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Technical Analysis for BTCUSD for 12th April 2023

Bitcoin Breaks Out Above Rising Channel with Targets at $32k

Past Performance of BTC

Bitcoin prices are firm when writing and remain at a new Q2 2023 high. Following the bullish breakout above the rising channel on April 10, confirming buyers of March 17, buyers are squarely in control. Notably, the leg up, setting the current trend, was with expanding volumes, a positive for traders from an effort-versus-result perspective. With prices above $29k, buyers would likely add to their longs. Therefore, opportunities to double down on dips above March 2023 high could provide preferable entries for optimistic buyers, coming days after days of sideways movement clear in the daily chart.

Bitcoin Technical Analysis

The path of least resistance has been set out. Bitcoin, after ranging inside a rising channel, is gapping higher. Buyers are in control, and immediate support is previous resistance at $29k. A notable observation is that the leg up on April 10 is with expanding volumes and was confirmed yesterday though the uptrend was with a relatively low trade range. With the ball rolling and the buyers of Q1 2023 back, traders can double down on dips, targeting $32k in the short term.

What to Expect from BTC

Buyers remain in charge unless there are sharp losses and unwinding gains of April 10 and 11. The immediate support is $29k, and the middle BB; two critical reaction points. Provided prices are above these levels, every retracement may present entries for aggressive traders expecting uptrend continuation.

Resistance level to watch: $32k

Support level to watch: $29k

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

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