【Bitmidas】Bitcoin Trend Analytics 14th March 2022
BTC/USD, using Investing data flow for the analysis.
Recap:
Last Friday, BTC was lingering around the central at 39846.10 between 42410.6~37017.70.
Bulls were trying to take control over 39846.10 during Mar 11th-12th but failed. A sharp decline happened at 6:00 on Mar 14th, touching the key supporting area of 37140~37017.70. Now this area is still propping the price up within the range.
The opening price today is 37789.5. (8:00 am UTC+8)
Trend Analysis:
Now BTC is in a congestion zone between 43912.8 and 37017.70, centering 39615.5.
Different from the performance days ago, the price is more fragile today because the support of 37140~37017.70 is tested every other hour. And every touch weakens its strength as support. If it is broken, there will be a rush downwards.
The opening price today (UTC+8) is lower than the center, so the price will be running between 39615.5~37017.70. Breaking 37017.70 will we see a slide to an area between 35351.31~31785.40.
Bouncing back above 39615.5 is possibly a release of continuous testing against 37017.70. Only by then could the price be safely back in the range towards 42075.51.
There are other supports above 31785.40. I will include them in my calculation of supports at the end of the analysis. Today, we should pay attention to the testing against 31707.70.
There are 3 level ranges to focus on:
1. The central at 39615.5, at which bulls and bears fought during Mar 11th-13th and it forms a resistance today. The central drags price moving around it, serving as a support when the price above it or resistance when the price under it, and be compared with the opening price at 8:00 (UTC+8) next morning.
2. A key supporting area between 37140~37017.70. This has become a key resistance today. As long as the price remains above it, BTC will recover in the 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 be adjusted to 37208~28501.9.
3. We are calculating a support zone outside the range at 35351.31~35009. Once 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.
Although BTC decreases in the short term, it is still seen in a bullish track in the long term. Currently, BTC is in correction among a long-term bullish trend, resulting in the price moving back and forth between key supports and resistances.
Supports:
37140~37017.70; 36475.50; 35351.31~35009; 34132.52; 32927.70; 31785.40; 30000; 29220.63; 28501.9; 27315.14~27170.43; 25352.16; 23779.54 (pointless to see further down atm)
Resistances:
38528.8~38930.5; 39615.5; 40173.03; 42075.51; 42562.19; 43821.59~43912.8; 44995~45084.05; 45968.85; 46810.53~47409.95; 48719.63~49084.21; 50843.93 (pointless to see further above atm)
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