Technical Analysis for BTCUSD for 23rd March 2022
Bitcoin Break Out, but is the BTC uptrend strong for a leg up to $45k?
Past Performance of BTC
At spot rates, buyers are in control. The BTC price is in a $3.3k trade range, bound at $40k on the lower end and $43.3k on the upper hand, following the surge of prices on March 22. However, prices are volatile, pulling back below the $42.5k resistance level after expanding to $43.3k. Following gains of March 22, it is likely that bulls will flow back, pushing prices towards $45k as BTC builds on gains traced to the March 14 bullish engulfing bar.
Bitcoin Technical Analysis
Bitcoin is up seven percent in the last trading week and stable in the past 24 hours, pumped by relatively high trading volumes. As per the BTC price formation in the daily chart, buyers may take charge, driving prices towards $45k. Because of this anticipation, backed by the break about the $42.5k resistance level on March 22, aggressive BTC bulls may buy on dips targeting $45k in the short term. A dump below $40k and the middle BB may question buyers' strength, canceling bullish previews.
What to Expect of BTC
Governments and institutions are endorsing Bitcoin as its utility continues to show. Due to this fact, BTC prices have support. This could be the fuel for the next leg up towards $45k.
Resistance level to watch: $45k
Support level to watch: $40k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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