This is the third day that the bitcoin rate has been falling. Where will the bottom be found?
According to the Cryptocurrency Screener Cryptovizorwhich determines the price of BTC/USD based on the results of trading on spot exchanges, the current low is $27,810, which means that the price has decreased by 8.7% since April 19.
Head of trading firm Eight Michael van de Poppe (Michaël van de Poppe) appreciated situation as follows: “Bitcoin is currently showing weakness. Lost one of the decisive levels and returned to the range. The most important critical level is $27,600. It is possible to withdraw liquidity below, followed by a quick recovery.”
If the $28,800 level is not broken, then, apparently, we will see $26,200.
As follows from the chart, the analyst believes that there will be a rebound of bitcoin to the resistance at $28,800, then a rollback to $26,200, followed by a recovery in the uptrend.
A somewhat more optimistic trader was Crypto Tony, who expects bulls reaction to the middle of the range around $27,600-27,700, from where he is ready to open long. However, the trader allows for falls to the lower limit of $26,600.
Its counterpart Credible Crypto noted lack of demand at the level of $28,000, which makes a test of the $25-26 thousand area likely. “But this is not a cause for concern,” he added.
It should be noted that none of the analysts expects bitcoin to update this year’s low. The general consensus is that this is a common correction in a bull market.
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