【Bitmidas】Bitcoin Trend Analytics 10th March 2022
BTC/USD, using Investing data flow for the analysis.
Recap:
Yesterday, BTC was running in the congestion range between 43890~35823.72, centering 39795.63. A market shift will happen when the range narrows. If 39795.63 is broken, it will serve as support.
As we zoom to a 1-hour time frame, the center 39795.63 was resistant before 10:00 on March 9th and was been tested from then on. At 11:00, the central was broken and turned into support.
Coincidentally, 3 news came out near 10 am: 1.US Treasury is preparing a report on the future of money and payment systems. 2. Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. 3. Financial Stability Oversight Council will come into play in evaluating the potential financial stability risks of digital assets.
The news was manifested in price, leading to the highest price of 42538.5 yesterday. The opening price today is 41933.9 (8:00 UTC+8).
Trend Analysis:
BTC is still in the short-term congestion area, but the movement within the range has changed — the center has shifted to support.
The congestion range today is between 44576.96~37017.70, centering 39997.88. (The uptrend is indicated as the blue dot line, and the downtrend the yellow dot line)
As we can see from the chart, the highest price of yesterday was suppressed by 42658.15, a little lower than which at 42525.4 is still a resistance today.
Before making any breaks, the price will remain in the range. As resistance and support forces within the range will narrow the margin, the BTC price will bump between 42525.4~39997.88 first and move up to 44576.96 after it breaks 42525.4.
There are 3 level ranges to focus on:
1. The central at 39997.88, which drags price moving around it and serves as either support or resistance for the price within the range. The dragging force will be tested and corrected by the opening price at 8:00 (UTC+8) the next morning.
2. The uptrend line at 44576.96. Breaking and maintaining above that point until 8:00 (UTC+8) next morning will see a bullish movement ahead.
3. A key supporting area between 37140~37017.70. As long as the price remains above it, BTC will recover in the upper range. If it’s broken, however, we cannot see a pullback within 3–5 days, and the congestion range automatically is adjusted to 38244.14~28514.
Another level range to be noticed: 46751.94~47409.95. This is major resistance to the long-term uptrend.
Currently, BTC is still in correction among a long-term bullish trend. The price will be bumping between key supports and resistances.
Supports：
40927.71~40541.71; 39997.88; 38729.26; 37140~37017.70; 36475.50;
35340.44~35009; 33722.29; 32975.94; 31785.40; 30000; 29220.63、
28514; 27315.14~27170.43; 25352.16 (pointless to see further down atm)
Resistance：
42525.4 (divergent resistance of yesterday’s 42658.15); 44140.63~44576.96;
45639.16~45922.26; 46751.94~47409.95; 48719.63~49084.21; 50843.93 (pointless to see further above atm)
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