Technical Analysis for BTCUSD for 7th April 2023
Bitcoin Stagnates, Will Bulls Keep Prices above $26.6k?
Past Performance of BTC
Bitcoin prices are drab when writing, confined within a tight trade range at around $28k. This is despite the primary trend being bullish. As it is, traders should wait for a clear trend definition before aligning with the emerging trend. Until there is a sharp, high volume close above $29k, bears might flow back and press prices lower.
Bitcoin Technical Analysis
The path of least resistance is northwards, reading from the formation in the daily chart. Still, there are concerns about the validity of the uptrend and whether buyers will continue maintaining the same upside momentum as of mid-March 2023. The chart shows that buying pressure is waning as participation levels taper, an indicator of cautious traders. Therefore, unless there are breakouts in either direction, above $29k or below $26.6k, conservative traders can stay on the sidelines until there is a trend definition. The immediate term, for now, is anchored on the March 29 bull bar. Although volumes are comparatively low, the trend favors bulls from an effort versus result perspective.
What to Expect from BTC
Traders are optimistic about BTC's prospects. Though the current accumulation might draw momentum, weakening the uptrend, there are clear indicators that buyers still have strength. Still, resistance and support levels remain evident in the short term since prices have stagnated for the past two weeks.
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.