Technical Analysis for BTCUSD for 15th March 2022
Bitcoin Flatlines as BTCUSDT Rebounds from a Multi-Week Support Line
Past Performance of BTC
The BTC price is stable on the last trading day and bouncing off strongly from the support trend line. The recovery of prices from last week's lows and support points to strength. However, the short-term trend depends on whether buyers will build on yesterday's gains for a leg up towards $40k.
Bitcoin Technical Analysis
BTCUSDT candlestick arrangement suggests weakness. Notably, prices are still within a bear formation from a top-down preview. Although there could be bullish signals in the immediate term, traders need strong confirmation. A close above $40k and later $42.5k may draw more buyers, propelling prices towards $45k. Even still, from the current setup, since prices are within the February 28 bull bar, aggressive traders may buy the dip, targeting $42.5k in the short term. On the flip side, a dump below the support trend line may see BTC drop to 2022 lows.
What to Expect of BTC
Technical and fundamental factors influence Bitcoin. Amid buoyant traders, BTCUSDT could still plunge to 2022 lows if bulls fail to hold prices above $36.5k.
Resistance level to watch: $42.5k
Support level to watch: $36.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.