#Bitcoin Dumps after an Inverted Hammer Formed, Support at $27k
Past Performance of Bitcoin
Volatility spiked on April 30, temporarily forcing prices higher. Of note, volumes rose. However, this wasn't enough to sustain bulls. The result was an inverted hammer with the long upper wick pointing to the rejection of higher prices. The dump down pushed BTC back into range and anchored today’s liquidation in the Asian session. With BTC fast falling, the coin may drop below
27K
if bears maintain this pace.
#Bitcoin Technical Analysis
While the path of least resistance is northwards, there are concerns about the bulls’ strength in the short-term. Resistance remains at $30k while primary support at $28.3k is being retested. With the inverted hammer of April 30, it capped a solid performance in April but only for bears to cancel out gains of the last week of April. For now, traders can stay away from the charts until there is a definitive breakout above the current consolidation at $30k or $28.3k, ideally,
27K
, in the coming sessions. If buyers come on top, rewinding today’s losses, BTC may float to as high as
31K
; an opportunity for buyers to ride the trend. Conversely, any rejection below
27K
as bears add to the current losses disqualifies the current preview, possibly forming the base for a leg down toward $25k.
What to Expect from #BTC?
Buyers of April 25 through 27 shape the present trend, reinforcing the uptrend. However, whether buyers will drive through depends on if BTC will hold above $28.3k and ideally $27k.
Resistance level to watch out for:
31K
Support level to watch out for: $28.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Volatility spiked on April 30, temporarily forcing prices higher. Of note, volumes rose. However, this wasn't enough to sustain bulls. The result was an inverted hammer with the long upper wick pointing to the rejection of higher prices. The dump down pushed BTC back into range and anchored today’s liquidation in the Asian session. With BTC fast falling, the coin may drop below
27K
if bears maintain this pace. #Bitcoin Technical Analysis
While the path of least resistance is northwards, there are concerns about the bulls’ strength in the short-term. Resistance remains at $30k while primary support at $28.3k is being retested. With the inverted hammer of April 30, it capped a solid performance in April but only for bears to cancel out gains of the last week of April. For now, traders can stay away from the charts until there is a definitive breakout above the current consolidation at $30k or $28.3k, ideally,
27K
, in the coming sessions. If buyers come on top, rewinding today’s losses, BTC may float to as high as
31K
; an opportunity for buyers to ride the trend. Conversely, any rejection below
27K
as bears add to the current losses disqualifies the current preview, possibly forming the base for a leg down toward $25k. What to Expect from #BTC?
Buyers of April 25 through 27 shape the present trend, reinforcing the uptrend. However, whether buyers will drive through depends on if BTC will hold above $28.3k and ideally $27k.
Resistance level to watch out for:
31K
Support level to watch out for: $28.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
