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Technical Analysis for BTCUSD for 11th April 2023

Bitcoin Pierces $29k, BTC Uptrend of Q1 2023 Resumes

Past Performance of BTC

After roughly three weeks of sideways movement, Bitcoin prices broke higher on April 10. There are hints of strength, reading from the performance in the daily chart. Per the current layout, traders can look to load the dips and align with the primary trend established in Q1 2023. Currently, bulls have broken above the resistance at March highs. The BTC rally aims for $32k as the trend established from December 2022 continues in April 2023.

Bitcoin Technical Analysis

Buyers are in control and trading above $30k, above critical liquidation levels in March 2023. Besides, trading volumes are expanding, meaning momentum is picking up. In this formation, buyers of March 17 are flowing back and solidifying the uptrend. Therefore, from an effort versus result perspective, traders can load the dips whilst targeting $32k in the subsequent few sessions. Interestingly, from the daily chart, trading volumes are high, meaning there is participation from traders, a development that can inject more momentum.

What to Expect from BTC

Participation is rising and coincides with the upswing, supporting buyers. As it is, every low may offer entries for aggressive traders targeting $32k or better. This preview will hold as long as BTC is above the middle BB and $27.8k or April 9 lows.

Resistance level to watch: $32k

Support level to watch: $27.8k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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