Bitcoin (BTC) It moves in an increasingly narrow area. The price rose again on Wednesday, but was corrected with the same difficulty half a day later. This time around $42,000, the resistance was already strong. Bitcoin then dropped to $39,300 and has been consolidating around that price for the past few days.
Bitcoin price forms a symmetrical triangle
Friday shake Bitcoin price It still flies back and forth between $38,450 and $39,850. Over the past 24 hours, volatility has continued to decline. Bitcoin dropped twice to $38,850, but apart from those two drops, the price was generally in the $39,000-$39,200 range. At the time of writing, Bitcoin is back at $39,000 Binance And 35,750 euros and above Petavavo.
Obviously 3 Daily is still above support on the indices and PA pic.twitter.com/qt8IuBVpgW
– rickus (@rickus_trades) March 13, 2022
Because bitcoin lasts low altitudes, but also bottoms up Stable, the price is moving in a symmetrical triangle. It will end at some point and may be over in the coming days. The chance of Bitcoin going viral seems pretty high, but will it go up or down?
3 / The menu #afraid In the #marketThere is a good chance that Bitcoin will continue to merge between these two things #imdad and areas of demand, with large fluctuations as a result. In the short term, the aforementioned volatility is evident. pic.twitter.com/GBbOSjuf6r
– Shayan.₿TC 🏳️🇺🇦 (greatest_trader) March 13, 2022
If Bitcoin breaks higher, it is important for the area around $42,000 to move from resistance to support this time. 100 day hack moving average (MA) about $43,000 and then from 200 days Exponential Moving Average That could follow about $45,000. We would prefer to see even the $46,000 level broken to talk about a possible trend reversal. In the event of a Bitcoin breakout, the hopes are that the area will settle between $33,000 and $36,000, or between the 100-week moving averages.
The Federal Open Market Committee meets this week
Bitcoin barely reacted this week to the release of US inflation data or the European Central Bank’s interest rate announcements. This may indicate that a lot of fear has been priced in lately. Despite this, sentiment is still very low, concerns are very high and investors are very cautious.
Bitcoin Fear and Greed Indicator is 21. Intense Fear
Current price: $38,925 pic.twitter.com/rXIIqCmXXp
– Bitcoin Fear and Greed Indicator 🇺🇦 (BitcoinFear) March 13, 2022
The above outbreak may coincide with the new monetary policy of the Federal Reserve. The Fed will make announcements next week regarding interest rates to curb inflation. It is now expected that this will not be too high due to the war in Ukraine. The next meeting of the Federal Open Market Committee (FOMC) will be held on March 15-16. Meanwhile, the Russian Central Bank has already announced that the Moscow Stock Exchange will remain closed next week.
Small investors are accumulating more and more
Last year, it was basically whales That accumulated sharply during moments like these as small investors panicked selling. In recent weeks, we may be seeing a trend reversal and smaller investors are accumulating quite a bit.
# bitcoin The share of illiquid supply has recovered the total Chinese ban dumping and reached ATH for 4 years.
It took 11 months but we finally did it.
76.23% of the offer is now illiquid. pic.twitter.com/cg0cwOxZdG
– Lex Moskovsky (@mskvsk) March 13, 2022
– Dylan LeClair 🟠 (@DylanLeClair_) March 13, 2022
However, there are also signs that some whales are now transferring their BTC and this could mean they are giving up. However, Project Terra (LUNA) plans to invest up to $1.5 billion in BTC and this could provide a boost.
– Information Technology (IT_Tech_PL) 12 March 2022