BTC WEEKLY REPORT- 19th March,2022

chart from CoinDCX Pro app

1Day time-frame outlook:

I’m still watching these levels for Bitcoin. We manage to finally get above 40K again and it did not turn out to be a fakeout ike last time.

chart sourced from CoinDCX Pro app
  • The RED line is the ATH resistance level where Bitcoin created a double top and is now major resistance as price has retraced very deep after getting rejected twice from that level.
  • The BLUE line is the first support after the ATH price level, as on two occasion a rejection from the highs saw some kind of support being built there, followed by a relief rally, but ultimately a deeper correction and a bearish retest have now made $53,226 a strong resistance
  • The YELLOW line at $46,900 is simple an area that needs to be flipped with volume and then made into support for Bitcoin to have a regain of bullish momentum mid-term and go towards Range high and then ultimately look for a new ATH
  • The PURPLE line at $42k is now the immediate resistance for Bitcoin and this level has to be cleared. We have seen 5 unsuccessful attempts to break this region and a bearish price action has followed

4H Time-Frame outlook:

Here we see our range with the thicker Yellow line representing the range high and the purple line the range low. We have been trading in this central area since March 4th with prices failing to make a decisive move in either direction. We have been in the overall range since January the 22nd.

Positive outlook:

This actually does look pretty good for a 4H rounded retest here. I would love to see BTC bounce on the $40,000 level and confirm it as support, followed by a breakout with a 4H bullish engulfing candle and high volume to confirm it.

1H time-frame outlook:

We can see price trading under the $42,000 level and we have now set a lower high. The blue line represents the break of market structure and a close below here and reversal and price could well revisit support at 38898.

Conclusion

Price action is Bullish on the 1D chart, choppy in the 4H and Bearish on the 1H chart. This price action is all the more confusing because of the low volume on the weekends. We should absolutely have a clearer picture on Monday when traditional stock markets open across the globe. Until then you can refer the charting above and the levels marked to plan out your risk management.

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Mohnish Isaac Kariappa

I make use of advanced Technical Tools and On-Chain Data to make crypto easy to understand for everyone in the crypto community. #CoinDCXpathbreaker