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Bitcoin (BTC) Hits Highest Price Since March 2

2 mins
Updated by Geraint Price
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In Brief

  • BTC has broken out from a descending resistance line.
  • There is strong resistance at $44,500.
  • BTC has broken out from a short-term ascending parallel channel.
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Bitcoin (BTC) has broken out from two short-term resistance levels and is in the process of validating them as support.

BTC has been increasing alongside an ascending support line (dashed) since Jan 24. It validated the line for the final time on March 14 before beginning the current upward movement. 

While it is possible that BTC has broken out from a descending resistance line, the exact slope of the line is not clear due to the presence of long upper wicks. As there is very strong resistance at $44,500, a breakout above this level would be required in order for the trend to be considered bullish.

Technical indicators in the daily time frame are bullish, supporting the possibility that BTC will break out. The MACD is increasing and has crossed into positive territory. The RSI is moving upwards and is above 50. Both of these are considered signs of a bullish trend.

Short-term BTC movement

The six-hour chart supports the continuation of the upward movement. 

Besides the aforementioned descending resistance line, it shows that BTC has already broken out from an ascending parallel channel. It is currently in the process of validating it as support (green circle). 

Since the resistance line of the channel coincides with the longer-term descending resistance line, it is crucial that the price stays above this level. 

If so, an attempt at breaking out above $44,500 would be expected.

Wave count analysis

The most likely wave count suggests that BTC has begun wave C of an A-B-C structure. Wave B took the shape of a symmetrical triangle.

The sub-wave count is shown in white. 

If the count is correct, the price has begun an upward movement towards $50,600, giving waves A:C a 1:1 ratio.

The alternate count indicates that BTC is still in wave B, and will begin wave C after one final drop.

In any case, an eventual movement above $50,000 seems likely. 

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing...