Bitcoin technical analysis

Bitcoin Outlook March 18-24 – 4000-4150 Battle Royale (Binance)

Bitcoin continued to trade sideways during the week of 11-17 March. Registered a Lowest Low of 3811 & highest high of 4057 at Binance. Currently trading around 4000 Mark. CBOE announced suspension of Bitcoin Futures contract from June 2019, which was deemed positive by many analysts considering, the introduction of futures in December 2017 triggered the 2018 bear Market. Apart from that nothing much to cheer on the fundamental side with no BAKKT or ETF in the site yet.

Last Week’s Price Action

Looking at the bigger Picture in 3 days, we are stuck against a Major Horizontal Resistance around 4047 @ Binance. We need to break this resistance for the bullish momentum to continue. Any Major Rejection from here will eye the horizontal support at 3722 followed by the up-trend line. Confirmed breakout will lead us to 200 DMA area initially that currently resides around 4800 Area and moving down



3 Days Bitcoin Chart

Bit Longer view of the 3 Days chart indicates, there is a down-trend support turned resistance line thats is halting the advances for Bitcoin price at the moment. The Trend-line is significant in the sense that it held earlier too. All in all the 4000-4150 Area offers an interesting setup for bears to retest 3722 & up-trend line. On the other side, this is also a perfect level for bulls to break & show their might. Looks like neither of them will give it up easily. Let’s wait for a clear break of 4050 (Binance) in Daily chart for resumption of upside momentum. Buying Dips towards 3722 & up-trend line will yield some quick scalping profits

Bitcoin/BTCUSD



Now let’s check the mother of all resistance. 20 Simple MA in Weekly Chart is acting as a stubborn resistance since downside break in Feb 2018. Price has tested 20 Weekly MA 5 times since than & has rejected every time since than & posted new Lows after almost every attempt. Price currently testing 20 Weekly MA again. Two things to note, a rejection from here may hold 3722 & 3580 Binance Levels. If that happens, we will most likely break 20 MA on upside on the 7th / 8th Attempt. Another scenario is an absolutely tight range between 7 Weekly EMA and 20 Weekly MA for few more days before a decisive move. Only a confirmed break above will open up 200 Day MA around 4800 as next target

Check this Mother of all Resistance Chart

Key Bitcoin Levels as of today, Remember all these Levels are moving & will move further

5951 350 MA Daily – Moving Down
4856 200 MA daily – Moving down
4724 Monthly Horizontal Resistance – Static
4077 Down Trend Line – Moving Down
4050 Horizontal Resistance – Static
3982 20 Weekly MA – Moving Down
3973 Current Price
3874 20 MA Daily – Moving Sideways
3738 50 MA Daily – Moving Up
3696 100 MA Daily – Moving Sideways
3547 Up-Trend Line – Moving Up

On the Daily Chart, 50 MA has crossed over above 100 MA for the first time since August.
As long as Price holds 100 MA Area, Expect an attempt to break above 20 weekly MA

All in all this week can go sideways with bearish retests above 50 MA before an attempt to break & close above 20 Weekly MA

And to give you some hopes, let’s look at Ethereum where 7 Weekly EMA already crossed 20 Weekly MA. Hoping for some fireworks soon towards 160 Area first. Only a confirmed break above 200 DMA will target 190-200 Area

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Cryptocurrencies: 6,281
Markets: 455
Marketcap: $ 194,911,252,352
24h Vol: $ 36,746,409,670
BTC Dominance: 66.68%