Technical Analysis for BTCUSD for 30TH March 2023
Bitcoin Up 2%, BTC Bulls Must Clear $17k for Uptrend Confirmation
Past Performance of BTC
Bitcoin is up roughly two percent from 2022 lows at press time. Amid this development, BTC remains bearish in the short term. This preview will only change once there are substantial gains above $17k and $17.5k. It will be a breakout above the immediate resistance levels. Ideally, this ought to be with rising trading volumes. If not, any contraction below $16.5k will pressure the coin.
Bitcoin Technical Analysis
The coin is firm as of writing, following yesterday's gains. Day traders may look for entries to ride yesterday's bull bar if there is a spillover. However, swing traders can wait until there are clearer trends. A close above $17k and December 20 bar might be the beginning of another leg up toward $18.5k or better. On the more cautious side, losses below $16.5k and November 30 loss, puncturing yesterday's momentum, may slow the upside. In that case, BTC may drop even lower, registering a new multi-month low towards $12k.
What to Expect from BTC
Sellers are in control. Despite recent gains, there is little to write about BTC in the near term. Unless there are gains above $17.5k, bears are in control. An important liquidation line in the medium term is at $18.5k; bulls must reclaim this level for the uptrend to take shape.
Resistance level to watch: $17k
Support level to watch: $15.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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