Technical Analysis for BTCUSD for 14th March 2022
Bitcoin in Range, will BTC Hold above $38.5k?
Past Performance of BTC
BTCUSDT is within a stubborn trade range when viewed from higher time frames. BTC has been consolidating inside a $2k range as defined by the March 11 bear bar in the last two days alone. There is no clear trend though the higher highs of the past six to seven weeks hint of strength which is yet to be confirmed. As per this formation, risk-averse traders must wait for a strong close above $42.5k and $45k before loading on dips towards $50k.
Bitcoin Technical Analysis
Bitcoin's performance is uneventful. At present, the immediate support is evident at around $38.5k flashing with the March 9 bull bar. However, the immediate support is at the trend line and $36.5k. If prices recover from spot rates, closing above $42.5k and reclaiming March 9's highs, BTC could soar to $45k as traders load the dips. Conversely, a high volume dip below the support trend line and $36.5k would signal weakness.
What to Expect of BTC
Bitcoin's adoption rate is a net positive for prices, accelerating the development of various use cases. However, until there is a sharp close above $45k, price action is skewed for sellers.
Resistance level to watch: $42.5k
Support level to watch: $38.5k
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