Bitcoin (BTC) Bounces Back After Sharp Drop

2021-3-16 11:13

The bitcoin (BTC) price briefly fell below $54,000 in the early hours of March 16.

Despite the drop, a bounce is already underway. Furthermore, it’s possible that BTC has already reached a local bottom.

  Divergence Spells Weakness

The price has been moving downwards since March 13 when it reached a new all-time high price of $61,781. Since then, it’s reached a local low of $53,221 on March 16. 

The ongoing drop was preceded by a significant bearish divergence in the MACD, RSI, and Stochastic oscillator.

However, since a significant drop has occurred, it’s possible that the divergence has already played out.

The MACD is still positive, the RSI is above 50, and the stochastic oscillator has made a bullish cross.

BTC Chart By TradingView Short-Term Movement For BTC

The two-hour chart shows an ascending support line. This line has been followed since the beginning of March. 

BTC has just returned to the line for the fourth time and initiated a bounce. The line also coincides with the short-term support area at $54,565. 

There are no clear bullish reversal signs. However, the RSI has dropped into oversold territory. Previously, this has been followed by an upward movement.

If a breakdown were to occur, the next support area would be found at $51,500. Though, at the time of press, this does not seem likely.

BTC Chart By TradingView

The one-hour chart is more bullish and shows a pronounced bullish divergence in both the MACD and RSI. 

If BTC manages to clear the 0.5 Fib retracement level resistance at $57,500, it would likely confirm that the trend is bullish.

BTC Chart By TradingView BTC Wave Count

The wave count suggests that BTC has now begun sub-wave five (black) of wave five (orange). 

A potential target for the top of the movement is found near $68,000. 

The recent drop did not touch the top of sub-wave one at $52,652. Therefore, the wave count is still valid.

For the longer-term wave count, click here.

BTC Chart By TradingView Conclusion

The ongoing bounce that BTC is experiencing is expected to continue. The price is expected to reclaim the resistance at $55,500.

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

The post Bitcoin (BTC) Bounces Back After Sharp Drop appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price drop reached btc march downwards weakness

Источник: beincrypto.com

price drop → Результатов: 126


Recent Bitcoin Stability Amid Crypto Market Volatility is Paving the Path to a Positive Price Trend

This weekend marked the speculation for what caused Bitcoin prices to drop. While it was found that a sell order of 5000 BTC on BitStamp caused BTC’s overall price to drop. It ended up having a domino effect on BitMEX, trading platform that was criticized for poor liquidity. In addition, many crypto fanatics were sharing […]

2019-5-21 02:57


Ripple [XRP] Sentiment Analysis | When Bottom Or When Moon?

The price of XRP has maintained a level of $0.3 for a while even amid the bearish crypto market. In the last 24 hours, the market has seen a drop of  1.16% to $0.287. While the tendency for more fall still ranges in the crypto market as the top Cryptocurrencies are struggling to maintain recent […] The post Ripple [XRP] Sentiment Analysis | When Bottom Or When Moon? appeared first on ZyCrypto.

2018-12-15 23:43


Litecoin [LTC] – Will the Support Area Hold, or Is There Another Drop in Store?

A look at the logarithmic Weekly chart shows us that price has fallen all the way into the $20-$25 area of support created by the highs of 2014. There is a substantial amount of support here. If price were to break down below $20, the next level of support would be in the $3-$5 area, […] Litecoin [LTC] – Will the Support Area Hold, or Is There Another Drop in Store? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-12-13 16:34


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75%

Compared to Bitcoin, cypto hedge funds have underperformed in 2023. against this backdrop, investors have lost confidence and 13% of funds shuttered since the begining of the year. The post 13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75% appeared first on BeInCrypto.

Upbit Exchange Outperforms Coinbase and OKX in July

Korean exchange Upbit records $29.8 billion in spot trading volumes as it benefits from superior regulation compared to US exchanges. The post Upbit Exchange Outperforms Coinbase and OKX in July appeared first on BeInCrypto.