#Bitcoin Falls Back From $29k, but Uptrend Remains
Past Performance of Bitcoin
Bitcoin prices are firm, at least from the top-down preview. However, in the immediate term, the coin is struggling to cover more ground. From the daily chart, there are lower lows relative to the upper BB, suggesting waning upside momentum. For the uptrend to remain, the coin should rally above 29k. On the lower end, losses below 26.6k and the rising channel may be a reason for concern.
#Bitcoin Technical Analysis
Gains in Q1 2023 were impressive as the coin recovered from 2022 pits. This uptrend will likely continue in the sessions ahead. However, a correction will be inevitable after sharp expansions in the past three months. Considering the consolidation along a rising channel and the failure of buyers to close above
29K convincingly, traders should watch out. Support lies at 26.6k, which, if broken, may see BTC drop to 24k.
What to Expect From #BTC?
BTC is solid, even though the upside momentum is fizzling. Resistance remains at29K, but if 26.6k fails, at the back of expanding volumes, the coin may slip back to February highs in a welcomed retest.
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.
Bitcoin prices are firm, at least from the top-down preview. However, in the immediate term, the coin is struggling to cover more ground. From the daily chart, there are lower lows relative to the upper BB, suggesting waning upside momentum. For the uptrend to remain, the coin should rally above 29k. On the lower end, losses below 26.6k and the rising channel may be a reason for concern.
#Bitcoin Technical Analysis
Gains in Q1 2023 were impressive as the coin recovered from 2022 pits. This uptrend will likely continue in the sessions ahead. However, a correction will be inevitable after sharp expansions in the past three months. Considering the consolidation along a rising channel and the failure of buyers to close above
29K convincingly, traders should watch out. Support lies at 26.6k, which, if broken, may see BTC drop to 24k. What to Expect From #BTC?
BTC is solid, even though the upside momentum is fizzling. Resistance remains at
29K, but if 26.6k fails, at the back of expanding volumes, the coin may slip back to February highs in a welcomed retest.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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