【Bitmidas】Bitcoin Trend Analytics 25th 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 saw an increase of long positions in stats, forcing shorts backward. As it stood firm above 41948.69, BTC was in a condition to break up 43912.8. When 43912.8 is broken, the first resistance is at 44762.99.

As we can see from the chart, BTC stood at 42500 above 41948.69 and then rallied towards 43912.8, yet suppressed by the resistant band at 44762.99.

The opening price today is 44013 at 08:00 UTC+8

Trend Analysis:

Now BTC breaks out the congestion yet solid above 43912.8. 44850.31 has been a strong resistance. Within a short period after 8:00 (UTC+9), the price would oscillate around 43912.8 and try to stand firm before rallying to 44850.31. It’s quite common to see the price rise above or come underneath 43912.8.

As it breaks the upper resistance of the congestion, BTC maintains a bullish momentum in a short term. The bullish support came to 42551.71~42718.13 from 41948.69, with its core at 42551.71, diversion at 42718.13.

Next, we have multiple resistance above: 45423.84, 46359.31, and 47703.59.

Today, BTC will first move between 42551.71~45423.84, centering 43912.8 for some time. Previous resistance at 44850.31 will be weakened during this process and lose its strength in the analysis today.

There is only 1 level range to focus on today:

1. The short-term support at 42551.71. In fact, there is a support zone between 42551.71~42718.13. As long as the core support keeps diverting upward, the bullish momentum continues. As indicated by the green arrow in the chart, the core support resulting from our algorithm has been diverting upward for some time till now.

Currently, BTC is in correction among a long-term bullish trend. Only by breaking the calculated resistance (indicated by the red arrow) could BTC see a full recovery of the bullish trend. Before that, the price would move upward incrementally between key supports and resistances.

Supports:

43453.32; 43096.79; 42718.13~42551.71; 42008.58; 41394.66; 40821.84; 40550.31; 39725.66; 38950.05; 37371.02~37047.73; 36946.25 (pointless to see further down atm)

Resistances:

44850.31; 45423.84; 45843.53; 46359.31; 47703.59; 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.