On March 9, Bitcoin created a low of $ 7,700. Although it has made some short-term gains, it has not yet created a clear gap that can confirm the bullish structure.

Highlights of BTC price

  • The price of BTC breakdown from the trading range.
  • The nearest support and resistance levels are found in the range of $ 7,750-8,050.
  • The hourly RSI is rising.
  • The price could trade inside a reversed head and shoulders pattern.

Scope of transactions

BTC price has dropped in the last 4 days. From the daily chart, there are many levels of support and resistance shown in the image below.

Prices have now found support above $ 7,750 and have never been trading below that since the breakout in January.

If the price begins to rise, the first resistance level is found at $ 8,250, while the next level is at $ 8,550.

The daily RSI indicator has not yet created any bullish divergences and is trading below 50, showing that the price is in a downtrend.

bitcoin

Short-term move

On the short-term time frame, while the support is the same, the current resistance is found at $ 8,065, creating a trading range between these two levels. Price is sustaining above the middle of the range.

The hourly RSI created a bullish divergence but did not surpass 50.

The price is expected to rise towards the resistance line. A breakout of the breakout will take the price to the resistance levels listed in the daily chart.

bitcoin

BTC is trading inside a reversed head and shoulders pattern. Although this has not been confirmed yet, it seems that the price is in the process of creating the right shoulder.

READ  Twitter added the Bitcoin emoticon, Jack Dorsey suggested that Unicode should do the same

If true, a breakout is possible. A move to the full height of the model will bring the price to the daily resistance zone of $ 8,250.

Overall, BTC currently trades in a short-term range of $ 7,750- $ 8,050. It created a bullish pattern to streamline the breakout, which could bring prices up to $ 8,250.

You can see the price of BTC here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Minh Anh

According to Beincrypto

Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page

Crypto loans are only from 5.9% annual interest rate – you can use the money effectively without selling coins. Earn up to 8% interest per year with stablecoin, USD, EUR & GBP with insurance up to 100 million. Come on, get started now! →

Read more :

Leave a Reply

Your email address will not be published. Required fields are marked *