BTCUSD, Day | Potential bearish reversa from a key level?
April 3, 2023 5:24 am
The BTC/USD chart currently shows a bearish momentum, indicating a potential drop towards the 1st support level. The price is positioned below the Ichimoku cloud, reinforcing the bearish outlook.
The 1st support level at 25249.28 is a strong overlap support level, which may provide support to the price in case of a drop. Similarly, the 2nd support level at 23924.84 is another overlap support level that may offer further support.
On the other hand, the 1st resistance level at 28342.58 is a major overlap resistance level, coinciding with a 38.20% Fibonacci retracement. If the price manages to break above this resistance level, it could potentially rise towards the 2nd resistance level at 32842.55, which is also an overlap resistance level and coincides with a 50% Fibonacci retracement.
There is also an intermediate support level at 26598.48, which is an overlap support level and coincides with a 23.60% Fibonacci retracement.
In the event of a drop, the price could test the 2nd support level after breaking the 1st support level. Conversely, if the price manages to break the 1st resistance level, it could potentially rise towards the 2nd resistance level.
The material has been provided by InstaForex Company – www.instaforex.com
The BTC/USD chart currently shows a bearish momentum, indicating a potential drop towards the 1st support level. The price is positioned below the Ichimoku cloud, reinforcing the bearish outlook.
The 1st support level at 25249.28 is a strong overlap support level, which may provide support to the price in case of a drop. Similarly, the 2nd support level at 23924.84 is another overlap support level that may offer further support.
On the other hand, the 1st resistance level at 28342.58 is a major overlap resistance level, coinciding with a 38.20% Fibonacci retracement. If the price manages to break above this resistance level, it could potentially rise towards the 2nd resistance level at 32842.55, which is also an overlap resistance level and coincides with a 50% Fibonacci retracement.
There is also an intermediate support level at 26598.48, which is an overlap support level and coincides with a 23.60% Fibonacci retracement.
In the event of a drop, the price could test the 2nd support level after breaking the 1st support level. Conversely, if the price manages to break the 1st resistance level, it could potentially rise towards the 2nd resistance level.
The material has been provided by InstaForex Company – www.instaforex.com
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