BTC’s Price Receives Correction; What to Expect in the Short-Term

The crypto trader Kevin Svenson tweeted this morning regarding Bitcoin (BTC). In his tweet, Svenson stated that investors and traders panicking about the technical situation on BTC’s lower time frame charts should turn their attention to the larger time frames instead.

As everyone panics about this lower time frames … I would like to redirect your attention to the larger time frames.#Bitcoin is currently in a series of exponential higher lows. If this trajectory is maintained it would be considered a «Parabola» or a «Parabolic Trend». pic.twitter.com/pkGAyPa9Qb

— Kevin Svenson (@KevinSvenson_) May 1, 2023

According to Svenson, the crypto market leader is in a series of exponential higher lows. Furthermore, the trader stated that a parabolic trend would form on BTC’s larger time frame charts should the current trajectory continue.

Meanwhile, the crypto trader Ali also tweeted regarding the leading crypto. In a tweet yesterday, Ali shared two key levels that traders and investors should keep an eye on to get a better understanding of the short-term direction of BTC.

Ali stated that around 1.85 million addresses bought 650K BTC between $27,400 and $28,315. Meanwhile, 1.37 million addresses purchased 530K BTC between 29,260 and $30,130. Ali added that the range between $27,400 and $28,315 is currently a support zone for BTC, while the range between $29,260 and $30,130 is acting as resistance.

Daily chart for BTC/USDT (Source: TradingView)

At press time, BTC’s price is trading slightly above the support zone identified by Ali at around $28,610.77 according to CoinMarketCap. The crypto’s price has pulled back slightly over the last 24 hours and experienced a 2.35% decrease over the period. Fortunately, BTC’s weekly price performance remains in the green at +4.13%.

BTC’s price was able to establish a daily high at around $29,952.03 in the last 24 hours. However, the resistance zone Ali identified forced the market leader’s price to retrace to its current level.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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