Header Ads Widget

Ticker

8/recent/ticker-posts

As BTC bulls approach the local top, the price of bitcoin is likely to return to $36,000

As it reaches the $45,000 local top, bitcoin faces a slew of opposition. A retest of the bearish breaker at $42,867 to $43,755 will almost certainly result in a downturn to $38,889 and below. Any negative argument will be debunked if the daily candlestick closes above $52,000.

After an almost week-long strut-up, Bitcoin is approaching its upward limit. A reversion to steady support levels for BTC is probable due to the presence of many impediments.

As BTC bulls approach the local top
As BTC bulls approach the local top

The price of bitcoin is at a crossroads.

After hitting a low of $37,524 on Monday, the bitcoin price has rallied nearly 13%. This gradual move aims to retest the bearish breaker, which extends from $42,867 to $43,755. Between February 28 and March 2, there was a Market Structure Break (MSB) meaning a higher, followed by a flip of the demand zone formed between the swing highs.

BTC broke through the indicated demand zone, which ran from $42,867 to $43,755, on March 3 and turned it into a bearish breaker. This technical pattern indicates that a flashback that leads to a retest of the breaker will be met with strong resistance. Bulls will also find it difficult to push BTC higher due to the presence of the 100-day Simple Moving Average (SMA) at $42,380. As a result, there's a potential the huge coin will be prematurely rejected by the 100-day SMA, triggering a downtrend.

Regardless, Bitcoin's price is expected to retrace to Monday's low of $37,524. BTC may fall to fill a small Fair Value Gap (FVG) ranging from $36,170 to $36,966 in some situations. This downtrend would result in a 15% loss overall, and it is likely that Bitcoin will develop a local bottom before establishing directional bias.

Bitcoin's price, on the other hand, might break through the breaker and retest the weekly supply zone, which runs from $45,551 to $51,966. A move like this would invalidate the bearish premise. This increase, however, does not signal the commencement of a bullish trend. For this to happen, Bitcoin's price must close above $52,000 on a daily, preferably weekly basis.

Post a Comment

0 Comments