Technical Analysis for BTCUSD for 11th March 2022
Bitcoin Rally Halted at $42.5k, BTCUSDT Bulls Remain Optimistic
Past Performance of BTC
BTC price is volatile when writing, trending inside the February 28 range following unexpected dumps on March 10. Thus far, Bitcoin is capped inside a $4.5k price zone while traders remain bullish despite losses. Based on the BTCUSDT candlestick arrangement in the daily chart, there could be room for more expansions in the days ahead, provided BTC prices are above $36.5k primary support zone.
Bitcoin Technical Analysis
The path of least resistance remains northwards as per the BTCUSDT price formation clear in the daily chart. Despite price dumps on March 10, traders may find entries on pullbacks towards March 9 lows and $36.5k, doubling down within the February 28 bull bar. The preview is because, despite the intense sell-offs of March 10, prices are still inside the February 28 bull bar, a net positive from volume analysis. Inside the broad accumulation zone defined by the February 28 bar, optimistic Bitcoin traders may load the dips, targeting $45k in the short term.
What to Expect of BTC
Bitcoin's rally has been slowed down by bears reading from the formation in the daily chart. Even so, as long as prices remain above the multi-week trend line in the daily chart, swing traders may find entries aware that dumps below $36.5k cancel the bullish outlook.
Resistance level to watch: $42.5k
Support level to watch: $36.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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