Technical Analysis for BTCUSD for 19th April 2023
Bitcoin Reverses Losses, BTC above Critical Support at $29.6k
Past Performance of BTC
Bitcoin prices rebounded strongly on April 18, reversing losses the previous day. With the bounce, the coin is back to a bullish formation. However, there needs to be an assurance that comes with a high volume close above $31k. Only then will BTC likely float higher, aligning with the anchor bull bar of April 10 that defines the current formation. As it was, the immediate support is at around $29.6k, a reaction line flashing with the April 10. Provided prices are above this line; there could be more room for expansion in the days ahead as buyers flow back, pushing the coin higher.
Bitcoin Technical Analysis
The path of least resistance remains northwards. Even though there are hints of weakness, the rejection of lower prices on April 17 points to general demand. Therefore, as long as prices are within or above the April 10 bull bar, buyers are in charge from an effort versus result perspective. Traders can look to buy on dips above $29.6k, targeting $31k and later $32k. However, conservative bulls can wait for a solid close above $31k before riding the emerging trend toward $32k and $35k. This will be especially so if the breakout bar is with expanding volumes.
What to Expect from BTC
Buyers are upbeat and confident that BTC is on a recovery path after the losses of last year. Still, before then, the volatility of the past two days means traders can wait for a clear short-term definition despite buyers being in control.
Resistance level to watch: $31k
Support level to watch: $29.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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