Bitcoin Price Technical Analysis 06.04.2023

For the past 19 days, Bitcoin has been moving within the range of $26,570 to $28,800. Currently, it is holding at the middle band of the range, also known as the EQ level.

The price has cleared both short and long liquidations within the range. Since it is not possible to predict which direction the price will break out at the moment, it would be more appropriate to plan trades based on the breakout direction. If the current support level of $27,600 is lost, it will likely want to retest the $26,550 support level.

If we explain the possibilities, a break upwards from the range could lead to a rise up to the $32,000 level. In the case of a downward break, the first support area would be $25,200, but I expect the price to dip below this level and experience a retracement down to the $23,890 support, which I have marked on the chart.

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