Bitcoin Retraces, Breaks Below The Rising Channel
Past Performance of Bitcoin
On March 27, Bitcoin prices fell below the rising channel, retesting $26.6k and last week’s lows. Even though the primary trend remains northwards, the upward momentum is tapering, and sellers are likely to press lower in the days ahead. As it is, traders can watch closely whether prices will dump, aligning with the losses of March 22.
#Bitcoin Technical Analysis
From the daily chart, BTC is down 2.5% in the past day and week. Prices remain in a tight consolidation. Since the bar of March 27 is bearish engulfing, aligning with the trend of March 27, the odds of a follow-through remain high. Therefore, traders can stay on the sidelines and anticipate a high-volume breakout. Losses below $26.6k may trigger a sell-off that may see BTC tank to $24k in a retracement. Conversely, it will be a relief for buyers should prices recover above $28k, reversing yesterday’s losses. That may set the base for a leg up towards $29k in a bullish trend continuation formation.
What to Expect From #BTC?
Buyers are upbeat. However, how prices react in the next few days depends on the breakout direction from the current consolidation. The bull bar of March 17 shapes the immediate term trend and trends to favor buyers. Any breakout below $26.6k may see this trend reverse in a correction.
Resistance level to watch out for: $28k
Support level to watch out for: $26.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.
On March 27, Bitcoin prices fell below the rising channel, retesting $26.6k and last week’s lows. Even though the primary trend remains northwards, the upward momentum is tapering, and sellers are likely to press lower in the days ahead. As it is, traders can watch closely whether prices will dump, aligning with the losses of March 22.
#Bitcoin Technical Analysis
From the daily chart, BTC is down 2.5% in the past day and week. Prices remain in a tight consolidation. Since the bar of March 27 is bearish engulfing, aligning with the trend of March 27, the odds of a follow-through remain high. Therefore, traders can stay on the sidelines and anticipate a high-volume breakout. Losses below $26.6k may trigger a sell-off that may see BTC tank to $24k in a retracement. Conversely, it will be a relief for buyers should prices recover above $28k, reversing yesterday’s losses. That may set the base for a leg up towards $29k in a bullish trend continuation formation.
What to Expect From #BTC?
Buyers are upbeat. However, how prices react in the next few days depends on the breakout direction from the current consolidation. The bull bar of March 17 shapes the immediate term trend and trends to favor buyers. Any breakout below $26.6k may see this trend reverse in a correction.
Resistance level to watch out for: $28k
Support level to watch out for: $26.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.
