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Bitcoin (BTC) price trades with modest losses on Saturday. Bears seem exhausted near the lower levels after falling more than 12% in the past four sessions. Although the long-term downside trend remains intact. But the formation of higher highs since January lows of $32,933.33 makes bulls hopeful.
- Bitcoin (BTC) price makes consolidative moves on Weekends.
- BTC remains to sub $40K with no meaningful price action.
- The formation of a ‘Doji’ candlestick suggests investors need some catalyst to set a directional basis.
Looking at the formation, it is interesting to watch how the peaks are forming. From analyzing the pattern it can be said that bulls lack conviction in sustaining a foothold above $45,000. As the first attempt was made on February 10, and then March 2.
The market is expected to move in a sideways movement in a range of $38,000 and $45,000.
Technical indicators:
RSI: The daily Relative Strength Index is trading at 44 with a neutral bias while holding below the average line.
MACD: The Moving Average Convergence Divergence (MACD) is hovering near the midline with no clear directional bias.
PVT: The Price Volume Trend indicates higher selling pressure with a decline in prices. The trading volume indicator paints a bearish picture.
Furthermore, the crucial 200-day Exponential Moving Average (EMA) acts like an upside barrier for the bulls.
The formation of “Doji” candlesticks indicates indecisiveness among investors. If the price is able to sustain the session’s low then the price might retest the $40,000 mark.
Next, BTC bulls would like to capture the previous session’s high of $42,524.87. Ultimately, revisiting $45,000.
On the flip side, a resurgence in the bearish momentum might push toward the horizontal support line at $36,000.
As of publication time, BTC/USD is exchanging hands at $39,021, down 0.37% for the day.
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