Technical Analysis for BTCUSD for 14th March 2023
Bitcoin Rockets 24%, BTC May Register New Q1 2023 Highs
Past Performance of BTC
Bitcoin is up 24% in four days as bulls emphatically reversed last week's losses, shaking off bears. With the explosion from crucial support, the path of least resistance appears northwards. Notice that the recent leg up is with expanding volumes, a net positive for holders.
Bitcoin Technical Analysis
Buyers are in control, and the trend is swinging back to bullish. As it is, traders can buy the dips, targeting February highs at around $25.2k. This preview is only valid as long as prices are trending above the immediate support at $21.5k. It marks February lows and is a critical reaction line in the near term. The line flashes with the 50% Fibonacci retracement level of the December to February trade range. As long as prices are above this line, there are higher odds of BTC blasting above $25.2k with expanding volumes.
What to Expect from BTC
Traders are bullish, and the reversal of March 3 and 9 losses are impressive. With the trend defined and buyers likely to press on in light of macro events, the next target will be Q1 2023, posted in February.
Resistance level to watch: $25.2k
Support level to watch: $21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.