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April 28th Technical Analysis: Will BTC and ETH experience a waterfall drop this week?
Yesterday, the daily chart showed a pin bar closing bearish, and Bitcoin did not break below the 76 level. The decline was not very large; based on the intraday high and low, closing at 768, it dropped over 2,000 points. For intraday trading, that's about enough. Today, the daily candle opening with a rebound is a normal correction. As long as it doesn't retrace back, the bearish trend remains valid.
ETH yesterday's lowest was around 2260, still staying within the 2260-2300 support zone. It hasn't fully broken below this support yet. The main focus for this week is to look for bearish signals.
BTC and ETH Intraday Outlook
Bitcoin's movement today is relatively stable, with minor fluctuations after yesterday's sell-off and a small rebound, then quickly returning near the lows. Now, it depends whether it will directly break yesterday's low intraday, which would bring it into the 75-76 range. The normal support zone is between 746-758. If it fully breaks below, it could target the 72-70 zone as the final defense.
After two large bearish candles yesterday, the rebound strength was very weak. Intraday, the outlook remains bearish. Watch the current support at 2260; if broken, the next support zone is between 2180-2220. The last line of defense is in the 2050-2130 range.