This website uses cookies to ensure you get the best experience on our website

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.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020