#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 and29K 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 above29K 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:
29KSupport level to watch out for: 26.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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