Bitcoin Price Analysis – March 26

  • The direction of the market is not discernible in a range bound movement. Therefore traders should abstain from trading. 
  • When the market is consolidating or in a range bound movement there is a possibility of breakout. However, if price breaks through the resistance, traders should take a long trade. Or if it breaks through the support, traders should take a short trade.

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Ranging

Resistance: $8,700, $8,600, $8,500

Support: $8,100, $8,200, $8,300

Last week Monday, Tuesday and Wednesday, price of Bitcoin had been bullish. That was why the price rose from $8,210.22 on Monday 19, to $9,059.84 on Wednesday 22 and later it resumed a range bound movement. The assumption last week was that if price of Bitcoin consolidated or remained above the $9,000 mark.

On the other hand, if price breaks the resistance level of $9460, it will rise to the previous high of $10,500. The bulls could not hold on to push price further, but the bears took control and brought the price to its previous low. Today, Bitcoin is trading at $8,190.32 as the time of writing. From the weekly chart, the price of Bitcoin is still oscillating between the resistance at $9,000 and the support at $7,500.

This has been the scenario since last week Friday. Meanwhile, the RSI period 14 is level 45 which indicates that the price is in the range bound zone.

BTCUSD Short-term Trend: Ranging

Bitcoin, BTCUSD, CryptoCompare chart

The BTCUSD pair is in a range bound movement in the daily chart. The pair is fluctuating between the resistance level at $8,650 and the support level at $8,400. Meanwhile, the RSI period 14 is level 14 which indicates that the market is oversold suggesting bulls to take control of the market.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.