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Crypto market analysis today
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Bitcoin’s (BTC) fresh pullback from the 48,000 area looks to be finding support from the blue Tenkan-sen line within the 45,000 – 46,000 congested area of highs posted between February and March.
Meanwhile, the price is holding well above the green cloud and the Ichimoku directional lines suggest that positive forces are still active while momentum oscillators are reflecting the latest dwindling in positive impetus. The MACD, far north of the zero mark, is easing towards its red trigger line, while the RSI stabilized somehow following the recent rejection near the 80 overbought threshold.
However, a close above the most recent high at 48,200 is expected to drive the price up to the region between the 50% Fibonacci retracement level of the November – January downtrend at 51,000 and the December highs of 52,100. Any clear penetration of this region will magnify buying exposure in the market, shifting the spotlight towards the 61.8% Fibonacci level at 55,200 and the November 30th inside swing high at 59,100 respectively.
On the flip side, if the price slides below the supportive Tenkan-sen line, it will drive lower to seek support somewhere around the Kijun-sen line and the neighboring 42,600 – 41,500 zone molded by the March 9th inside swing high and the February 14th inside swing low respectively. Breaching this region will bring the March 3rd low at 37,100 under the radar. If selling pressure overpower this barricade, all eyes will turn towards the 34,300 – 33,000 section.
Summarizing, Bitcoin is exhibiting a sturdy bullish bearing above the Ichimoku lines and upside momentum will ramp up with a climb beyond 48,200. However, following a drop below the Tenkan-sen line, the 42,600 – 41,500 zone will likely stand steadfast against a deeper retracement.
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