BTC/USD – A Bullish Breakout Can Be Expected For The Bitcoin Pair

My FX List
March 16, 2023
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BTCUSD - A Bullish Breakout Can Be Expected for the Bitcoin Pair

Long Position

  • Buy Stop – 24,700
  • Take profit – 26,548
  • Stop loss – 23,500
  • Timeline: 1 day

Short Position

  • Sell Stop – 23,000
  • Take Profit – 22,000
  • Stop Loss – 24,500

Looking at the 4H charts, we saw a decline to the key support level around 25,275, which was reportedly the high point in the month of February. It has also developed a small head and shoulders pattern while continuing to float over all Moving Averages. The MACD signal line, on the other hand, appears to have formed a bearish crossover pattern. Before the weekend, we can definitely anticipate further volatility for the pair. Some market participants may be looking to buy the dip, which might lead to a bullish breakout down the road.

We also saw the pair’s price jump to its fresh highs since last October, followed by a pullback. But thankfully the price is still significantly higher than the low from last week. The major stock markets including the US, UK and Asian markets were down, which inexplicably spilled over into the Bitcoin market. We noted a similar decrease in the prices of American and European bonds. The threats faced by the banking sectors of the US and EU must be the cause of this response. The strong USD added fuel to the falling prices of BTC but the overall outlook is pretty bullish as of now even though the market risks remain.

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