Technical Analysis for BTCUSD for 4th April 2023
Bitcoin Tethered to $28k as BTC Trading Volumes Shrink
Past Performance of BTC
Bitcoin prices are relatively steady when writing, tethered to $28k, but the uptrend remains. Even though buyers are upbeat, the failure of buyers to push above the immediate resistance level at $29k is a concern. As laid out before, whether BTC will rally or dump depends on the reaction at $29k, marking Q1 2023 highs; and $26.6k in the near term. These are critical reaction levels that traders should watch out for as price action either aligns with the dominant trend from December to March, or dips in line with the bar of March 22.
Bitcoin Technical Analysis
Overall, traders are confident, looking at the development in the daily chart. There are lower lows relative to the upper BB, signaling waning momentum. This already shows, considering the light trading volumes of the past few trading days. At the same time, the failure of bulls to invalidate sellers means bears stand a chance especially if today ends up lower. For now, traders can wait for a clear trend definition, aware that any upswing above $29k may see BTC tear higher to $32k in a buy trend continuation formation.
What to Expect from BTC
The uptrend remains despite decreasing volumes and waning upside momentum. Immediate support remains at $26.6k, and should sellers of March 22 flow back, BTC may crack to retest February 2023 highs at around $25k. In that case, the uptrend will be nullified.
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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CryptoAltum does not accept any clients under the age of 18.