This website uses cookies to ensure you get the best experience on our website

Blog

Technical Analysis for BTCUSD for 29th March 2022

Bitcoin Buyers Ramping Up on Improving Sentiment, Next Stop $50k

The number of open interest across cryptocurrency derivatives exchanges is increasing, pointing to renewed interest and possibly high liquidity in the days ahead.

Past Performance of BTC

The Bitcoin price is trading within a bullish breakout pattern following a high volume surge over the weekend. BTC is up 17 percent in the past trading week at spot rates versus the USDT, as buyers double down, loading the dips.

Bitcoin Technical Analysis

Following the explosion of the past two days, lifting BTC above the $45 and $46.5k liquidation zone—now support, the path of least resistance is northwards. Due to the high trading volumes—pointing to trader interest, the upside momentum is also high. Notably, BTC bull bars are banding along the upper BB as divergence with the middle BB also increases, pointing to bulls' strength and price volatility. Traders may find entries on every correction with targets at $50k and later $53.5k.

What to Expect of BTC

Buyers are upbeat, propped by favorable developments in the U.S. and Europe. As BTC and the crypto market recover, the coin could increase towards $50k—and better.

Resistance level to watch: $50k

Support level to watch: $46.5k

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

For more interesting tips and facts visit our Education Centre.

Have Questions?

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18.