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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around $28,700, and it has been trading in a narrow range on shorter timeframes. Our previous analysis indicated that Bitcoin was headed towards the $30,000 mark to retest a crucial resistance level. However, Bitcoin failed to break above this level and faced a solid rejection once again. Currently, Bitcoin is still trading within a consolidation zone between $27,000 and $30,000, and it could go either way in the coming days. The $30K region has always been a critical level for Bitcoin, as it has acted as both support and resistance multiple times in the past. Let’s take a quick look at the Bitcoin Price Prediction Daily (02-May-2023) to see where the price is headed in the short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, the first thing we can notice is that after rejecting the $30,000 mark, the price also broke below the support at $28,700 and is now headed towards $27,000.
We can also notice that the price is forming a symmetrical triangle on the 4-hour which will likely play out within the next couple of days.
A symmetrical triangle is a neutral pattern that suggests the price could move in either direction once the structure is complete.
If the price breaks above the structure, we will finally see BTC break above the $30,000 mark. It will rally the Bitcoin bulls, and it is highly likely the price will break above the major resistance at $30,000.
The next target we will be eyeing in that scenario is the $32,000 mark. It is an area that has acted as strong support in the past.
On the other hand, if the price breaks below the structure, we will see Bitcoin break below the solid support at $27,000. The next target we will be eyeing in that scenario is the $25,000 mark.
The $25,000 is a crucial region, and Bitcoin will likely find some support there. Right now, it is looking more likely that the bearish scenario will play out for this structure. Once the price breaks below, we will be interested in shorting Bitcoin.
Conclusion: Final Verdict on Bitcoin (BTC)?
Bitcoin is currently trading around the $28,700 mark and has not moved much in the past couple of days. The price is still struggling to break above the resistance at $30,000, and the bulls are losing some steam here. Right now, we can see a neutral pattern for Bitcoin in play. How the price moves out of this pattern will help us decide our next move. It is likely that we will see Bitcoin touch $25,000 in the coming days.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
