Cryptocurrency analyst Trend Rider, in his post on Twitter bitcoin He shared his views on the current look of the price with his followers.
Bitcoin price managed to stay above the key $25,800 support level, according to cryptocurrency analyst Trend Rider, who shared his personal short-term update on Twitter.
However, according to the analyst, BTC is facing resistance from the Rider Band, a technical indicator that monitors the trend and volatility of the market.
“Bitcoin Price Needs to Rise Above $27,500 for a Bull Scenario to Be Discussed”
Trend Rider said the Rider Band is narrowing, which means a major price action is imminent.
He said it was great to see Bitcoin retrace $27,000, but warned that the price should either break above the $27,500 band or show some bounce signals before considering bullish scenarios in this time frame.
#Bitcoin Short Term Update (1D) 💵
– 25.8K Support held
– Price was rejected from Rider Band
– Band getting thin, big move incoming.🖋️Great to see #bitcoins reclaiming 27K but we need Price to be above band (27.5K) or bounce signals before considering bullish scenarios on… pic.twitter.com/U3g63NDOvK
— Trend Rider (@TrendRidersTR) May 20, 2023
*Not investment advice.
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