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Technical Analysis for BTCUSD for 24th March 2022

Bitcoin Inside a Rising Wedge, BTC Bulls Targeting $45k

The Luna Foundation purchased $250 million of BTC between March 20 and 23 to back its UST stablecoin.

Past Performance of BTC

The Bitcoin price is stable when writing and inside a tight trading range and the rising wedge as buyers appear to be in control in the short term. However, this preview is only valid provided prices are sustained above $40k and ideally within last week's trade zone.

Bitcoin Technical Analysis

Bitcoin's volatility is tapering, as per the formation in the last trading day. As per the BTC price formation in the daily chart, buyers are still confident, loading the dips inside the previous week's trading range and above $40k in anticipation of another leg up towards $45k and the resistance trend line of ascending wedge. As buyers move in, risk-averse traders might find opportunities to double down on dips, targeting $45k and $50k in the medium term. However, if sellers flow back, forcing the coin below $40k, the odds of BTC cratering below the multi-week support trend line--nullifying the uptrend, would be high.

What to Expect of BTC

BTC price action is relatively stable at spot rates. Provided BTC is inside the $40k and $45k trade range in short to medium chance, buyers stand a chance.

Resistance level to watch: $45k

Support level to watch: $40k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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