Bitcoin rate is not picking up. What are the next steps?

03/09/2023
129

Today, we will take a closer look at Bitcoin (BTC). We will conclude this analysis with our expectation for the short-term. These are obviously not buy or sell signals.

Last week, we experienced a nice bounce following the decision in the Grayscale vs SEC lawsuit. However, this bounce unfortunately did not continue and we have been pushed back through the mid-range (fib 0.5) + the MA-200 and are back around the long-term key-support zone. What do the charts show now? Read on below!

For now, it is difficult to make a about bitcoin prediction but on the higher timeframes, we will at least keep an eye on the S/R levels drawn. We see that the 25k zone remains an essential support zone and the reaction from that area is adequate for now, the bounce from 2 days ago was around $25,400, showing that there are plenty of buyers even above $25,000. But what we want to see now is green candles with some increased volume and preferably a nice breakout and close above the mid-range (fib 0.5). Then we would really be safe.

If we zoom in even further and draw the fibonacci levels, we see that the $25,600 zone is an important short-term support and that also on the 4hr chart, the MA-200 is an important resistance that stopped last week's bounce. So the first step for an uptrend from here would be to break the $26700 wee and actually make some sideways action there as well. Meanwhile, we then want to encounter the MA-200 and if #BTCUSDT then manages to make a nice close above it, the mid-range, fib 0.5, is the new area of interest.

Forecast ahead
Should we stay above the $25k zone and fail to make a good daily close below it, I expect the market to recover in the time ahead, my bias is not bearish for now. The reaction from the $25k-25.5k zone is hopeful so far.

I do expect some sideways action first between the range of $25k and $27k for the next few days/weeks. So what I am watching for a bullish continuation are the following resistances: MA-200 (4hr) , fib 0.5 and the MA-200 (daily). For now, it is prudent to trade cautiously. We will assess the situation again in the coming days, follow our channels for updates and more.

Check the source of this article, or click her to read more about crypto.

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