BTC started its upmove after the banking crisis sustained. The market has formed a higher high and higher low in the structure and the market has to take upto the resistance level. We are looking at the support level at the price of the 24500. The trend overall in the market is still bearish but the market has tend to be in bearish on H4. 

The descending trendline has broken out for buys and has been validated. Now, on the lower time frame, the market is also breaking out for buys once it taps the support.

There is no retracement indication on this setup as of now.

EMA 50 is still bullish. The market does not seem to be retesting the price action at the support level. Now, as the EMA 50 is steep, the market seems to remain bullish.

RSI is at 61. Market needs to neutralize at the level of 50. Once its neutralized, we will have a solid level to go long.

Bitcoin towards the flying mode

Mar 18 2023

Pending

Published 14d ago

28392.60

Current price

24279.36

Entry price