BTC price to $22K? Watch these key levels into Bitcoin monthly close

2 years ago

Bitcoin (BTC) is backmost beneath $28,000 arsenic the countdown to the monthly adjacent keeps everyone connected their toes.

200-week inclination enactment among fashionable BTC terms targets

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD dropping to two-day lows of $27,533 connected March 31.

A humble bounce means that the brace is trading astatine astir $27,800 astatine the clip of penning arsenic traders emblem the astir important enactment and absorption levels going forward.

For Crypto Tony, the existent portion of Bitcoin’s trading scope is key, arsenic $27,700 forms the equilibrium (EQ) level and cardinal enactment that bulls should preserve.

“$27,700 is the level (EQ) you request to ticker this play if you are presently successful a caller agelong position. Those who are successful with maine from awhile back, we are not disquieted unless we suffer that scope low,” helium wrote successful portion of his latest Twitter investigation connected the day.

An accompanying illustration showed the top, bottommost and EQ for BTC/USDT connected Binance.

Continuing a popular narrative, Filbfilb, co-founder of trading suite Decentrader, said helium believed that Bitcoin’s 200-week moving mean (WMA) adjacent $25,500 would beryllium “front run” next.

This would construe to two-week lows, with bulls wanting to debar a support/ absorption flip of the 200WMA — thing which occurred successful mid-2022 and preceded months of downside.

I judge the 200-week ma volition beryllium beforehand tally for the pursuing reasons:

- Already seen grounds of it
- People dont privation to speech astir speech hazard
- People dont privation to speech astir stablecoin hazard
- Market is positioned abbreviated and hopeless to exit

— filbfilb (@filbfilb) March 30, 2023

Considering high-timeframe (HTF) absorption present straight supra spot price, meanwhile, chap trader Credible Crypto cautioned followers connected staying bullish astatine nine-month highs.

“You're not allowed to get bullish astatine the highs into large HTF resistance. Now that we are investigating our archetypal existent level of enactment to the downside you ARE allowed to get a LITTLE bullish. If we are going to spell for the highs again, we should clasp here,” helium began Twitter investigation by saying.

Downside targets travel successful the signifier of $22,000-$23,000, with $25,000-$26,000 arsenic a little drastic people should marketplace spot hold.

“The RED portion supra america is HTF absorption and play proviso which, frankincense far, remains untested. It would beryllium logical to trial this portion earlier a larger correction to 22-23k BTC occurs,” Credibile Crypto continued connected an accompanying chart.

“This doesn't mean it HAS to happen, but if we bash rally from present backmost to the highs don't flip mega bullish into absorption again.”

Bitcoin marketplace operation has "shifted"

Concentrating connected the monthly close, analytics relationship Tedtalksmacro offered a much optimistic angle.

On longer timeframes, helium argued, Bitcoin has “truly shifted” its operation to nutrient a cleanable interruption with the carnivore marketplace successful spot since its latest all-time highs successful November 2021.

“Bitcoin is doing its champion to advertise to those who'd privation to participate + clasp for the adjacent rhythm higher. On the play chart, it's printed its archetypal higher highs (HH) since November '21 and archetypal higher debased (HL) since January '22,” helium summarized.

“Traders present person wide invalidation and tin chopped longs connected acceptance backmost into the scope beneath 24k. Market operation has good and genuinely shifted.”

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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