【Bitmidas】Bitcoin Trend Analytics 24th March 2022

BTC/USD, using Investing data flow for the analysis

Time of Analysis 08:55 UTC+8

Time of Translation & Publication 11:00 UTC+8

Recap:

Yesterday, we analyzed that BTC kept the momentum to go upward and running between 41636.53 ~43912.8.

The lowest price came to around 41700 and jumped back to 43000 area from the resistance at 41636.53.

The opening price today is 42911 at 08:00 UTC+8

Trend Analysis:

Now BTC is running between 43912.8~37792.40, centering 40272.18, based on our algorithm. The center keeps moving upward, showing the higher cost of long positions with the bullish sentiment.

(Red is long positions, green represent short positions)

From the stats gathered across the web, long positions marked an increase at night on Mar.23rd (UTC+8). This has confirmed our analysis and calculation yesterday morning.

Today BTC keeps the momentum up and comes close to the upper resistance. The support at 41636.53 yesterday has now diverted to 41948.69.

Long positions (shown in the red bar) across mainstream exchanges appear to grow. Consequently, the resistance in my calculation is driven up accordingly.

BTC is likely to move between 41948.69~43912.8 first. It will gather strength to break up the upper resistance, but a reverse from the top is also expected. Only when 41948.69 is not broken, does bullish continue. Otherwise, it will consolidate at the key support.

According to the calculation on a 3-day frame from the last day till now, BTC maintains a condition to break up to the higher resistance level at 44762.99 and 46202.07. But it has to break the 1-day resistance of 43912.8 before making it there.

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

1. Support at 41948.69, diverted from 41636.53 yesterday. It sustains the strength of price to go upward. Bullish continues when the price remains above this crucial support, otherwise, BTC comes back to consolidate.

2. The center at 40272.18. 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).

3. The upper resistance at 43912.8. Although it prevented the price from rising several times, its power as a resistance weakens because the overall long position overtakes shorts in the market.

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:

41948.69; 41369.06; 40899.51; 40272.18; 39725.66; 38673.02; 37371.02~37047.73; 36946.25; 35655.09; 34878.51; 32927.70; 31785.40 (pointless to see further down atm)

Resistances:

43912.8; 44850.31; 45423.84; 45843.53; 46355.61; 46820.34; 47576.43; 48181.91、48719.63; 49742.48; 50843.93; 51606.97; 53821.93 (pointless to see further above atm)

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*Not Financial Advice.