Technical Analysis for BTCUSD for 21st March 2022
Bitcoin Advances Slowed Down, BTC Price in a $4k Trade Range
Past Performance of BTC
Bitcoin bulls are struggling even though market participants are upbeat, expecting buyers to effortlessly break above immediate vital resistance levels. When writing, BTC buyers have a ceiling at $42.5k and are within the bull bar of February 28 and March 9. As we proceed, how BTC performs will highly depend on the reaction at $42.5k on the upside and $37.8k and the support trend line on the lower end.
Bitcoin Technical Analysis
The Bitcoin price is trending inside a broad range with identifiable caps at $42.5k and the support trend line. Overall, sellers have the upper hand from a top-down preview. Therefore, while aggressive Bitcoin traders may load the dips provided prices are within the March 9 bull bar, a close above $42.5k may unlock demand, drawing more buyers to lift BTC towards $45k and later $450. Should these events pan out as above, risk-averse traders could find opportunities to double down on dips targeting $45k in the medium term.
What to Expect of BTC
The uptrend is being bogged by unexpected dips, slowing down bulls. In the short term, a break above the stubborn range—in either direction—will define the medium-term trend of the coin.
Resistance level to watch: $42.5k
Support level to watch: $37.8k
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