BTC/USD – The BTC Pair Gains Attention as a Bullish Momentum Could Lead to Further Rise in Prices

My FX List
March 20, 2023
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BTC/USD

Long Position

Take profit: 30,000
Stop loss: 25,000
Timeline: 1-2 days

Short Position

Sell Stop: 26,300
Take Profit: 25,000
Stop Loss: 28,200

The price of the Bitcoin pair increased significantly over the weekend, reaching 28,200, the highest level since last year. In fact, the pair price has risen by 80% from its rock bottom this year. Bitcoin prices appear to have benefited from the concerns about the banking and financial sectors with the recent collapses. The dread of investors, which is evident from the dropping of the fear and greed index to the fear zone, is another factor contributing to the current bullish trend for BTC. The VIX index reaching $25 is also a key development. Once again, the Federal Reserve is in the spotlight as there are intimations of a 0.25% compromise hike.

The pair appeared to be forming a golden cross pattern on the charts. The crossing of the 50-day and 200-day moving averages, which is a noteworthy occurrence, results in the formation of this pattern. Moreover, the Relative Strength Index has moved towards the overbought level. It’s intriguing how much the price of the pair has increased since last weekend, when it was at its weakest level of 20,000. After the price rose and crossed the key resistance level at 25,203, it reached its peak price of the year. At 23,415, the pair also crossed the 23.6% Fibonacci Retracement level. Overall, the signs are quite positive, and if the bullish momentum remains for a period, we could see the BTC price rising further.

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