BTC: Pullback in Uptrend

9 มี.ค.

Trade setup: Price is in an Uptrend. First attempt to break above SWB:69K-$70 has failed. That’s an all-time-high (ATH), which is a significant resistance area. Price got very overbought (RSI > 80) and was rejected, pulling back as low as 59K. It’s likely to pause here and consolidate around this area, before resuming its uptrend.
Now we wait for price to either 1) break above 70K to signal continuation of uptrend, with upside to 79K-80K next, or 2) pull back near 60K support for another swing trade entry in Uptrend. The approvals of 10 Bitcoin Spot ETFs are working in BTC’s favor. Wanna know which altcoins will benefit from BTC and ETH rise? Read our research report.

Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).

Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.

Support and Resistance: Nearest Support Zone is 56K - 59K, then 50K. The nearest Resistance Zone is SWB:69K - 70K, then 79K.