BTC’s Worth Could Carry out a Bounce Play This Week, Says Dealer

• Analyst Michael van de Poppe tweeted immediately that BTC will look to bounce between $26.5k and $27k.
• The dealer added that the potential rebound might end in BTC’s worth recovering to $29.2k.
• At press time, the worth of BTC stands at round $27,291 after a 1.21% 24-hour drop.

The famend crypto dealer Michael van de Poppe (@CryptoMichNL) tweeted his newest evaluation for (BTC) this morning. In his tweet, van de Poppe shared that there shall be a “bounce play” for BTC quickly provided that BTC was just lately rejected by a key resistance degree whereas funding charges for the crypto have develop into unfavorable.

#Bitcoin clearly rejects the extent right here, whereas funding begins to develop into unfavorable.Which means that we’ll be having a bounce play quickly, however from the place?I am anticipating a creation of bullish divergences in $26,500-27,000 space (Monday dump day) after which restoration to $29,200. pic.twitter.com/dqj33HPbnz

— Michaël van de Poppe (@CryptoMichNL) April 24, 2023

The dealer added within the tweet that he’s anticipating the creation of bullish divergences between $26,500 and $27,000 earlier than a restoration to $29,200. In line with van de Poppe, merchants will proceed to dump their BTC holdings immediately earlier than the restoration as properly.

At press time, BTC’s worth dropped 1.21% over the past 24 hours in response to CoinMarketCap. Moreover, the market chief’s worth is down simply over 8% over the past 7 days. Because of this, BTC is at the moment buying and selling at round $27,291.

BTC’s 13.14% enhance in day by day buying and selling quantity appears to have been primarily promote quantity because the crypto’s worth has retraced from its day by day excessive of $27,978.98 to its present degree. The main crypto was nonetheless, nonetheless, capable of outperform its greatest competitor, (ETH).

Every day chart for BTC/USDT (Supply: TradingView)

A notable bearish technical flag was triggered on BTC’s day by day chart just lately with the 9-day EMA crossing under the 20-day EMA within the final 48 hours. This bearish flag means that BTC’s worth has entered right into a short-term bearish cycle and can proceed to drop within the subsequent 24-48 hours.

Ought to this bearish flag be validated, BTC’s worth might look to drop to the following key help degree at round $25,075 within the coming few days. The day by day RSI indicator helps this bearish thesis because the RSI line is at the moment sloped negatively towards the oversold territory and is buying and selling under the day by day RSI SMA line.

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