Bitcoin (BTC) Price Analysis (April 27)
- BTC/USD market operations dominated by lower highs and lower lows.
- The bulls haven’t intensified efforts to capitalize on a previous spike.
- A forceful southward break of a $7,200 level may make the pair suffer a set-back.
Bitcoin (BTC) Price Analysis
• Major resistance levels: $8,400, $8,800, $9,200
• Major support levels: $6,800, $6,400, $6,000
BTC/USD market’s valuation at $7,600 mark has significantly dominated by a chain of lower highs and lower lows. The crypto had initially surged northward, but, couldn’t over a couple of days able to push further past the point. As a result of that, the pair now trades in range-bound formation.
As at the time of writing, the bulls still have smaller forces sign at the bears’ weak expense to make lesser effort to resist short bullish moves. Meanwhile, the bulls’ effort may be decimated by a falling force when they cannot move beyond a high value at $8,000 afterward.
Bitcoin Technical Indicators Reading
The Bollinger Bands have somewhat shrunk and swerved upward into $8,000 and $7,200 price levels. The 50-day SMA trading indicator is a bit over the $7,200 value. Yet, they all point towards the east direction to give a note that range price movements are currently in progress in BTC/USD trade operations.The Stochastic Oscillators have also weakly moved from range 60 to cross the hairs at range 80. They now very briefly point to the south. That could mean a sign that the bears are as well struggling to resist further bullish movements around $7,600 mark.
To some smaller extent, the buyers are in control of BTC/USD market activities. But, they may not be able to push northbound smoothly from the current $7,600 range trading level. Another key price level is at a $7,200 line, and its downward break will also make the pair suffer a set-back. Therefore, traders are enjoined to be wary of that price level.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.