Technical Analysis for BTCUSD for 16th March 2023
Bitcoin Contracts as Buyers Recoil, Will BTC Break Above $25k?
Past Performance of BTC
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
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