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

Technical Analysis for LTCUSD for 7th April 2023

Bitcoin Sideways Movement Continues, Upside Momentum Dropping

Past Performance of BTC

Bitcoin prices remain firm at spot rates but flat in lower time frames. Even though traders are upbeat, wanting BTC to push higher to new territories, the coin's failure to break above immediate resistance lines is challenging. The coin has a liquidation line at $29k, marking March highs. On the lower end, support is at around $26.6k, with the rising channel a formation to consider for traders waiting for a breakout formation. If anything, any spike or dump below any of the levels mentioned above may trigger a rally or sell-off, shaping the coin's short-term trend.

Bitcoin Technical Analysis

From the daily chart, yesterday's bar closed as a mixed bar. There is equal buying and selling pressure, an indicator that traders are well-matched. Still, this doesn't break the dominant formation, which is bullish. The drop in momentum means volatility is also low, explaining the tightening Bollinger Bands, which might form a squeeze. Optimistic and conservative traders can steer clear until there is a close above $29.3k, possibly opening the door for $32k or better. On the reverse side, losses below the March 29 bull bar, the rising channel, and ideally $26.6k will swing the medium-term trend to bearish in a contraction after a solid performance in Q1 2023.

What to Expect from BTC

The horizontal, low-participation consolidation continues as yesterdays far closed lower in a well-balanced bar. Technically, the uptrend remains, but there are lower lows relative to the upper BB, signaling weakness and low momentum. Whether buyers will be sustained depends on how prices break out going forward.

Resistance level to watch: $29k

Support level to watch: $26.6k

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