On March 28th, the Bitcoin(BTC) price turned down from the $48086 mark, the highest level it reached in the past three months. Thus, the coin price plummeted to $45000 breached resistance to reinforce the bullish momentum for another leg-up.
Key points:
- BTC chart shows long-tail rejection at $45000 flipped support
- The post retest rally could pump the Bitcoin price by 15.5%
- The intraday trading volume in Bitcoin is $2.08 Billion, indicating a 5% gain
Source- Tradingview
For the past few weeks, the BTC/USD pair consolidated in an accumulation phase governed by the ascending triangle pattern. The upcoming trendline supported the new higher lows during the recovery rally and prevented the coin holders from excessive loss.
On March 14th, the recent bull cycle from the support trendline initiated with a long bullish engulfing candle. The sustained buying rose the coin price by 27% as it breached the $45000 neckline resistance.
The pattern completion suggests the accumulation phase is over, and the buyers could lead the way. However, the BTC price reverted from the $48086 high and plunged 7% to retest the $45000 mark.
Trending Stories
The hammer candle(long-tail rejection) at 200-day EMA and $45000 level suggests sufficient demand pressure from traders. If buyers could sustain the BTC price above the flipped support, the bullish momentum would escalate and drive the coin by 15.5% to its next target at $52500.
On a contrary note, if sellers pull the Bitcoin price below the $45000 mark, the following fakeout could sink the coin back to ascending trendline
- Resistance level- $48600, $52500
- Support level- $45000, $42000
Technical indicator-
Along with $45000 resistance, the BTC price also sliced through the 200-day EMA. Furthermore, the coin buyers can expect valid support from these breached EMAs(20, 50, 100, and 200) with the ongoing correction.
The minor pullback has slumped the RSI slope below the 14-SMA line. However, the indicator’s value sustaining above the neutral line(50) maintains a strong bullish sentiment.
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- SEC Chair Gensler Responds To Terra Crash, More Regulation Due?
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- Ethereum Shorts Building Up, ETH Exchange Supply Rises
- Bitcoin (BTC) Hits 3-Day Death Cross, More Bloodbath Coming?
- Crypto Expert PlanB Reveals New Bitcoin (BTC) Bull Run
- Solana (SOL) NFT Trades Moon Amid Crypto Crash
- LUNA Founder Faces Community Backlash Over LUNA Revival Plan; Here’s Why
- Breaking: Do Kwon Releases Another LUNA Revival Plan
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?
