On March 9, Bitcoin created a low of $ 7,700. Although it has made some short-term gains, it has not yet created a clear gap that can confirm the bullish structure.
Highlights of BTC price
- The price of BTC breakdown from the trading range.
- The nearest support and resistance levels are found in the range of $ 7,750-8,050.
- The hourly RSI is rising.
- The price could trade inside a reversed head and shoulders pattern.
Scope of transactions
BTC price has dropped in the last 4 days. From the daily chart, there are many levels of support and resistance shown in the image below.
Prices have now found support above $ 7,750 and have never been trading below that since the breakout in January.
If the price begins to rise, the first resistance level is found at $ 8,250, while the next level is at $ 8,550.
The daily RSI indicator has not yet created any bullish divergences and is trading below 50, showing that the price is in a downtrend.
On the short-term time frame, while the support is the same, the current resistance is found at $ 8,065, creating a trading range between these two levels. Price is sustaining above the middle of the range.
The hourly RSI created a bullish divergence but did not surpass 50.
The price is expected to rise towards the resistance line. A breakout of the breakout will take the price to the resistance levels listed in the daily chart.
BTC is trading inside a reversed head and shoulders pattern. Although this has not been confirmed yet, it seems that the price is in the process of creating the right shoulder.
If true, a breakout is possible. A move to the full height of the model will bring the price to the daily resistance zone of $ 8,250.
Overall, BTC currently trades in a short-term range of $ 7,750- $ 8,050. It created a bullish pattern to streamline the breakout, which could bring prices up to $ 8,250.
You can see the price of BTC here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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