【Bitmidas】Bitcoin Trend Analytics 11th March 2022
BTC/USD, using Investing data flow for the analysis.
Recap:
Yesterday BTC was in the congestion zone between 44576.96~ 37017.70, centering 39997.88, and was suppressed by 42525.4.
42658.15 was strong resistance and was dragged down to 42525.4, resulting in the price fall. The first resistance of 40927.71~40541.71, which we calculated yesterday, was tested from 9:00–11:00 am (UTC+8) and was broken at 12:00. Then the price came down from 42029.1 to 38603.5, supported by 38729.26.
The opening price today is 39422.5. (8:00 am UTC+8)
Trend Analysis：
BTC is still in the congestion zone, with another momentum shift. As the center was broken multiple times, its function as a resistance or support will not be as strong as it was. The price is likely to move around the central.
Now BTC is running between 44576.96 ~ 37017.70, centering 39846.10. The upper point is diverted to an area of 43944.73~44576.96, as 44576.96 spreads its pressure down to 43944.73. The same principle applied to the resistance divergence from 42658.15 to 42525.4 yesterday and then to 42421.6 today.
Although we will see the price moving up and down within the congestion range, it will first remain in the lower range under the center as the opening price is below 39846.10 until it breaks up. The center of the day, however, is not strong, so we will see a wrestle here for some time today.
There are 3 level ranges to focus on:
1. The central at 39846.1, which drags price moving around it and be compared with the opening price at 8:00 (UTC+8) next morning.
2. A key supporting area between 37140~37017.70. As long as the price remains above it, BTC will run in the upper range. If it’s broken, however, we cannot see a pullback to touch 37017.70 again within 3–5 days, and the congestion range automatically is adjusted to 38244.14~28514.
3. A supporting area of 35308~35009 outside the congestion range is the first target if 37017.70 is broken. The price might bounce back within the congestion or fail to recover if it lacks strength. If we don’t see a pullback in 8–12 hours, BTC will be likely to drop with a greater force and even see a plunge when it breaks 35308~35009.
Currently, BTC is still in correction among a long-term bullish trend. The price will be bumping between key supports and resistances.
Supports：
38495(weak); 37140~37017.70; 36475.50、35308~35009; 34372.82; 33722.29; 32865.77; 31785.40; 30000; 29220.63; 28514; 27315.14~27170.43; 25352.16 (pointless to see further down atm)
Resistances：
40519.5~40793.3; 41960; 42421.6(divergent resistance of 42658.15); 43072.61; 43944.73~44576.96; 45639.16~45922.26; 46751.94~47409.95; 48719.63~49084.21; 50843.93 (pointless to see further above atm)
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