BTCUSD Technical Analysis – 11th APR 2023

FXOpen

Bitcoin continues its bullish momentum from last week, and after touching a low of $27,717 on April 6, we can see a bull run, which managed to push the prices of BTCUSD above the $30,000 handle today in the early European trading session.

The resistance of the channel is broken in the daily timeframe, indicating the strength of the bulls.

We can clearly see a hammer pattern above the $27,717 handle.

Bitcoin continues to move in a range-bound motion between the $29,800 and $30,200 levels, which is indicative of a consolidation phase in the markets.

Both the STOCH and Williams Percent Range indicate overbought levels, which means that in the immediate short term, a decline in the price is expected.

The relative strength index is at 74.02, indicating a strong demand for Bitcoin and the continuation of the buying pressure in the markets.

Bitcoin is now moving above its 100-hour simple moving average and above its 200-hour exponential moving average.

Most of the major technical indicators are giving a bullish signal, which means that in the immediate short term, we are expecting targets of $31,000 and $32,500.

The average true range indicates low market volatility with strong bullish momentum.

  • Bitcoin bullish continuation is seen above $27,717.
  • The RSI remains above 50, indicating a bullish market.
  • The price is now trading above its pivot level of $30,088.
  • The short-term range is strongly bullish.
  • Some major technical indicators signal that the price may move to $30,500 and $31,000 soon.

Bitcoin Bullish Continuation Seen Above $27,717

The price of Bitcoin has been successful in crossing the $30,000 resistance, and now we are looking for fresh upsides in the range of $31,000 and $32,000.

We can see the formation of the bullish harami pattern in the 2-hour timeframe.

The price of Bitcoin indicates the formation of a bullish rally.

A support zone is located at $27,919, where the price crosses the 18-day moving average, and at $28,394, at which the price crosses the 9-day moving average.

BTCUSD is now facing its classic resistance level of $30,168 and Fibonacci resistance level of $30,211, breaking which the price will be able to move to $31,000.

There is an increase of 92.13% in the daily trading volume, which suggests that long-term investors are now coming back into the markets. The short-term outlook for Bitcoin is super bullish, the medium-term outlook has turned bullish, and the long-term outlook remains neutral under present market conditions.

The Week Ahead

We can see that Bitcoin continues its winning streak against the US Dollar, now trading above the $30,000 handle, with the current support at $26,566, which is a 14-day RSI at 50.

The MACD crosses up its moving average in the daily timeframe, indicating the bullish nature of the market.

We can also see the formation of three white soldiers pattern in the daily timeframe.

The immediate expected target is $32,000, after which we may see some consolidation in the zone of the $31,500 level.

Daily RSI is at 70.79, which indicates the continuation of the bullish trend and the formation of super bullish demand for Bitcoin in the medium-term range.

We can see the formation of a bullish trendline from $27,717 to $30,356.

The BTCUSD is now facing resistance at $31,150, which is a pivot point’ third resistance level, and at $32,468, which corresponds to a 61.8% retracement from the 52-week low.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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