Bitcoin to Pull Back Next Week?

by Justin Bennett  · 

April 14, 2023

by Justin Bennett  · 

April 14, 2023

by Justin Bennett  · 

April 14, 2023

Bitcoin rallied during the Asia session, moving above the short-term range between $29,800 and $30,500.

However, that rally failed once New York woke up, which is often the case with Asia-session pumps.

The 4-hour close back below $30,500 confirms the latest BTC move as a bearish fakeout.

It also opens up the minor range lows at $29,800.

Typically, a fakeout to one side of a pattern like this triggers an extended move in the opposite direction.

So that suggests an eventual break below $29,800, although that’s yet to be seen.

Friday’s move keeps BTC firmly between $29,800 support and $30,500 resistance.

A sustained break below $29,800 opens up the former range highs at $28,800 and the quarterly open at $28,452.

That would be a massive test for Bitcoin, given the three weeks the price spent below that mid $28,000 area.

Alternatively, a sustained break back above $30,500 would negate Friday’s breakdown and re-expose the Asia-session high at $31,060.

Remember to be careful trading on weekends, as the price action is often choppy and indecisive due to the lack of volume.

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