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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, it closed the day with a drop of over 2,000 points. For intraday trading, that's about enough. Today’s daily candle opening and rebound are normal adjustments. As long as it doesn’t recover back, 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 below this support yet. The key focus for this week is on the bearish outlook.
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 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 was very weak. Intraday, the 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.