Technical Analysis for BTCUSD for 24th March 2023
Bitcoin Rejects Bears, Upside Limited at $29k
Past Performance of BTC
Bitcoin prices are steady at spot rates, and the uptrend remains. After contractions on March 22, the recovery yesterday has been noteworthy. Specifically, BTC is inside a rising channel with caps on the upside at $29k. Meanwhile, the uptrend will be so as long as prices are inside or above the range defined on March 17. Support is at March 22 lows at around $26.6k.
Bitcoin Technical Analysis
Buyers are in the driving seat, shaping the current price trajectory. Even though there were lower lows on March 22, the failure of bulls to close above $29k suggests weakness. In the current rising channel, anchored by the March 17 bull bar, traders can buy the dips once there are gains above this week's highs. In that case, BTC may easily float to $30k and $32k. Meanwhile, any confirmation of March 22's bear bar below $26.6k may trigger a sell-off back to $25k in a retest.
What to Expect from BTC
Traders are upbeat about what lies ahead. Therefore, fundamental factors could fan the next leg up towards $32k, considering concerns about the banking system in the United States. Even so, any crack below $26.6k will question the strength of the uptrend.
Resistance level to watch: $29k
Support level to watch: $26.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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