Bitcoin At A Crucial Juncture: Bears Set To Overshadow While Bulls Preparing For Next Bullish Wave
The post Bitcoin At A Crucial Juncture: Bears Set To Overshadow While Bulls Preparing For Next Bullish Wave appeared first on Coinpedia Fintech News
Bitcoin price is currently trading at $27,500 which is high compared to its recent price range and hence, is prone to face some resistance level. The price in the 4-hr timeframe is displaying possibilities of a pullback, as it is heading toward the upper Bollinger Band. Moreover, the RSI is neutral which indicates that the BTC price is neither bullish nor bearish at the moment.
Considering the other technical aspects, the volume oscillator suggests a drop of over 18%, which indicates a drop in the volume. This further suggests a lack of interest from traders, but the MACD is in positive territory, indicating bullish momentum for the asset. Besides, the stochastic oscillators also point towards mounting bullish pressure on the asset.
Meanwhile, the price is displaying both a bullish and a bearish scenario as it appears to be at a crossroads.
Trading View
Bullish Scenario for BTC
The BTC price is displaying significant strength and hence it is expected to maintain a notable upswing. If in case, the price maintains its levels above $25,827 and $22,399 it may act as a strong support level, it may continue with a bullish trend ahead. Further, the price may even break the upper resistance at $28,418 which is also the upper resistance of the Bollinger band. Unless the MACD and Stochastic Oscillators remain bullish, the possibility of a notable upswing may thrive,
Bearish Scenario for BTC
This scenario is validated, indicating a potential shift towards the bearish divergence, if the BTC price fails to hold the support at $25,827. Here, it may face resistance at $27,757 in the 4-hour timeframe and potentially fall towards the middle bands of the Bollinger Band at $26,563.
As the volume oscillator has dropped by 18% and the recent jump in the BTC dominance, it may compel traders to look out for the other altcoins in the market. If the negative indicators continue to prevail Bitcoin may drop hard and test the solid support levels at around $23,900.
Filed under: Bitcoin - @ March 21, 2023 12:01 pm