Bitcoin price holds key support level — Can BTC rebound to $43K next?
Relief rally hopes rise as BTC price remains stuck inside the $34,000-$45,000 range. Bitcoin (BTC) looks poised to test the $43,000 level in March, according to a technical setup shared by Rekt Capital, a pseudonymous market analyst. BTC rebounds from solid 2022 supportBitcoin's drop toward $37,000 yesterday was met with modest buying sentiment, leading to a price rebound above $39,000 on March 8. Interestingly, the upside retracement move originated around the same upward sloping trendline serving as an accumulation zone for traders in 2022.Update after 2 months: Too many retail investors....
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Bitcoin is undergoing a correction toward the upward trend. That rebound can become a turn to decline. What is the most likely scenario for a turn? A stop and a rebound of Bitcoin’s price off the level of large trading volumes at $456 indicates that that trend is backed by some degree of support. But that situation can change, which we’ll be able to see, when judging by the structure of the price. If the bulls will continue to hold the advantage, a fortification at the level of $456 is unlikely. That means that in an upward scenario, Bitcoin’s price has to not form a turn at that level. In....
Ethereum’s price is forming a downward correction toward the medium-term trend. The price is approaching a significant level, which may serve as the peak of that rebound. When will the rebound end? Until Ethereum’s price breaks through the level of $9.7, which we wrote about earlier, the entire downward movement will remain just a correction. Beyond $9.7, the movement will grow into something larger than the entire upward trend, which has started at $7. The exponential average and the large trading volumes at $9.7 serve as support levels for that medium-term upward trend. That’s why if the....
Ethereum’s price is currently in a rebound towards the downward trend. How deep will this rebound be? Will the rebound grow into a turn to growth? The short-term upward trend is actually a rebound toward the medium-term downward dynamics. So it’s a bit too early to be talking about a turnaround in the medium-term scale. For the continuation of the downward trend to become likely, Ethereum’s price has to fortify at the level of $8. After forming a turn there, there will be a good chance for the downward trend to continue. That will indicate that the bulls are a minority at that level. But....
Bitcoin’s market is currently deciding on the fate of the future medium-term trend. The choice will probably be made soon. Which direction will Bitcoin choose? The price is currently fortifying at the medium-term resistance, which indicates that the bulls are holding the advantage. If this continues, the price will be likely to reach $445-50. The $423.5 price is the critical point for a rebound towards the upward trend which has started at $413. Large trading volumes have accumulated at that level, and it is profitable for the bulls because of that. Thus, that is a likely point for a turn.....
In my yesterday's analysis, Trapped Again, I had mentioned that a breakdown below the $280-mark could lead to a free-fall in the Bitcoin price. Bitcoin cracked below $280 and is now roughly worth $250. The sudden collapse might have taken many by surprise, but the technical indicators were foretelling this. Now, the same indicators and the reformed chart structure are revealing some very noteworthy details. Bollinger Bands - The crash in Bitcoin price has severely stretched the Bollinger Bands on the lower end, which implies that a temporary support might set in soon. Fibonacci Retracement....