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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 position. The decline was not very large; based on the intraday high and low of 768, the line closed, dropping over 2,000 points. For intraday trading, this is about right. Today’s daily candle opening and rebound are normal adjustments. As long as it doesn’t close back above, the bearish trend remains valid.
ETH yesterday’s lowest was around 2,260, still staying within the 2,260-2,300 support zone. It has not fully broken this support level yet. The key focus for this week is on the bearish outlook.
BTC and ETH Intraday Highlights
Bitcoin’s movement today is relatively stable, with little fluctuation. After yesterday’s sell-off, there was a small rebound, then it quickly returned near the lows. Now, it depends whether it will directly break yesterday’s low within the day, which would bring it into the 75-76 range intraday. The normal support zone is between 746-758. If it fully breaks below, it can directly target the 72-70 range as the final defense.
After two large bearish candles yesterday, the rebound strength of ETH was very small. The intraday outlook remains bearish. Watch the current support at 2,260; if it breaks, the next support zone is between 2,180-2,220. The last line of defense is in the 2,050-2,130 range.