Technical Analysis for BTCUSD for 15th March 2023
Bitcoin Breakout, BTC Soars to New March High at $26.3k
Past Performance of BTC
The expansion of Bitcoin to spot rates has been encouraging. The coin temporarily rose above February highs to print new Q1 2023 prices. Although the coin is now lower, the uptrend remains, and traders might look for longs on dips on every retracement. Noticeably, the March 14 bar is with increasing volumes pointing to participation, a net positive for traders.
Bitcoin Technical Analysis
Bitcoin buyers are confident at spot rates. The coin is above February highs, with the bull bar of March 14 confirming gains of the best part of this week. Notably, the bar is with high volumes pointing to interest from market participants. With the trend defined, traders can look to buy on dips, targeting this week's highs at $26.3k and later $28k. Even so, today's bar must close above February's highs if the bullish breakout formation is to be valid. Notice that though wide-ranging and bullish engulfing, yesterday's bar closed with a long upper wick pointing to liquidation in small time frames in the second half of the day.
What to Expect from BTC
Traders are upbeat, and buyers will stay the course ideally if today's bar is bullish above $25k. The path of least resistance has been defined following yesterday's gains. However, traders must sustain the uptrend by loading the dips and keeping prices above February highs.
Resistance level to watch: $26.3k
Support level to watch: $25k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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