On 24th February 2022, when Russia invaded Ukraine, BTC stopped its decline at 34 324.05 USD. Prior to that we noted the tightening cycle in the U.S. combined with prospect of higher interest rates continued to pose a substantial threat to the price of cryptocurrencies. However, these odds of higher interest rates have fallen dramatically over the past few days. This forced us to reassess our bearish views on Bitcoin. We turned neutral on BTCUSD and we will observe price action closely in the following days. We think it is likely that Bitcoin will continue higher if geopolitical tensions are solved and if the general stock market moves higher at the same time. However, we are very cautious due to volatility in the market being highly elevated.
Technical analysis - daily time frame
RSI and Stochastic turned bullish. MACD points to the upside which is bullish too, however, it still remains within the bearish territory. If MACD will manage to cross above 0 points we expect it to further bolster a bullish case for Bitcoin. DM+ and DM- continue to show bearish conditions in the market. ADX exhibits growth which suggests the bearish trend is gaining momentum. Overall, the daily time frame gives mixed signals.
Technical analysis - weekly time frame
RSI is neutral while Stochastic and MACD remain bearish. DM+ and DM- are bearish too. ADX shows sideways moving action which suggests the trend of higher is neither getting more momentum nor losing it. Overall, the weekly time frame shows mixed signals which coincides with the daily time frame.
Support and resistance
Closest psychological support appears at 40 000 USD. Meanwhile short-term support lies at 32 950.72 USD and short-term resistance at 45 850 USD. Resistance 1 is at 52 098.60 USD and Resistance 2 at 59 445.45 USD. Major resistance is at 69 000 USD while major support can be found at 28 600 USD.
Please feel free to express your own ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
Technical analysis - daily time frame
RSI and Stochastic turned bullish. MACD points to the upside which is bullish too, however, it still remains within the bearish territory. If MACD will manage to cross above 0 points we expect it to further bolster a bullish case for Bitcoin. DM+ and DM- continue to show bearish conditions in the market. ADX exhibits growth which suggests the bearish trend is gaining momentum. Overall, the daily time frame gives mixed signals.
Technical analysis - weekly time frame
RSI is neutral while Stochastic and MACD remain bearish. DM+ and DM- are bearish too. ADX shows sideways moving action which suggests the trend of higher is neither getting more momentum nor losing it. Overall, the weekly time frame shows mixed signals which coincides with the daily time frame.
Support and resistance
Please feel free to express your own ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering trade.
Trade attivo:
Bitcoin stopped its rise just slightly below short-term resistance. Inability to break above this resistance would signal loss of bullish momentum.
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