Bitcoin (BTC) Price Analysis (April 28)
- BTC/USD market’s trading cycle is still in a range-bound formation.
- The Bulls appear getting weak in pushing northward further in BTC/USD trade.
- A downward pressure against a low point at $7,200 mark will suggest seeing more lows in BTC/USD market.
Bitcoin (BTC) Price Analysis
• Major distribution territories: $8,400, $8,800, $9,200
• Major accumulation territories: $6,800, $6,400, $6,000
Yet, BTC/USD market operations haven’t had different trading cycle from those lines maintained in a range-bound around $7,600 mark. The crypto-fiat pair is striving to determine the next line of market direction as there have now short lower lows than short lower highs.
It’ll be necessary that the market is allowed to come a bit under falling pressure to allow for a smooth upswing of BTC/USD’s price afterward. The reason for that, currently, the bulls’ required momentum to push further towards the north seems to get reduced by the day.
Bitcoin (BTC) Technical Indicators Reading
The 50-day SMA trading indicator is underneath the Bollinger Bands. And, they all point towards the east direction to signify that BTC/USD’s price still moves in fluctuation settings. The Stochastic Oscillators now move the hairs in a consolidation mode around range 80 to indicate an indecision trading condition of the crypto-market. Therefore, traders are advised to exercise some degree of cautiousness in placing orders.
As the market valuation of BTC/USD is still dominated by variant lower lows and lower highs around $7,600 mark. It is advisable to be on the lookout for a definite price action to take place before deciding on what the next market’s trend will be. Meanwhile, a bearish candlestick formation against an l$7,200 low value could signal a resumption for seeing more lows in Bitcoin’s price as trade with the US dollar’s worth.
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.