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On March 3, the Bitcoin price reached the middle of its short-term trading range at $8,755. While it briefly dropped below, it reclaimed this level shortly after and has been moving upwards since.
Bitcoin (BTC) Price Highlights
- The Bitcoin price is trading in a range of $8,550-$8,975.
- There is resistance at $9,150 and $9,450.
- An hourly golden cross is about to transpire.
- It had previously broken out from a descending resistance line.
Short-Term Range
Beginning on Feb 27. the BTC price has been trading in a range between $8,550-$8,975. It has validated both the support and resistance areas several times.
The price touched the resistance line on March 2 before beginning a decrease. Once it reached the middle of the range, it bounced upwards and began the current and ongoing upward move.
BTC is currently trading between the 50 and 200-hour moving averages (MA), which have formed a very narrow range.
The MAs are very close to making a bullish cross. So, the most likely movement here is a breakout above the 200-day MA, followed by a bullish cross and a movement above this trading range.
The next resistance area is found at $9,150.
Future Movement
Zooming out slightly, the price has broken out above a descending resistance line on March 1.
The breakout was preceded by a very strong bullish divergence in the RSI, which has now moved above the 50-line.
The next resistance area is found at $9,450. While the price is not expected to reach this level today, it is likely that it eventually gets there in the near future.
To conclude, the Bitcoin price has begun an upward move after bouncing in the middle of its range. It is expected to break out from its range and reach the next resistance area at $9,150.
For those interested in BeInCrypto’s previous Bitcoin analysis, click here.
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