Technical Analysis for BTCUSD for 20th March 2023
Bitcoin Explodes, Rallies 25% as BTC Bulls Target $32k
Past Performance of BTC
Bitcoin is firm at spot rates, up 25% week-to-date, and trading at highs above August 2022 highs. With the trend defined and bulls determined, traders can continue looking for entries to double down, targeting $30k and $32k in the coming days.
Bitcoin Technical Analysis
The path of least resistance is northwards, and bulls are firmly in control. With BTC bulls shaking off bear attempts, forcing prices to new Q1 2023 highs above $28k, it's evident that the coin is bottoming up. Moreover, Bitcoin bars are banding along the upper BB, suggesting increasing buy momentum. At spot rates, not only is the pump with rising volumes, but bulls are beginning to reverse the losses of 2022. The bullish breakout formation holds steady, and for every low above $25k, the February 2023 and August 2022 high remains a loading opportunity. The immediate target is May 2022 high of around $32k.
What to Expect from BTC
Traders are upbeat and expect more trend continuation in the days ahead. Since the foundation is set and volumes are high, the trend is clear. Moreover, BTC is within a bullish breakout formation, shaking off bears. As such, the coin could tear higher towards $32k.
Resistance level to watch: $32k
Support level to watch: $25k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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