BTC/USD

Bitcoin eases on Monday, shifting focus towards the floor of near-term consolidation range (50500) established after larger bulls started to run out of steam and left fresh multi-month peak at 53017 (Feb 20).

Early signal of an uptrend’s stall and subsequent correction has been generated from daily RSI bearish divergence and strongly overbought weekly studies.

Last week’s action ended in red Doji candlestick after a four weeks of continuous advance, contributing to initial signals of reversal.

Deeper drop and violation of psychological 50000 support would lead to formation of reversal pattern on weekly chart and further weaken near-term structure for deeper correction.

Broader uptrend remains firmly in play and suggests that limited correction should precede fresh push higher, with extension below 50000 to be contained above 47500 zone (near Fibo 38.2% of 38501/53017 / daily Kijun-sen) to mark a healthy correction and offer better levels to rejoin larger bullish market.

Res: 51600; 52500; 53085; 54330.
Sup: 50500; 50000; 48310; 47500.

Chart


The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum continues hinting at rally following reduced long liquidations

Ethereum continues hinting at rally following reduced long liquidations

Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.

More Ethereum News

HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera

HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera

Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera. 

More Hedera News

Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds

Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds

Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome. 

More Bitcoin News

Crypto community reacts as BRICS considers launching stablecoin for international trade settlement

Crypto community reacts as BRICS considers launching stablecoin for international trade settlement

BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP