Cryptocurrency analyst Trend Rider shared his views on the current view of Bitcoin price with his followers in his post on Twitter.
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 #bitcoin 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.
