Crypto markets were mixed. Bitcoin jumped from $38,600 in European morning hours to slightly over $40,200 as Putin’s comments went public. Bitcoin price remains stuck between two crucial levels with no sign of directional bias. The immediate support area that prevented a steep correction seems to be getting weaker with every retest, indicating that a breakthrough to the downside is likely. 

Bitcoin price continues to display bearish structure on the daily chart, but sellers remain tentative. Ethereum price was unable to make a clear break above or below a critical Fibonacci level.

Bitcoin price has been a source of frustration for bulls and bears alike. However, the continued weakness displayed by the confirmed Ideal Ichimoku Breakout has not resulted in mass shorting for bears. On the contrary, bulls have steadily crept up with higher lows. Nevertheless, rejection against key resistance levels remains.

The frustration for bulls is that many major price spikes have confirmed an Ideal Bullish Ichimoku Breakout and then recovering from the initial sell-off. The resulting whipsaw above and below key resistance and support has left participants haggard, with many now sitting on the sidelines waiting for a clear direction.

There is buying opportunity for Bitcoin price on its Point and Figure chart. The hypothetical long trade setup is a buy stop order at $40,500, with a stop loss at $38,500 and a profit target at $52,500. The trade setup represents a 6:1 reward for the risk setup. A trailing stop of two to three boxes would help protect any implied profit made post entry.

The hypothetical trade setup for Bitcoin price is invalidated if BTC moves to $37,000 before the entry is triggered.

Bitcoin Hopeful Above $30,000 Liquidity Support Zone

Mar 13 2022