Technical Analysis for BTCUSD for 3rd April 2023
Bitcoin Falls Back From $29k, but Uptrend Remains
Past Performance of BTC
Bitcoin prices are firm, at least from the top-down preview. However, in the immediate term, the coin is struggling to cover more ground. From the daily chart, there are lower lows relative to the upper BB, suggesting waning upside momentum. For the uptrend to remain, the coin should rally above $29k. On the lower end, losses below $26.6k and the rising channel may be a reason for concern.
Bitcoin Technical Analysis
Gains in Q1 2023 were impressive as the coin recovered from 2022 pits. This uptrend will likely continue in the sessions ahead. However, a correction will be inevitable after sharp expansions in the past three months. Considering the consolidation along a rising channel and the failure of buyers to close above $29k convincingly, traders should watch out. Support lies at $26.6k, which, if broken, may see BTC drop to $24k.
What to Expect from BTC
BTC is solid, even though the upside momentum is fizzling. Resistance remains at $29k, but if $26.6k fails, at the back of expanding volumes, the coin may slip back to February highs in a welcomed retest.
Resistance level to watch: $29k
Support level to watch: $26.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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