Bitcoin (BTC) Dips Back Below $28,000 while the countdown to the monthly closing keeps everyone on their toes.
200-week trend line is among popular BTC price targets
Data from Cointelegraph Markets Pro and TradingView show that the BTC/USD pair fell to a two-day low of $27,533 on March 31.
A modest bounce means that The pair is trading around $27,800 at the time of writing, as traders mark the most important support and resistance levels going forward.
For Crypto Tony, The current part of bitcoin’s trading range is key, as $27,700 constitutes the EQ level and key support that bulls need to preserve.
“$27,700 is the (EQ) level you need to watch this weekend if you are in a fresh long position. Those who have been with me for a while, we are not worried unless we lose that minimum of rank.” wrote in part of his latest Twitter analysis of the day.
An accompanying chart showed the top, bottom, and EQ for the BTC/USDT pair on Binance.
Continuing a popular narrative, Filbfilb, co-founder of trading suite Decentrader, said he believed bitcoin’s 200-week moving average (WMA) near $25,500 would be a “front run.”
This would translate to two-week lows, so the bulls are looking to avoid a support/resistance reversal of the 200-week ma. something that happened in the middle of 2022 and preceded months of falls.
I believe the 200-week ma will be front run for the following reasons:
– Already seen evidence of it
– People don’t want to talk about exchange risk
– People don’t want to talk about stablecoin risk
– Market is positioned short and desperate to exit— filbfilb (@filbfilb) March 30, 2023
I think the 200 week ma will be a front run for the following reasons:
– Evidence of this has already been seen
– People do not want to talk about exchange risk
– People don’t want to talk about stablecoin risk
– The market is shorted and desperate to get out
Considering that the High Time Frame (HTF) resistance is now directly above the spot price, the trader Credible Crypto warned its followers not to stay bullish on the nine-month highs.
“It is not allowed to be bullish on the highs of the main HTF resistance. Now that we are testing our first real support level on the downside, it DOES allow itself to be a LITTLE bullish. If we’re going to go high again, we should hold here.” began saying in his Twitter analysis.
Downside targets lie at $22,000-23,000, with $25,000-26,000 as a less drastic target if market strength continues.
“The RED region above us is the HTF resistance and the weekly bid which, so far, remains untested. It would be logical to test this region before a correction occurs. greater than $22,000-23,000 BTC,” Credibile Crypto continued in an accompanying chart.
“This doesn’t mean it HAS to happen, but if we rally from here back to the highs don’t go mega bullish on the resistance again.”
The structure of the bitcoin market has “changed”
Focusing on the monthly close, the analysis account Tedtalksmacro offered a more optimistic angle.
On longer time frames, he argued, bitcoin has “really changed” its structure to produce a clean breakout. with the bear market in force since its last all-time highs in November 2021.
“Bitcoin is doing everything it can to win those who want to enter + hold for the next cycle higher. On the weekly chart, it has printed its first highest highs (HH) since November 2021 and its first highest low (HL) since January 2022,” summarized.
“Traders now have a clear invalidation and can short longs on acceptance back into the sub-$24,000 range. The structure of the market has changed well and truly.”
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