Technical Analysis for BTCUSD for 8th March 2022
Bitcoin Pulls Back Higher, is $36.5k a Reliable Support Line for BTC?
Past Performance of BTC
The BTCUSDT price is stable, flat-lining when writing as bears appear exhausted. After days of lower lows, BTC is up three percent on the last trading day but still down 13 percent week-to-date. Overall, there are hints of demand in lower time frames though this is yet to be translated to solid waves of encouraging higher highs above $40k—the immediate resistance level.
Bitcoin Technical Analysis
As per the development in the daily chart, BTCUSDT is bearish from a top-down approach. There are a series of higher highs based on the relationship between January and February 2022 lows and the lower BB. Technically, BTC bulls could find entries on dips, targeting $40k in the near term. However, all this depends on the reaction within the March 5 bear bar and if bulls would unwind losses. A close above this round number, $40k, could quickly drive BTC to $45k. Meanwhile, sharp losses below the support trend line connecting January and February 2022 lows and $36.5k may force the coin back to $33.2k, continuing the intense bear pressure from mid-November 2021.
What to Expect of BTC
Fundamental factors play a significant role in BTC and the crypto markets. Thus far, the ongoing strife in the Baltics highlights the need for trustless money of which BTC is dominant.
Resistance level to watch: $40k
Support level to watch: $36.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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