Technical Analysis for BTCUSD for 25th March 2022
Bitcoin Expansion: BTC Bulls May Comprehensively Break above $45k
Past Performance of BTC
Bitcoin is trading at a three-week high, rising nine percent in the previous week and breaking above $42.5k. At spot rates, buyers are firmly in control, loading the dips in smaller time frames and may surge above $45k. Notably, the spike of March 24 has decent trading volumes suggesting participation from traders, signaling that the probability of more gains is high.
Bitcoin Technical Analysis
The BTC price is within a rising wedge and bullish breakout pattern above $42.5k, presently confirming buyers of March 22. From the Bitcoin candlestick arrangement in the daily chart, traders may find loading opportunities on dips towards $42.5k and $40k—this week's trading range—to ramp up, targeting $45k in the immediate term. If buyers break $45k, participating trading volumes would determine how fast BTC would accelerate to $50k—a critical psychological reaction line. Conversely, if sellers unwind March 24 gains, forcing the coin back below $42.5k, the uptrend would be labored, and prices likely to drop back to the multi-week support trend line.
What to Expect of BTC
Bitcoin bulls are fueled by optimistic factors reading from its fundamental landscape. A close above $45k and the resistance trend line of the rising wedge would present more opportunities for aggressive traders expecting more gains in the short term.
Resistance level to watch: $45k
Support level to watch: $42.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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