On March 10, the BTC price broke out of the short-term trading range, but could not sustain the higher level and plunged below the mid-range of the range shortly thereafter.
Price highlights Bitcoin
- The BTC price has reached an important daily support level.
- The nearest support and resistance levels are found in the range of $ 7,750 – 8,250.
- Short-term breakout failed.
- It is possible to trade inside the short-term symmetrical triangle.
Scope of transactions
Today is the fourth consecutive day the price of BTC traded between the support of $ 7,750 and the resistance of $ 8,250. Although it has reached the support level 2 times in the form of long low wicks, it has not yet confirmed the resistance.
An interesting fact is that prices have been trading between these levels 4 times since October 2019. All of them are relatively short because the price has never been in this range more than 10 days. If the situation continues, BTC will move from the range in one direction or another direction for up to 6 days.
If the BTC breaks, the next support area is $ 7,000, created by the low of December 2019.
On the short-term time frame, the price is trading in the range of $ 7,750- 8,050, with the midpoint (EQ) of the range being $ 7,900. The price started breaking out yesterday, but could not sustain the higher level and was followed by a bearish engulfing candle. The decline is partly due to the RSI being rejected by the 50 line.
From here, BTC is expected to fall to the support level, possibly after rising to the EQ.
Prices can also trade inside the symmetrical triangle. Since this is a continuation pattern after a fall, a breakdown to the support of the short-term range is probable.
Overall, the price of BTC is trading in the short-term range of $ 7,750-8,050. It broke out but failed and dropped to the middle of the range. Expected to fall to the support level again.
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.
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