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BTC price jumped up 40 percent after taking support from the 100-day EMA - 2
BTC price is trading near its previous resistance level
BTC price has recently crossed above most of its major resistance. After taking support near $16000.00, BTC price crossed above its important Moving Averages (MA) by 25 percent. After taking a short correction of 11 percent, BTC price took support from the 50-day MA (around $22000.00). The current BTC price is $28641.73 with a change in the 24-hour trading volume of -24 percent. BTC price is up 0.90 percent in the last 24 hours.
The BTC Price is Trading Near Recent Resistance (Daily Time frame)
The bulls are currently overpowering the market across all the major cryptocurrency platforms by 50 to 55 percent as per Coinglass, a cryptocurrency information platform. According to Alternative(dot)me the current score on the Greed and Fear Index is around 62 in the Greed zone while seeing a rise of 10 points since last week when the market was trading around the neutral zone at 50 points.
Technical Analysis (1 Day Timeframe)
BTC price after taking support from the 200-day MA is currently trading at 43 percent while the 100-day MA is crossing over the 200-day MA giving a golden crossover. The next support level for BTC is 16 percent below the current price level around the 50-day MA. Also, the 20-day MA recently crossed over the 50-day EMA.
The RSI line is in the overbought level above the 14 SMA the RSI curve at the supply zone is suggesting that the price might soon take a reversal. The RSI line is currently around 72.63 points near the overbought level above the 14 SMA which is just above the median line.
Conclusion
Although after taking support from the 200 MA, BTC made a bullish engulfing candle followed by the three white soldiers while the MAs also made a golden crossover where the 100 MA crossed the 200 MA – a bullish move of 45 percent. The bears did try to reverse the trend, albeit unsuccessfully.
Technical levels –
Support – $25000.00
Resistance – $32000.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/03/24/btc-price-prediction-worlds-first-crypto-moves-up-40-percent/