【Bitmidas】Bitcoin Trend Analytics 9th March 2022

BTC/USD, using Investing data flow for the analysis.

Recap：

Yesterday we saw BTC bumping between 40608.32~37017.70 under the upper resistance.

The highest price was 39351.5, suppressed by 39553.32. The opening price was 38731.5 at 08:00 UTC+8.

Trend Analysis：

At present, BTC is still running in the congestion range in the short term, with an upper range of 43890, a lower range of 35823.72, centering 39795.63. As daily prices fluctuate within the range, the boundaries also change. We usually see the range shrinking along the way, and a market shift comes when the range becomes narrow enough.

Now the BTC price is still in the congestion range between 43890~35823.72, centering 39795.63. So 39795.63 serves as either support or resistance as the price moves up and down and the center itself changes accordingly.

There are 2 level ranges to focus on:

1. Between 37140~37017.70 is an important support zone. As long as the price does not break the range, it will recover naturally. If the price breaks underneath, then we cannot see a pullback within 3–5 days, and the congestion range automatically is adjusted to 38244.14~28514.

2. 39795.63 is the center of the congestion range of the day. It always attracts price to fluctuate around it — support when the price above it, resist when the price under it. We usually compare the center with the opening price at 08:00 UTC+8 the next morning.

BTC is still in a distribution area along with a long-term uptrend. So we will see BTC prices fluctuate more often in a relatively long period ahead.

Supports：

38233.36(Intraday level, on hourly trading basis); 37140~37017.70、36123.98; 35340.44~35009; 33252~32975.94; 31785.40、30000; 29028.43; 28514\27315.14~27170.43; 25352.16 (pointless to see further down).

Resistances：

39632.76~39795.63(a wrestling zone today); 40355~40535.39; 41040.95; 42213.55; 42658.15; 43890; 44548; 45178~45294.03; 46523.38~46952.83 (pointless to see further above atm).

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