Bitcoin (BTC) Maintains Its Sideways Movement

Bitcoin fell somewhat over the week of March 7-14, concluding around $700 lower than its opening price. More crucially, it resulted in the formation of a second long upper wick (red icon).

Such wicks are indicators of selling pressure, and they helped to establish the $43,000 level as resistance. The nearest support area, on the other hand, is found at $35,200, which was produced by the lengthy lower wicks observed in January and February (green icons).

In the weekly time frame, technical indicators are mixed. While the RSI and MACD are both falling, they have both created huge concealed positive divergences. Divergences like these are frequently interpreted as indicators of trend continuation.

Since Jan. 22, BTC has been following an upward support line on the daily chart. The line has already been validated a number of times.

BTC dipped below the support on January 13, but is now attempting to retake the line by forming a bullish engulfing candlestick. Reclaiming the line after deviating below it would be a powerful bullish sign if it occurs, in addition to being a bullish candlestick pattern.

Technical signs, such those on the weekly time period, are mixed. The RSI and MACD both have a zero slope. Furthermore, the RSI is near 50, and the MACD is close to the 0-line. These readings are both regarded as neutral.
Related Posts – Ferrari joins the NFT universe through a collaboration with a Swiss…