Technical Analysis for BTCUSD for 13th April 2023
Bitcoin Stagnates But Uptrend Remains above $29k
Past Performance of BTC
The daily chart shows that Bitcoin prices are higher but remain under pressure. For example, on April 12, prices were generally lower, around the $30k level. Even so, the uptrend remains, and the bullish breakout pattern set in motion on April 10 is still valid. Accordingly, as long as prices are above $29k, buyers have the upper hand, and there could be more room for expansion in the days ahead. For now, whether prices will edge lower in a retest or not will determine the speed at which bulls will push the coin higher in sessions ahead.
Bitcoin Technical Analysis
Buyers from mid-March 2023 are still in charge despite the contraction of April 12. A noteworthy observation is that prices are still trending above the rising channel, and $29k remains a critical support and reaction point. Therefore, provided the contraction is with light volumes and prices are above $29k, buyers can look to double down, aligning with buyers of April 10. This is valid from an effort versus result perspective, permitting optimistic buyers to load on dips targeting $32k or better. Conversely, this preview will be null should BTC drop sharply below $29k, even rewinding gains of the anchor bar of April 10.
What to Expect from BTC
For now, aggressive traders can buy on dips if prices are above $29k and, ideally, April 10 lows. There could be more room for growth in the sessions ahead, provided buyers successfully soak in selling pressure and reject yesterday's bears.
Resistance level to watch: $32k
Support level to watch: $29k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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