Bitcoin Technical Analysis Report | 27th-March-2023

Bitcoin price makes another surge to $28,000, attracting altcoin traders into XRP, LTC and AVAX positions. Consolidation after a strong rally is a positive sign as it shows traders are holding their position and waiting for further moves higher. The rising 20-day exponential moving average ($25,936) and the RSI in the positive territory are suggesting that the bulls are in control. That improves the prospects for a break above $28,900. The asset’s global volume is up by almost 10% over the day while the dominance is 46.4%.

At the time of writing, BTC was trading at $27,889.

Bitcoin Chart | 27th March 2023
Bitcoin (BTC) Chart

BITCOIN after making a ‘Hammer’ candle at the recent low of $19,549 rallied almost by 47% within two weeks and made the high of $28,868. The asset resisted at the higher levels and failed to give a daily closing above the critical resistance of $28,500 and witnessed a minor profit booking. On a four-hourly time frame, BTC is consolidating and trading in a ‘Symmetrical Triangle’ pattern with low volumes. Breakout on either side of the pattern with good volumes will further decide the trend for the asset. To further rally, it needs to close and sustain above $28,500.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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