Technical Analysis for BTCUSD for 30th March 2022
Bitcoin Buyers Aiming for $50k amid Falling Upside Momentum
Past Performance of BTC
The Bitcoin price is within a bullish breakout pattern as per the formation in the daily chart. Although buyers are firmly in control above $46.5k primary support, there are hints of weakness. The performance of the last 48 hours could pour cold water on the uptrend, diffusing demand.
Bitcoin Technical Analysis
Bitcoin buyers are in the driving seat as per the BTC candlestick development in the daily chart. As aforementioned, traders may be looking for entries on every pullback towards $46.5k. From the daily chart, the recent two candlesticks have long upper wicks—forming inverted hammers—suggesting possible weakness. Besides, there are lower lows versus the upper BB, which could further slow-down buyers. As such, every low may generate opportunities for doubling down with targets at $50k, provided Bitcoin prices trend above $46.5k.
What to Expect of BTC
Buyers could be in control, but the upward trajectory would be more defined if the past two bars were wide-ranging and green. Even so, buyers are still in control as long as $46.5k remains as support.
Resistance level to watch: $50k
Support level to watch: $46.5k
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