Technical Analysis for BTCUSD for 16th March 2022
Bitcoin Bottoming up from $38k as BTC Buyers Target $42.5k
Past Performance of BTC
There are flashes of strength in the BTC price clear in the daily chart. Even still, prices are still in consolidation and could turn to be accumulation if bulls push above immediate resistance levels. Technically, buyers appear to be in control in the near term, a preview that's valid provided prices are sustained above $36.5k and the multi-week support trend line.
Bitcoin Technical Analysis
There is a double bar bullish pattern in the daily chart printing from last week's lows. Given the revival of prices at spot levels and the increasing confidence of possibly more gains in the days ahead, traders may find entries on pullbacks towards February 28 lows of $37.7k. The immediate target would lie at $42.5k—the resistance level—with more headroom should the break above this line be with increasing trading volumes. Conversely, if sellers reject higher highs, unwinding losses below last week's lows, the odds of BTC slumping below critical support would be elevated.
What to Expect of BTC
Traders are optimistic as fundamental factors continue to gel Bitcoin. In the days ahead, a close above $42.5k would shape the medium-term trend of the coin as prices bottom-up after sharp losses traced to mid-November 2021.
Resistance level to watch: $42.5k
Support level to watch: $37.8k
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