#Bitcoin Prices In A Rising Channel, Will BTC Break $29k?
Past Performance of Bitcoin
Bitcoin is mostly stable, inside a narrow rising range per the development in the daily chart. The uptrend remains as long as prices are within the rising channel and above $26.6k. Even so, BTC is below $28k, and trading volumes are dropping. Still, buyers are optimistic, expecting more gains in the days ahead.
#Bitcoin Technical Analysis
The path of least resistance is northwards, BTC candlestick arrangement in the daily chart shows. There is a rising channel but with decreasing volumes. Prices are defined by the bull bar of March 17, and prices didn't contract, aligning with the formation of March 22; buyers have the upper hand from an effort versus result perspective. There could be more opportunities once there is a bullish breakout above $29k with rising volumes, aligning with the bull bar of March 22. This may lift the coin to $32k. Conversely, any drop below the channel, below last week's lows, might weigh BTC negatively, triggering a sell-off.
What to Expect from #BTC?
Traders are buoyant, considering the arrangement in the daily chart. Nonetheless, BTC remains in a consolidation, though in a bullish pattern. As long as prices are above $26.6k, buyers are in charge in the short to medium term.
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 is mostly stable, inside a narrow rising range per the development in the daily chart. The uptrend remains as long as prices are within the rising channel and above $26.6k. Even so, BTC is below $28k, and trading volumes are dropping. Still, buyers are optimistic, expecting more gains in the days ahead.
#Bitcoin Technical Analysis
The path of least resistance is northwards, BTC candlestick arrangement in the daily chart shows. There is a rising channel but with decreasing volumes. Prices are defined by the bull bar of March 17, and prices didn't contract, aligning with the formation of March 22; buyers have the upper hand from an effort versus result perspective. There could be more opportunities once there is a bullish breakout above $29k with rising volumes, aligning with the bull bar of March 22. This may lift the coin to $32k. Conversely, any drop below the channel, below last week's lows, might weigh BTC negatively, triggering a sell-off.
What to Expect from #BTC?
Traders are buoyant, considering the arrangement in the daily chart. Nonetheless, BTC remains in a consolidation, though in a bullish pattern. As long as prices are above $26.6k, buyers are in charge in the short to medium term.
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.
