From the perspective of the trading session of the day, the price of Bitcoin showed a fluctuating upward trend after the opening. Driven by the bulls, the price once surged to around $84,336.71. This upward momentum was partly due to the continuation of the positive market sentiment brought about by the golden cross in the market the previous day. However, after reaching this price, Bitcoin encountered strong resistance and the price quickly fell back.
The resistance level of $84,219.69 became an insurmountable barrier, which formed a significant suppression on the price. As the short-selling force gradually gained the upper hand, the price of Bitcoin began to fall sharply. In just a few hours, the price quickly retreated, once hitting an intraday low of $80,608.92. However, around $80,789.57, Bitcoin received strong support, where the price stabilized and began to rebound. As of now, the price of Bitcoin has stabilized at around $82,561, showing a trend of rising first, then falling, and then rising again during the day, with a large overall volatility, reflecting the serious divergence between the long and short positions in the market.
The RSI indicator value of Bitcoin hovers in the range of 50-55, which is in a neutral state. This shows that Bitcoin has neither entered the overbought area nor the oversold situation in the short term. From the perspective of the RSI indicator, the market's long and short forces have temporarily reached a relatively balanced state, and there is no obvious unilateral trend signal. However, the fluctuation of this indicator also implies that market sentiment is relatively sensitive and may change at any time due to external factors.
The price of Bitcoin fluctuated around the short-term moving average on March 13. The 200-day moving average is still an important long-term support line, which has played a certain bottoming role in the price. Despite the large price fluctuations in the short term, as long as the price of Bitcoin can remain above the 200-day moving average, there is still the possibility of a continuation of the bull trend from a long-term perspective. However, if the price falls below the 200-day moving average, it may trigger panic selling in the market, leading to further price declines.
The MACD indicator showed a golden cross before that day. This signal stimulated the entry of bulls to a certain extent and promoted the rise in prices. But then there was a death cross, indicating the strengthening of short-selling power, and then the price fell sharply. The frequent crossover signals of the MACD indicator showed the rapid conversion of the power of the long and short sides of the market, which also increased the uncertainty of the market trend.
Trading is not easy. It requires meticulous thinking and rigorous operation. I hope that you, who have had a bumpy road, can get out of the quagmire of losses as soon as possible and get on the right track of steady gains.
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The resistance level of $84,219.69 became an insurmountable barrier, which formed a significant suppression on the price. As the short-selling force gradually gained the upper hand, the price of Bitcoin began to fall sharply. In just a few hours, the price quickly retreated, once hitting an intraday low of $80,608.92. However, around $80,789.57, Bitcoin received strong support, where the price stabilized and began to rebound. As of now, the price of Bitcoin has stabilized at around $82,561, showing a trend of rising first, then falling, and then rising again during the day, with a large overall volatility, reflecting the serious divergence between the long and short positions in the market.
The RSI indicator value of Bitcoin hovers in the range of 50-55, which is in a neutral state. This shows that Bitcoin has neither entered the overbought area nor the oversold situation in the short term. From the perspective of the RSI indicator, the market's long and short forces have temporarily reached a relatively balanced state, and there is no obvious unilateral trend signal. However, the fluctuation of this indicator also implies that market sentiment is relatively sensitive and may change at any time due to external factors.
The price of Bitcoin fluctuated around the short-term moving average on March 13. The 200-day moving average is still an important long-term support line, which has played a certain bottoming role in the price. Despite the large price fluctuations in the short term, as long as the price of Bitcoin can remain above the 200-day moving average, there is still the possibility of a continuation of the bull trend from a long-term perspective. However, if the price falls below the 200-day moving average, it may trigger panic selling in the market, leading to further price declines.
The MACD indicator showed a golden cross before that day. This signal stimulated the entry of bulls to a certain extent and promoted the rise in prices. But then there was a death cross, indicating the strengthening of short-selling power, and then the price fell sharply. The frequent crossover signals of the MACD indicator showed the rapid conversion of the power of the long and short sides of the market, which also increased the uncertainty of the market trend.
Trading is not easy. It requires meticulous thinking and rigorous operation. I hope that you, who have had a bumpy road, can get out of the quagmire of losses as soon as possible and get on the right track of steady gains.
BTCUSD BTCUSD BTCUSD 
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Continuously release precise trading plans to lead members to expand profits, with a stable profit of 988% every month. If you have not made a profit yet, then join us. t.me/fahsufnwks
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.