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Bitcoin (BTCUSD) – Bulls are in Charge

Johnathon Fox
03/22/2023 | UPDATED ON: 03/22/2023

Bitcoin (BTCUSD) Price Forecast: March 22
The BTCUSD pair is currently trading in a strong bullish market; the bulls are in charge of the market at the present. If the bulls manage to drive the price high and the market price sustains above the $25235.28 high mark, the potential rally could surge above the $28478.00 higher level to hit the $30000.00 upper resistance value.

Key Levels:
Resistance Levels: $22000.00, $23000.00, $24000.00
Support Levels: $20000.00, $19000.00, $18000.00

BTC (USD) Long-term Trend: Bullish (Daily Chart)
Upward pressure still dominates the BTCUSD pair in the higher time frame. The coin price is now strongly trading above the moving averages with huge volumes from the bulls. Thus, the recent market structure has favored the bulls.
Bitcoin (BTCUSD) – Bulls are in Charge
The bulls’ pressure on the crypto in the past few days has sustained the coin price above the supply trend lines in its recent time.

Today, the coin price dropped to a low of $27414.77 value above the supply trend value on the daily chart, this suggests an uptrend, meanwhile, the price, wavering above the moving averages indicates the high impacts from the bulls.

In addition to that, the current price at a $27414.77 low value has not stale the market condition of the crypto. Thus, traders who buy the coin at this trend level will also make gains in the future.

Hence, should the bulls exchange hands with the sell traders and close above the $28478.00 resistance value, additional intraday gains would be recorded for the buy investors in its higher time frame.

BTC (USD) Medium-term Trend: Bullish (4H Chart)
The BTCUSD price is in a bullish race in the medium-term outlook. Crypto has been moving in high highs and high lows in the previous action. This gave buyers more strength to sustain the bullish trend in its recent high.
Bitcoin (BTCUSD) – Bulls are in Charge
After completing the low-dips at the $27414.77 support level, the buy traders made a correction to the $27772.26 supply level above the supply trend levels as the 4-hourly chart resumes today. This, however, reflects a high impact on the bullish commitment.

A breakout above the mentioned supply trend line will trigger this chart pattern and replenish the bullish momentum.

In addition, the Bitcoin market is pointing upward in the oversold region of the daily stochastic. It implies that the selling pressure has ended. This will compel buyers to continue with the bullish correction pattern and in this case, the price may possibly reach the $30000.00 significant high level soon in its medium-term perspective.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

View all posts by Johnathon Fox →
Previous Post: « EUR/JPY Rebounds off the 78.60 Fibonacci Support Level
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