【Bitmidas】Dawn Before The Breakout! Bitcoin Trend Analytics 18th March 2022

BTC/USD, using Investing data flow for the analysis.

Time of Analysis 08:50 UTC+8

Time of Translation & Publication 11:30 UTC+8

Recap:

Yesterday BTC was running between 41947.58~40005.15.

We could see the highest price was 41406 and the lowest was 40557.8.

The opening price today is 40914.6 at 08:00 UTC+8

Trend Analysis:

Now BTC is in a congestion range between 43912.8 ~ 37017.70, centering 40106.56.

In my previous calculation, the price would move between a narrow range of 41947.58~40005.15. While it seems calm, the price is extremely compressed to an area formed by the upward center and downward resistance. We are about to see a powerful breakout.

The resistance was diverted from 42600 on Mar.9th to 41879.55 today. And the center is now reset at 40106.56. A strong breakout will be cultivated within 41879.55~40106.56.

As we calculated on a 1-day frame, we will see a breakout within 3 days starting from today. The more peaceful it seems right now, the more power the market will gain from the silence.

According to my experience, if the price remains above the center, it is likely to go up. Then we will see a force of pulling up the price to break the resistance of the range within 3 days.

If 41879.55 is broken in 3 days, the highest price will come to 43912.8~44598.53.

This pull-up comes with a condition- the price should run above my calculated center within the narrow range. If the center is broken, the price falls back into the battle of taking the center, which could be of resistance again.

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

1. The central at 40106.56. The price will move around it within the range. When the shift comes, take it as a critical indicator.

2. A key supporting area between 37140~37017.70. This is a crucial resistance at the lower range. As long as the price remains above it, BTC will recover in the range. If it’s broken, however, we cannot see a pullback to touch 37017.70 again within 3–5 days, and the congestion range automatically is adjusted to 37208~28501.9.

3. The upper range at 43912.8, gradually diverted from 45000. 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:

40106.56; 39508.56; 38908.58~38853.05; 38181.18; 37140~37017.70; 36193.68; 35351.31~35009; 34132.52; 32927.70; 31785.40; 30000; 29220.63; 28222.56; 27315.14~27170.43; 25352.16; 23779.54; 22324.10 (pointless to see further down atm)

Resistances:

41879.55; 42620.72; 43912.8; 44598.53; 45194.10; 46085.95; 46695.37; 47295.18; 48719.63~49084.21; 50843.93 (pointless to see further above atm)

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*Not Financial Advice.