Technical Analysis for BTCUSD for 17th March 2022
Bitcoin Volatile, BTC Bulls Firm Expecting a Rally Towards $42.5k
Past Performance of BTC
Bitcoin prices are relatively firm, printing higher highs as per the development in the daily chart. Presently, there are hints of strength as buyers double down, adding to their longs. BTC remains highly volatile as prices swing below the $42.5k mark, a trigger level.
Bitcoin Technical Analysis
As per the BTCUSDT formation in the daily chart, buyers have the upper hand. Prices are printing higher highs, confirming gains of March 14. Already, buyers are in control as yesterday's bar ended as a bullish engulfing candlestick, printing strong gains in the NY session. Accordingly, aggressive BTC traders can continue ramping up the dips only provided prices trend above last week's lows at $37.8k and support trend line. On the positive side, if buyers continue loading on pullbacks, sustaining prices above $39.8k, the odds of BTC floating towards $42.5k or better-- remain higher.
What to Expect of BTC
The FED and BoE are raising interest rates after months of keeping them at record lows. This is unexpectedly pumping Bitcoin. At spot rates, the uptrend is valid as long as BTC holds above $36.5k.
Resistance level to watch: $42.5k
Support level to watch: $37.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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