Technical Analysis for BTCUSD for 11th April 2023
Bitcoin Pierces $29k, BTC Uptrend of Q1 2023 Resumes
Past Performance of BTC
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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