Technical Analysis for BTCUSD for 10th April 2023
Bitcoin Remains Stuck, Bulls Fail to Break $29k
Past Performance of BTC
Bitcoin prices are relatively lower when writing, reading from the performance in the daily chart. Even though the buyers have the upper hand, the failure of prices to edge higher over the weekend should be a concern. Already, candlestick arrangement and volume analysis show that momentum is waning. However, while this exists, it is until there is a sharp breakout above the current trade range for the trend to be established.
Bitcoin Technical Analysis
Prices remain unchanged, and trading volumes are subdued when writing. At the same time, BTC is within a tight range broadly defined within a rising channel. Even though the uptrend remains and prices remain within a wedge of a predominantly bullish formation, traders can only commit after prices break above key reaction levels. In the short term, the main buy trigger will be at March 2023 highs, while support lies at March 22 lows at around $26.6k. Traders can stay on the sidelines until there is a swing in either direction.
What to Expect from BTC
Buyers are confident of what lies ahead. However, as it is, the uptrend remains subdued, and buyers are struggling to maintain the upside momentum. Resistance is at $29k, while support is at the base of the high-volume bear candlestick of March 22.
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.