Bitcoin bulls have regained momentum after bouncing from $53,000 to $53,500 support level. Bitcoin hit an all-time high of $61,500 key area after some uplifting news from the US Federal Reserve and Morgan Stanley (NYSE:MS). Will bulls continue the bullish trend further in the days ahead? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
March 18, 2021, | AtoZ Markets – Bitcoin rose today morning during the Asian session against the U.S. Dollar. Bitcoin’s value has responded positively to two current declarations. To start with, Morgan Stanley has at last given the top crypto its approval. Secondly, the US FED indicated a potential 2022 interest hike. Bitcoin is currently trading around $57, 900 area and trying to retrace downside. After breaking over $57,000 to $57,500 resistance level, the bulls failed to push the price upside towards $60,500 to $61,500 key area and had an intraday bearish candle close. As per the current price action, the price may retrace towards the dynamic level on the intraday chart in the coming days.
Bitcoin Hit an All Time High as the Investors Are Optimistic
Bitcoin is currently residing near $57,900 area and trying to push lower. However, the Kumo Cloud is holding the price as strong support on the intraday chart.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin hit an all-time high and currently trading around $57,900 area. As per the current scenario, the price may retrace towards $57,500 to $57,000 support area in the coming days. So, if the price retraced towards $57,500 to $57,000 support level and bounced upside with an impulsive bullish candle, the bulls may recover higher towards $60,500 to $61,500 key area in the process.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as a strong support to push the price higher. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the days ahead.
BTC May Continue the Bullish Bias
According to the daily chart, Bitcoin hit an all time high and currently residing near $57,900 area. As per the current price action, if the price push upside and breaks above $60,500 to $61,500 key resistance area, the bulls may sustain the bullish bias towards $65,000 to $66,000 area in the coming days. Alternatively, if the price rejects $61,500 to $60,500 area with a bearish candle, the bears may regain momentum and decline towards $53,500 to $53,000 area again in the process.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price, which has already worked as strong support. Also, the Stochastic Oscillator lines are currently residing below the overbought level 80 and may have a bullish crossover. It indicates that the bulls may push the price higher in the days ahead.
To conclude, the price has successfully retraced downward towards the dynamic level on the daily chart and bounced upside with an impulsive bullish pin bar. A daily close is required to identify the definite momentum in the coming days.