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BTC Price Prediction: The Bitcoin price showed an unclear trend for the first week of March, creating a sense of uncertainty in the market. However, the second week started on a bearish note as the coin price witnessed 4% in the last three days. As of now, this downfall halts at a strong support 0.382 Fibonacci retracement level, holding the hope of coin holders. Can BTC price resume a bullish recovery from here?
Key Points:
- The Bitcoin price spread narrowing within the falling wedge pattern indicates a breakout opportunity nearby.
- The ongoing correction phase in BTC price will continue until the wedge pattern is intact.
- The intraday trading volume in Bitcoin is $21 Billion, indicating a 7.2% loss.
Source-Tradingview
The Bitcoin price has been in a correction phase for nearly three weeks now and has experienced a decline of 13.8% from the peak of $25200. This downfall has plunged the coin price to a combined support zone of 0.382 FIB and $21500 psychological level and the lower support trendline of a falling wedge pattern.
By the press time, the BTC price trades at $21636 and continues to hover above $21500 support. Usually, a retest to trendline support of the wedge pattern triggers a minor bullish pullback to hit the overhead trendline.
Also Read: Top 10 Carbon Negative Cryptos For 2023
However, the interested buyer will need a breakout above the resistance trendline to obtain a long entry opportunity in Bitcoin. This breakout will signal the end of the ongoing correction phase and a higher possibility of uptrend continuation.
The post-breakout rally may soar the BTC price to the following targets of $22400, $23800, or $25000.
On a contrary note, a breakdown below the lower support trendline will invalidate the bullish thesis.
Technical indicator
RSI: despite the declining price action, the daily RSI slope moving sideways signals the weakening of bullish momentum. Thus bullish divergence may offer additional confirmation for a wedge pattern breakout.
EMAs(4-hour chart)-: the 20-day EMA slope act as a dynamic resistance to Bitcoin price
Bitcoin Price Intraday Levels
- Spot rate: 21646
- Trend: Bearish
- Volatility: High
- Resistance levels- $22500 and $23800
- Support levels- $21500 and $20500
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