Market overview
WHAT HAPPENED?
Last week, bitcoin tested the key zone of $85,000-$88,000 (volume zone). After receiving the seller's reaction, we formed a local structure that questioned the global decline.
In the daily analysis on TradingView on Friday, a support zone of $84,800-$83,500 (pushing volumes) was noted. After the test, we received a reaction and confirmed the buyers' intentions to move the quote to higher levels.
WHAT WILL HAPPEN: OR NOT?
At the moment, longs are a priority. The confirmation of this scenario will be overcoming the $87,500 level. The target for the movement is the $95,000 mark, and there is no significant resistance before it.
Despite the fact that we’re in an uptrend, there are no volume zones of the buyer up to the minimum mark of $76,000. Therefore, with strong market activity of the seller at the current level, it’s possible to resume the decline to the lows.
Sell Zones:
$95,000–$96,700 (accumulated volumes)
$97,500–$98,400 (pushing volumes)
$107,000–$109,000 (volume anomalies)
Buy Zones:
$77,000–$73,000 (volume anomalies, pushing volumes)
IMPORTANT DATES
About the macroeconomic news this week:
• Monday, March 24, 13:45 (UTC) — publication of the index of business activity in the manufacturing sector and the index of business activity in the US services sector for March;
• Tuesday, March 25, 14:00 (UTC) — publication of the U.S. consumer confidence index for March and data on new home sales in the United States for February;
• Wednesday, March 26, 7:00 (UTC) — publication of the UK consumer price index compared to February 2024;
Wednesday, March 26, 10:00 (UTC) — publication of the UK spring budget forecast;
• Thursday, March 27, 12:30 (UTC) — publication of US GDP for the 4th quarter of 2024, as well as the number of initial applications for US unemployment benefits;
• Friday, March 28, 7:00 (UTC) — publication of UK GDP for the 4th quarter of 2024;
• Friday, March 28, 12:30 (UTC) — publication of the basic price index of US personal consumption expenditures for February, as well as in comparison with February 2023.
*This post is not a financial recommendation. Make decisions based on your own experience.
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