This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

Technical Analysis for BTCUSD for 16th March 2022

Bitcoin Bottoming up from $38k as BTC Buyers Target $42.5k



A new bill in the U.S. Senate proposes that all transactions below $600 be tax-free.


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


Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

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. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020