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Technical Analysis for BTCUSD for 14th April 2023

Bitcoin Bulls Firm, Next Target $32k?

Past Performance of BTC

Bitcoin broke off higher on April 13, looking at the performance in the daily chart. Overall, the uptrend remains. Prices are trending above $30k, a psychological level. Support remains at $29k, marking March highs. Since BTC is within a bullish breakout formation above the rising channel, every dip may offer entries for optimistic buyers.

Bitcoin Technical Analysis

Although volumes are low, BTC buyers are resilient, rejecting the bears of April 12, looking at the performance in the daily chart. Besides, prices are firm above $30k as bars align along the upper BB. This may suggest that the underlying momentum is high and may prop buyers aiming for even more gains in the days ahead. Notice that the BTC upward structure is still valid. Presently, prices are above the rising channel and primary support at around $29.3k. At this pace, buyers should target $32k in subsequent sessions as the bulls of Q1 2023 flow back.

What to Expect from BTC

The rejection of lower lows on April 13 and the alignment of prices with the bull bars of April 10 means the uptrend is still valid. As such, BTC could still soar to new H2 2023 highs if prices are above $29k in the sessions ahead.

Resistance level to watch: $32k

Support level to watch: $29k

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

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