Bitcoin looks to recover positions lost on April 23 as 10-day lows remain.
BTC 1-hour chart | Source: TradingView
$26,600 Becomes Popular Bitcoin Price Target
According to data from TradingView, Bitcoin is trading near $27,700 at press time.
Up about 2.5 percent from lows set a day earlier, the cryptocurrency king is still seen by traders as a potential weekend short.
“$26,600 is my short-term target right now and it’s the weekend, so it might take longer to get there. That’s the most logical target, and we’ve placed a bearish bid there too, so I expect a reaction after the test ,” said Crypto Tony. confirm Tweeted with followers that day.
Bitcoin Chart | Source: Crypto Tony
That target would mark a new bottom for bitcoin, which fell 10 percent this week, leading to an overall underperformance in April.
Analyst Mark Callan looked at the possibility of BTC approaching the April 21 CME futures close of $27,310 before the weekly close.
“Lots of bids at $26,500, not sure if they were used,” he added in accompanying comments, giving Crypto Tony a similarly plausible target.
Bitcoin Chart | Source: Mark Karen
Another Twitter thread pointed to increased spot market selling on the largest exchange, Binance, which could add further downward pressure in a less liquid weekend trading environment.
source: Alpha Bitcoin
‘Dreadful bearish engulfing candle’ visible
Market participants appear to be in agreement on BTC price action, suggesting that the short-term downside has yet to change the overall uptrend for 2023.
Among them is Michael van de Poppe, founder and chief executive of trading firm Eight.I also share Popular bearish targets.
According to him, the weekly chart is still on the verge of forming a higher high (HL), thus maintaining the uptrend.
“I don’t think the outlook is entirely bearish. The weekly time frame we’re looking at HL seems to be happening around $26,500-27,000 (probably $25,000). A move back above $27,800 could be a strong bullish reaction to Bitcoin’s $29,000 and Continuation of the upward trend.”
BTC 1-hour chart | Source: TradingView
Popular trader CryptoBullet looked more nervous, even acknowledging that the progress of the weekly candles over a full month does not necessarily end the rally.
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As reported by Cointelegraph
