#Bitcoin Bulls Rejected At $29k, BTC In A Rising Channel
Past Performance of Bitcoin
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. Overly, 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 out for: $29k
Support level to watch out for: $26.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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. Overly, 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 out for: $29k
Support level to watch out for: $26.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.
