Technical Analysis for BTCUSD for 31st March 2023
Bitcoin Bulls Rejected at $29k, BTC in a Rising Channel
Past Performance of BTC
After temporarily floating above $29k, registering Q1 2023 highs at around $29.1k, Bitcoin prices shrunk yesterday. At the end of the day, there was a long upper wick pointing to intense liquidation in lower time frames. At spot rates, BTC is below $28k but within the March 29 trade range, a development that can support prices.
Bitcoin Technical Analysis
From the daily chart, there are indicators of rejections of higher highs. Ideally, any push above the recent consolidation and $29k with expanding volumes reversing yesterday's losses may trigger demand. As it is, traders are watching closely how price action will pan out. However, buyers have a chance as long as BTC is above $26.6k. Conservative traders can watch for a breakout above $29k to load the dips in alignment with the bull bar of March 17. Conversely, should there be a strong breakout below the rising channel and $26.6k, bears may confirm losses of March 22, pushing the coin lower back towards the $24k range.
What to Expect from BTC
BTC prices are within a rising channel, a wedge. Overall, this is bullish for Bitcoin traders. For the uptrend to be valid, buyers must push the coin above $29k with expanding volumes mirroring the March 17 anchor bar.
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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