【Bitmidas】Bitcoin Trend Analytics 23rd March 2022

BTC/USD, using Investing data flow for the analysis

Time of Analysis 08:55 UTC+8

Time of Translation & Publication 10:45 UTC+8

Recap:

Last time we calculated that BTC would rally within 3 days from Mar.18th.

BTC stood precisely at the lowest support 40106.56 on Mar.18th and started to rebound but was suppressed by the upper resistance of the main congestion.

The opening price today is 42373 at 08:00 UTC+8

Trend Analysis:

As BTC tested 40106.56 and broke up, it then continued to pull up against the upper resistance and has yet to succeed until now.

In my algorithm, there are many resistant lines piling up there on the upper range, where BTC is blocked when it comes near.

Now BTC is in a congestion range I calculated, between 43912.8 ~ 37792.40, centering 40230.56. The center and the bottom have moved up, meaning the cost of long positions is rising.

Today BTC will continue the momentum of breaking up. As it remains above the center, it will move between 40230.56~43912.8. Notably, 41636.53 is another strong support level above 40230.56, so the price will firstly move between 41636.53~43912.8 at the moment.

As we see in a 3-day frame, the price has come to a tipping point. The center of 1-day frame 40230.56 is also the crucial support of the 3-day frame. From the gathered statistics, we have a condition to break up, but the increase will be limited by a bundle of resistant lines in my algorithm. Two strong resistance levels are at 44762.99 and at 46202.07.

There are 3 level ranges to focus on (This is only matters while the price is still within the narrow range):

1. The center at 40230.56. The price will move around it within the range. Its function as either a support or a resistance is to be compared with the opening price the next day (UTC+8).

2. A key supporting area between 37343.63~37047.73. This crucial resistance at the lower range has slightly moved up since it prevented the price from falling several times.

3. The upper today range at 43912.8, overlapping with the resistance band at 44762.99. This is strong resistance in terms of positions as well as market sentiment. Only by breaking it up could we see a true recovery of market confidence.

Currently, BTC is in correction among a long-term bullish trend, resulting in the price moving back and forth between key supports and resistances.

Supports:

41636.53; 40230.56; 39508.56; 38488.27; 38181.18; 37343.63~37047.73; 36475.60; 35655.09; 34878.51; 32927.70; 31785.40 (pointless to see further down atm)

Resistances:

43912.8; 44762.99; 45423.84; 45843.53; 46202.07; 46712.18; 47464.59; 48719.63~49084.21; 50843.93 (pointless to see further above atm)

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*Not Financial Advice.