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Technical Analysis for BTCUSD for 30th March 2023

Bitcoin Breaks Above $29k, Start Of The Next Bull Run?

Past Performance of BTC

Earlier today, Bitcoin broke above the recent consolidation, reaching Q1 2023 highs of around $29.1k. The leg up was in confirmation of yesterday's rejection of bears, a net positive for optimistic bulls. As it is, traders can search for entries on every attempt lower towards March 29 lows with targets at $30k and $32k.

Bitcoin Technical Analysis

Overall, buyers are upbeat, and the trend is northwards, clear from the daily chart. The consolidation of the past few days has completed a rising channel. Since prices didn't fall below immediate support levels, traders have been chiefly accumulating. This preview will hold provided prices are above $26.6k. Conservative traders can wait for a close above $29k before loading on in a breakout formation. Meanwhile, aggressive traders can align with the dominant trend, entering longs with targets at Q1 2022 lows at around $32k.

What to Expect from BTC

The rejection of lower lows at the back of rising volumes indicates strength. Traders can seek to align with the primary trend by buying dips in lower time frames, targeting immediate reaction points. However, there could be better entries once a solid close above the rising channel and consolidation above March 2023 highs.

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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