LATEST BITCOIN ANALYSIS FOR THE REMAINING DAYS OF MARCH 2021/POTENTIAL BUY ENTREIS

The flagship cryptocurrency “Bitcoin” has been seen to have broken it’s all time high more than 4x within the space of 3months. While most traders are skeptical about the next step Bitcoin will take, some tend to side with the bearish team, while others with the bullish team.
This article has been carefully analyzed while putting into consideration some technical and fundamental analysis to show the possible play of Bitcoin in the remaining days of March 2021.

PAST BITCOIN ANALYSIS

In the first half of February of 2021, the price of Bitcoin spiked from $32799 to $58,000 thereby breaking its All-time high of $42,000 and setting a new At-time high at $58,000, Most traders termed this “The Elon Musk’s Effect “owing to the fact that that Elon Musk (Currently the world richest man) made an open purchase of $1.5B worth of Bitcoin.
The second half of February started with a very strong bearish drift to the downside from the $58k All-time high down to $44,300 (more than $13k loss).

In the beginning of the first half of March 2021, Bitcoin started retracting gradually towards the upside, breaking certain resistance point at $50,105, as of now BTC is aiming at the $58,000 All-time high.
The current price of Bitcoin at the time of writing is $55,100.

Nb; From the 2nd half of January to March 2021, Bitcoin have been seen to respecting two trend lines, one serving as a very strong support zone while the other initially served as a support zone in the first halve of February but now it serves as a strong resistance zone.

BITCOIN MARCH 2ND HALF ANALYSIS/ POTENTIAL BUY ENTRIES.

Let’s now carefully analyze Bitcoin, (NB; The price of Bitcoin as of the time of writing is $55,100).
Since the 2nd half of January, Bitcoin hasn’t broken the trend Line that is serving as a very strong vertical support zone (Vs) at prices $31,000, $44,250 and $48,000. Also from the chart above another trend line can been seen serving as a recent vertical resistance zone (Vr) at prices $50,900 and $56,910.
Two horizontal support line can be seen at prices $45,330 and $50,780, also a strong horizontal resistance line can be seen at $58,000 (new All-time High).
There are basically two possible scenarios that will play out for Bitcoin in the remaining days of march 2021.

SCENARIO 1;

Using a Day candle chart, The price of Bitcoin will retrace back to the meeting point (M1) of the horizontal (S1) and vertical support line (Vs) around $50,780, as can be shown on the chart the Vertical support (trend Line) has severed as a strong entry point in two occasions therefore, ‘This point will serve as a very strong buy entry’.

On touching the support zones at M1, the price will bounce off and start aiming break through the Resistance line (R1) at $58,000 towards the vertical resistance line (Vr), on reaching the vertical horizontal line, BTC will either break pass to the upside with a very strong bullish force or fall back to the meeting point (M2) of the Vertical support line (Vs) and the resistance line(R1) which has turned into a support line from where it will bounce off towards the upside. Either ways, an uptrend has been initiated with a step-wise Higher lows and Higher-Highs.

BTC will then be said to have fully reversed the initial bearish trend that started in the 2nd half of February 2021.

Scenario 1 Prediction = Bitcoin will be entering another bullish run in the remaining days of March 2021.

 

SECNARIO 2;

Still using a Day candle chart, The price of Bitcoin will tend To retrace downwards and break through the meeting point (M1) of the horizontal (S1) and vertical support line (Vs) and will be aiming the 2nd support line (S2) at $45,330 as can be shown on the chart. On reaching support line S2 which is a very strong support line, this is a strong Buy entry point.
BTC will tend to pull up towards the meeting point (M2) of the Vertical support line (Vs) and the resistance line (R1), Bitcoin will either break through the R1 resistance line or bounce back to the S1 support line from where it will likely shoot upwards.

Scenario 2 Prediction = Bullish run for Bitcoin.

Factors that will cause the initial retracement of Bitcoin includes;

-RSI shows an overbought for Bitcoin.

-Possible downward crossover of the stochastic indicating bearish run.

-Strong resistant zone (All-time High at $58,000)

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In conclusion, the two scenarios above indicates that Bitcoin will be experiencing a bullish run in the remaining half of March 2021, this bullish run may extend to April 2021. Click Here to register on Bityard.

For more update and analysis log onto Cryptonalyzed blog.

Acknowledgement: Note Cryptocurrency trading can be risky so use proper rsik management.