above 28.3k, aggressive traders can look to load the dips, targeting 30k and FWB:31K in the near term.
What to Expect from #BTC? A Doji bar in the daily chart at the back of high trading volumes points to a balanced ecosystem. Still, BTC ended up higher, above 28.3k, confirming gains of April 25. This development has also been confirmed today following gains above 29k. For bears to take charge, BTC prices must first unwind gains of the past two days and slip below 27k. Resistance level to watch out for: FWB:31K Support level to watch out for: 28.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.