The recent fallout from the $45000 resistance may have trapped the aggressive buyers who bought the breakout trade. The Bitcoin(BTC) price currently trades at the $42645 mark and teases a weekly candle closing below $45000. However, the coin chart reveals a rising wedge pattern which may prevent any excess loss in this correction.
advertisement
Key points:
- The BTC price forms an evening star candle in the weekly time frame chart
- The coin price resonates in a rising wedge pattern
- The intraday trading volume in the Bitcoin is $24.2 Billion, indicating a 32.6% lost
Source- Tradingview
After spending the last quarter in an accumulation phase, the Bitcoin(BTC) price made a decisive breakthrough from the $45000 resistance. On March 24th, the coin price provided a weekly candle-closing above this resistance, suggesting the buyers intend to surge higher.
However, the bulls failed to sustain this breakout, allowing sellers to pull the price back below the breached resistance. As a result, the traders who entered above the $45000 level may liquidate their holding and accelerate the selling momentum.
Trending Stories
Furthermore, the traders can expect a bearish retest to the old $45000 resistance for the upcoming week. This retest may validate the seller’s commitment to a further price decline.
The technical chart shows the BTC traders responding to a rising wedge pattern, and the current retracement phase is just a pullback to the support trendline. Moreover, the $40000 support aligned with the ascending trendline may provide strong support for bullish continuation.
- Resistance level- $48150, $52000
- Support level- $36400, $36400
Technical indicator-
The flattish 100 and 200-day EMAs suggest a sideways movement for BTC. However, the coin price trading below these crucial EAMs indicates the sellers at a better advantage.
advertisement
The Relative Strength Index(45) slope nosedived below the neutral line suggested a negative sentiment among traders.
- Are Hedge Funds Planning USDT Dump? Tether CTO Responds To Rumors
- Here’s Why Apecoin (APE) Price Is Skyrocketing Today
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
