Exclusive Bitcoin (BTC) Regains Footing and Begins to Bounce

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In Brief
  • There is support at $52,500 and $50,250.

  • BTC is following a short-term descending resistance line.

  • Technical indicators are undecided.

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The bitcoin (BTC) price managed to stop decreasing on March 23, creating a Doji candlestick.

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BTC is expected to bounce in the short-term, though it’s not clear if a longer-term low has been hit.

Daily Outlook For BTC

BTC attempted to bounce yesterday, but failed to do so and created a Doji candlestick. This is a sign of indecision. 

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BTC is currently trading just above the 0.5 Fib retracement level at $52,500. Below this level, there is very strong support at $50,250, both from the 0.618 Fib level and a horizontal support area.

Technical indicators have started to lean bearish. The MACD has crossed into negative territory. The Stochastic oscillator is very close to making a bearish cross.

However, the RSI is just above 50, a very suitable level for a bounce.

As outlined in yesterday’s article, the RSI has historically bounced at this level when it has been up trending.

BTC Chart By TradingView

Short-Term Movement

The shorter-term chart shows that after yesterday’s bounce there is a potential descending triangle in place. This is normally considered a bearish pattern. 

The resistance line of the triangle is currently near $58,000.

Technical indicators are bearish. Thus, the most likely scenario would be a drop to the $52,500 and/or $50,250 support levels previously outlined.

BTC Chart By TradingView

The shorter-term chart is more bullish. 

Firstly, it shows that the MACD indicates that an upward movement is likely. This would be expected to take the price to the descending resistance line. 

Secondly, it shows a deviation below the previous low, which often leads to an upward move. 

Therefore, an upward move towards the resistance line is expected in the short-term.

BTC Chart By TradingView

For the possible wave counts, click here.

Conclusion

Bitcoin is expected to gradually increase towards the short-term descending resistance line. However, it’s possible that in the longer-term, it will drop and create a lower low at the $52,500 or $50,250 support.

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

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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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 for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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