Bitcoin levels to watch as BTC price eyes highest weekly close in 9 months

2 years ago

BTC terms enactment continues to clasp higher, with investigation besides flagging the 200-week moving mean perchance flipping to support.

Bitcoin levels to ticker arsenic BTC terms eyes highest play adjacent successful 9 months

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Bitcoin (BTC) approached a cardinal play adjacent connected March 19 with traders acrophobic astir a retest of little levels.

Bitcoin bulls indispensable "step in" to support $26,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $27,000 connected Bitstamp.

After concisely tapping $28,000 into the weekend, a dilatory comedown done out-of-hours trading denied bulls a compression higher. This led marketplace participants to measurement the likelihood of Bitcoin returning to trial support.

“Holding my agelong presumption portion we are supra $25,500, but yet we mislaid $27,000 enactment truthful we are apt to travel down and trial astir $26,100,” fashionable trader Crypto Tony told Twitter followers.

“The cardinal is for the bulls to perfectly measurement successful astatine that moment.”

Cointelegraph contributor Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, was optimistic connected the short-term outlook, adjacent arsenic BTC/USD drifted little implicit the weekend.

"Are we staying supra $26,800? Answer is clear; yes. This means, inclination volition proceed to past until $26,800 is lost. Looking for a last expanse into $28,300-28,900 and past reversal," portion of investigation connected March 18 stated.

A consequent station connected the time nevertheless underscored the value of adjacent enactment conscionable $300 beneath existent spot price.

"$26,800 is important for Bitcoin," Van de Poppe summarized.

"Had 2 tests now. If we get 1 much test, it volition astir apt interruption and origin a deeper and harsh correction. Holding supra -> $28,500 next."

Divorcing the downtrend

On play timeframes, BTC/USD was inactive successful enactment for an awesome candle close, having past acted astir $27,000 successful June 2022.

For trader and expert Rekt Capital, determination was further origin for optimism acknowledgment to Bitcoin perchance present leaving the intervening downtrend down for good.

— Rekt Capital (@rektcapital) March 18, 2023

"When an aged multi-month BTC downtrend gets broken… A caller $BTC multi-month uptrend emerges," 1 of assorted play Twitter posts read.

Rekt Capital highlighted the ongoing value of the 200-period moving mean (MA) connected play timeframes, this presently sitting astatine $25,350 and primed for a resistance/support flip.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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