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Technical Analysis for BTCUSD for 5th April 2023

Bitcoin Trading Volumes Low as BTC Upside Limited at $29k

Past Performance of BTC

Bitcoin prices are volatile when writing and within a consolidation defined by a rising channel with mixed bars and tapering upside momentum. The overall trend, from the medium to long term, is bullish. This could change should there be a sell-off confirming bears of early this week. The uptrend remains provided prices are trending above $26.6k while there must be convincing, high-volume gains above $29k for the uptrend to be valid. In that event, BTC may explode to above $32k and other critical resistance levels, confirming buyers of the better part of Q1 2023.

Bitcoin Technical Analysis

Buyers are confident of what lies ahead. But whether the uptrend will continue depends on the reaction between $26.6k and $29k. Prices are boxed within a rising channel, evident in the daily chart. For the uptrend to be validated, there must be a convincing breakout at the back of expanding volumes. The drop in trading volumes has been notable in the past few weeks, an indicator of disinterest from market participants. If there is a push above the March high and $29.3k with the same rigor as the March 13 bull bar, BTC may easily glide higher. As it is, traders should watch out for a definitive breakout before committing, aware that losses below $26.6k may quickly see BTC drop to $24k or lower.

What to Expect from BTC

The uptrend remains, but sellers appear adamant, rejecting attempts for higher highs. As such, from the daily chart, prices are moving horizontally. Still, considering the positive correlation with ETH, BTC could rise in the sessions ahead, even breaking above $29k in a buy trend continuation pattern.

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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