- It was a day of consolidation for the cryptocurrency market as many tokens saw their recent gains pared by profit takers while Bitcoin traded sideways and managed to hold above support at $24,000.
Data provided by TradingView shows that Bitcoin price traded in a range between $23,930 and $25,250 on Wednesday, and sits near the middle of that range at $24,400 at the time of writing, representing a slight gain of 0.1% on the 24-hour chart.Kitco senior technical analyst Jim Wyckoff called BTCs retreat below yesterday’s high of $26,514 “a routine corrective pullback after hitting a contract high on Tuesday,” and noted that “April Bitcoin futures prices were lower in early U.S.
Additional insight into Tuesday’s move was provided by analysts at Eight Global, who observed that BTCs price finally broke out of the range that it has been stuck in for months now, but the joy didn’t last for long as “the tables were turned at the end of the day” when bears “caused the daily candle to be a swing failure,” resulting in a daily close below “the crucial level of around $25,300.
“The first area is around $23.5K where you can get interested in positioning yourself for a potential move towards the upside,” they said. “This area is defined with a breaker area.”“If we are not able to sustain the breaker area for support, the next region to look out for is the area around $22.2K-22.6K,” Eight Global said. “This area would be seen as a classic support resistance flip.”
Stip being Bitcoin maxis or else.
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Source: CryptoAmb - 🏆 22. / 68 Read more »