Technical Analysis for BTCUSD for 6th April 2023
Bitcoin Sideways Movement Continues, Upside Momentum Dropping
Past Performance of BTC
Bitcoin Technical Analysis
From the daily chart, yesterday's bar closed as a mixed bar. There is equal buying and selling pressure, an indicator that traders are well-matched. Still, this doesn't break the dominant formation, which is bullish. The drop in momentum means volatility is also low, explaining the tightening Bollinger Bands, which might form a squeeze. Optimistic and conservative traders can steer clear until there is a close above $29.3k, possibly opening the door for $32k or better. On the reverse side, losses below the March 29 bull bar, the rising channel, and ideally $26.6k will swing the medium-term trend to bearish in a contraction after a solid performance in Q1 2023.
What to Expect from BTC
The horizontal, low-participation consolidation continues as yesterdays far closed lower in a well-balanced bar. Technically, the uptrend remains, but there are lower lows relative to the upper BB, signaling weakness and low momentum. Whether buyers will be sustained depends on how prices break out going forward.
Resistance level to watch: $29k
Support level to watch: $26.6k
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