Daily Technical Analysis On March 28: When Will BTC Have New ATH?

When looking at the image below, we will see that the market is green again, altcoins are flying. BTC bounced back as it closed above the $45,000 stiff resistance area and headed towards $50,000-$52,000. Close weekly candle with a Marubozu candle full of buying power supporting the short-term uptrend. Confidence in an uptrend has been much strengthened. Some good news such as Russia accepting to use BTC to pay for oil and gas, or large organizations having BTC in their portfolios have also made bitcoin a lot more attention. Now let’s come to our personal opinion on BTC in this week.

Onchain Analysis

Bitcoin: Exchange Reserve – All Exchanges

This clearly shows that the supply of BTC continues to be low. This is a great signal that the supply of bitcoin is getting lower and lower. This trend shows increasing long-term BTC storage. It seems that for current participants when there is war, disease, crisis bitcoin will be more trusted.

Bitcoin: Exchange Netflow (Total) – All Exchange

Despite the price increase, the number of BTC withdrawn from the exchange in the past days is still more than the amount of bitcoin brought to the exchange. With a long-term uptend mentality, the sharks are still trying to buy BTC with no plans to sell.

Bitcoin: Open Interest – All Exchanges, All Symbol

The number of futures orders continued to bounce back strongly again as shown. Looking at the past, every time there is a sharp increase, there will be a large liquidation to reduce this large volume. The liquidation of both long-short is understandable. Be careful with your swing orders.

Bitcoin: Short Liquidations – All Exchanges, All Symbol

Last week, the “Options contract” happened, the price increased sharply to $46,000 without going back to test Maxpain $42,000. However, looking at the picture below, the short liquidation amount is not too large. Prove that orders opened from $38,000-$45,000 have stop loss and liquidation is still above $45,000 resistance. If we look in the past, every time the price wants to increase sharply, there will be a strong kill short to liquidate all the orders that are struggling. So in this case liquidation is above $45,000 and around the $50,000 -$52,000 resistance. So the plan this week is to have a kill short to liquidate all short positions.

BTC Technical Analysis

BTC.DOM

BTC Dominance, which means that Bitcoin’s percentage of the total market capitalization is decreasing, shows that money flow is slowly moving away from BTC to other altcoins. This is a good sign for anyone holding altcoins.

Weekly Chart – BTC

The weekly candle closes with a Bullish Marubuzo showing that bulls have the upper hand add buying volume increase BTC are on a healthy uptrend and have been trading above EMA 34, 89. In our personal opinion, bitcoin will see a rally to $50,000 – $52,000. Here, we will have to watch very carefully as there is a possibility of a strong correction being made to eliminate the whole cycle of making new bottoms.

MACD recently had a bullish crossover.

Daily & 4h chart – BTC

CGM GAP: $45,000.

Day Frame: Price has broken the triangle pattern after a series of sideways days, the price is trading above the EMA 34, 89. BTC makes a higher bottom with both MACD and RSI are both on a positive uptrend, giving us an uptrend that continues to be supported. Expected target $50,000-$52,000.

4h Frame: For an uptrend as the price trades above the 34,89 EMA. Today’s goal is to align to buy long. Nearest Resistance : $47,500 and nearest support : $45,800.

Signal: Buy strongly.

*** So about plan this week, we will have a strong kill to liquidation short positions suddenly. Then make the market FOMO overextended, increasing the long order. And then, there will be a dumping wave creating a new bottom at the end of the accumulation cycle, aiming for extreme panic, loss of confidence, downtrend to start the 4th wave, BTC will have a new ATH.

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