Wrapped bitcoin. Price analysis

Wrapped Bitcoin has rallied strongly over the past two days, signaling the end of the correction phase that has been going on since mid-April. The bullish outlook, meanwhile, has become even more appetizing.
Wrapped bitcoin (WBTC) prices have regained bullish momentum in the past two days, just after hitting relative lows Monday 24 at 27011.70 against the U.S. dollar. The cryptocurrency has just emerged from a corrective phase of about -13%, which developed right after its relative peak on April 14 at 31232.40.
It was a short and, all things considered, a small correction, compatible with the bullish structure that has been developing since January 1 and which is currently still showing no signs of exhaustion. Regarding fundamentals, we cannot report any specific news around Wrapped Bitcoin that could affect the technical scenario.
On the other hand, the underlying picture is characterized by a kind of redemption of the exchanges, which, reacting to the inquisitorial climate unleashed by the Fed, have finally gone on the offensive.
The broad time frame chart with weekly candlesticks shows that since the last decade of March prices have managed to stabilize, minus corrections, above the area between 26450/26900. Therefore they are keeping a safe distance from the major support levels of the next 2-4 weeks, which are currently between 24750/24900.
This is clearly a positive development from a technical standpoint, which allows us to still consider the $32,000 forecasts already implied in our recent analyses to be active. On the 30-minute histogram, it is clear that an update of the technical guidance pattern is needed, relevant for at least the next 5-10 days. Immediately after deepening on April 12, in fact, Wrapped Bitcoin managed to touch highs exactly at the first target level, which we outlined at 31230.
The subsequent pullback, however, brought quotes back below the $27920 security line, and only now new short-term support levels have formed on which to build bullish operations again. To be precise, the closest support is now located at 27700/28140 and the major 5-10-day support is at 24800/25060.

Both levels would be a likely place for the market to react in the event of further declines, especially between last night and next Tuesday, May 2. As of 6:56 p.m. on Wednesday, April 26, wrapped bitcoin is trading at $29733, up +8.76% on the best exchanges.
A tentative convergence to at least the first support is expected by the end of the week. Therefore, from the technical point of view, it is preferable to make long interventions only when the values return to at least the level of 28700. The scenario is to firstly reach the resistance band between 31500 and 32100, an area from which temporary profit taking could be triggered.
However, the odds are leaning towards a breakout of the resistance itself, with updated projections to 34000 and 35500, the new main target. The technical scenario described will only be overturned by a possible breach of the main support at 24800, better if confirmed by at least one close on the 30-minute chart.