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Technical Analysis for BTCUSD for 10th March 2022

Bitcoin Bulls Doubling Down as they Target $45k

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Past Performance of BTC

Bitcoin buyers are stepping up, ramping up on dips as per the formation in the daily chart. In the last 24 hours, the coin is stable and at break-even in the previous week of trading as BTC remains above $40k. Even so, BTC remains in range within the February 28 bull bar, suggesting strength and even the possibility of a breakout above $45k.

Bitcoin Technical Analysis

Bulls have the upper in the BTCUSDT price performance in the daily chance. Following gains on March 9, aggressive traders can align with the formation of February 28, adding to their longs while targeting February 2022 highs of $45k. Notably, bears didn't force prices below the definitive February 28 bull bar indicating strength from an effort-versus-result perspective, a net positive for buyers. Still, for a clear trend definition to the upside, there should be a strong close above $45k with increasing trading volumes, confirming gains of February 28, anchoring the next wave of higher highs towards $50k—or better in sessions ahead. If not, a dump from spot rates below the multi-week support trend line could smash BTC bulls, forcing prices back to 2022 lows.

What to Expect of BTC

Bitcoin bulls are buoyant as fundamentals align to offer support. Technically, the past few days' accumulations ought to result in a breakout in either direction for clear trend definition in the short to medium term.

Resistance level to watch: $45k

Support level to watch: $40k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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