Daily Technical Analysis BTC On March 18 – Is The Market Going To Be Downtrend Or Uptrend?

BTC was closing price with a spinning top with volume sell media, after the news from Fed the market didn’t have too big of a change in the daily frame. The price broke and closing above the 50-day moving average and 34 -day moving average and is currently approaching the 89-day moving average, which is the next dynamic resistance, ahead of the next strong resistance zone at $45,000. We need a candle with a big volume to have an uptrend in the next times or say different way the market need to liquidate again futures orders before an uptrend rise again.

If we look in the past, every time BTC wants to grow again, there will be a candlestick that kills futures orders with the lowest price ~15% from highest price , according to old data we can have a candle with the lowest price in about $36,000.

BTC/USDT daily chart | Source: TradingView

BTC 4-Hour Chart :

Looking at the H4 frame, we have a mid-term downtrend; the following troughs are lower than the previous one, but the price is still increasing in the short term because the price closes above EMA 34,89. The nearest resistance is $43,000; BTC needs to close above $43,000 to support a bullish D-frame to break the downtrend.

SIgnal 4h: Sell priority

BTC/USDT 4H chart | Source: TradingView

Onchain Analysis

As you can see in the picture, every time there is a change in Exchange Reserve – All Exchanges, the market will fluctuate. Whenever this indicator drops sharply, bitcoin will start to rise again and vice versa. The indicator is currently in a strong downtrend, showing that a price spike is approaching.

Exchange Reserve – All Exchanges| Source: CryptoQuant

Bitcoin: Exchange Inflow (Total) – All Exchanges

Two days after there was a slight fluctuation from BTC, the amount of BTC deposited on the exchange was more than the amount is withdrawn. The short-term trend trader has uploaded BTC to the exchange and is preparing for an upcoming short-term valuation. Looking at the long term, this indicator shows that the general trend for the long term is an uptrend.

Exchange Inflow (Total) – All Exchanges| Source: CryptoQuant

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Alan

Coincu Ventures