Technical Analysis for BTCUSD for 9th March 2022
Bitcoin Bounces from a Multi-week Support Level as BTC Surges above $40k
Past Performance of BTC
Bitcoin prices are up 10 percent at spot rates, bouncing off a multi-week support trend line from around the immediate support zone. After worrying weakness, bulls are buoyant and are at a commanding position based on price formation in the daily chart. Following gains above the psychological round number at $40k, BTC could rally to $45k in a buy trend continuation pattern.
Bitcoin Technical Analysis
The spring back of BTC prices from the multi-week support trend line connecting January and February 2022 lows is with rising trading volumes, a positive signal. With BTC trending above $40k in a bullish breakout pattern, the bullish engulfing bar of March 9 could define the short term trend, allowing aggressive traders to load the dips in expectation of more gains towards $45k. Notice that the breakout has relatively high trading volumes and bounces off from February 28 lows, an indicator of strength from an Effort-versus-Result perspective.
What to Expect of BTC
From the development in the daily chart, BTCUSDT price action is rapid and bulls buoyant. There could be fundamental props behind the surge, explaining the confidence amongst traders.
Resistance level to watch: $45k
Support level to watch: $40k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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