Technical Analysis for BTCUSD for 5th April 2023
Bitcoin Trading Volumes Low as BTC Upside Limited at $29k
Past Performance of BTC
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
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