Technical Analysis for BTCUSD for 18th March 2022
Bitcoin Bulls Firm, Expect a Resurgence above $42.5k after Strong Gains
Past Performance of BTC
The Bitcoin price is bullish and stable on the last trading day but up four percent in the past week, unwinding losses. Technically, buyers appear to be taking charge though prices are still capped below immediate liquidation levels. Still, the resurgence of prices at the back of expanding trading volumes could signal strength and possibly, a base for a leg up towards $50k.
Bitcoin Technical Analysis
From the daily chart, BTC prices are within a consolidation, inching higher above the support trend line. However, buyers are yet to breach $42.5k, clearing a stubborn resistance level signaling a shift in trend in favor of optimistic buyers. The March 16 bull bar has high trading volumes, confirming gains of March 14—a bar springing from the support trend line. Aggressive traders may load BTC on dips inside the March 16 bull bar with immediate targets at $42.5k. A close above the buy trigger line opens the door for $45k in the medium term. On the flip side, unexpected dumps unwinding gains of this week below $37.k would cancel the bullish preview.
What to Expect of BTC
Bitcoin has solid fundamental tailwinds. Even so, prices remain in a broader consolidation. A close above $42.5k and $45k would define the medium-term trajectory of the digital gold.
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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