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Technical Analysis for BTCUSD for 16th March 2023

Bitcoin Contracts as Buyers Recoil, Will BTC Break Above $25k?

Past Performance of BTC

Bitcoin is stable at spot rates, up 10% in the last week of trading. Although prices contracted on March 15, the uptrend is valid. There are high odds of BTC rallying, retesting $26k in a buy trend continuation formation. In the short term, traders should watch how prices react. Even if there is a retracement, but prices are inside the bull bars of March 13 and 14, the uptrend remains.

Bitcoin Technical Analysis

On March 15, BTC prices remained inside a tight trade range. Even though prices didn't edge higher, the valid trend remains bullish. The resistance is around $25.3k, marking February highs, while the ideal target is at March 14 highs at $26.3k. Per the BTC candlestick arrangement in the daily chart, the immediate support lies at around $33k, marking the base of March 13. This price level also flashes with February lows. Therefore, every low above this line may offer entries for aggressive buyers expecting more gains in the short term.

What to Expect from BTC

USD strengthened across the board on March 15. While there is a chance BTC may contract, how prices react inside the two bullish engulfing bars of early this week will shape the short to medium-term trend.

Resistance level to watch: $25.3k

Support level to watch: $22k

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

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