Hello Traders!
The correction of the market is continuing. BTC tested the support level of $33600, after which the recovery began, buyers became more active and several times tried to gain back the fall, but to pass above the resistance level of $45400 at the moment failed.
The price is wedged in a narrow liquidity range between $37800 and $45400. There is a structure on the chart with rising lows, the buyers support base is in the $37800 - $40900 range. A breakout of the $45400 resistance level will serve as a trigger for further Bitcoin gains.
More than $3 trillion worth of futures and options expire quarterly in the stock market today, Friday 18/03/2022. Major players and market makers will make a liquidity shift to the new quarterly contracts. Such transition may determine the moment of market turning and set the vector of market movement for the next several months.
It should also be noted the revival of investors' interest in risky assets after the Fed meeting on Wednesday 16/03/2022.
In addition, the markets have already reacted to the geopolitical situation by growth in prices of commodity assets, after which the correction started.
External factors along with a breakdown of the resistance level of $45400 may be a trigger for further market growth and the entrance of Bitcoin to the price levels of $55000 - $59000.
Buying from the current price points gives a good risk/profit ratio, but it is safer to work from buying only after the price moves beyond the $45400 level with a hold.
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
The correction of the market is continuing. BTC tested the support level of $33600, after which the recovery began, buyers became more active and several times tried to gain back the fall, but to pass above the resistance level of $45400 at the moment failed.
The price is wedged in a narrow liquidity range between $37800 and $45400. There is a structure on the chart with rising lows, the buyers support base is in the $37800 - $40900 range. A breakout of the $45400 resistance level will serve as a trigger for further Bitcoin gains.
More than $3 trillion worth of futures and options expire quarterly in the stock market today, Friday 18/03/2022. Major players and market makers will make a liquidity shift to the new quarterly contracts. Such transition may determine the moment of market turning and set the vector of market movement for the next several months.
It should also be noted the revival of investors' interest in risky assets after the Fed meeting on Wednesday 16/03/2022.
In addition, the markets have already reacted to the geopolitical situation by growth in prices of commodity assets, after which the correction started.
External factors along with a breakdown of the resistance level of $45400 may be a trigger for further market growth and the entrance of Bitcoin to the price levels of $55000 - $59000.
Buying from the current price points gives a good risk/profit ratio, but it is safer to work from buying only after the price moves beyond the $45400 level with a hold.
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.