WHAT HAPPENED?
Last week, bitcoin mostly implemented an upward scenario. During the testing of resistance zones, several stops were observed, but this didn’t lead to effective short movements.
We’re currently retesting the maximum of the monthly sideways trend, as well as large volumes formed on Friday, March 13, with a similar test.
The local upward trend remains, but significant volumes are concentrated at the top of the chart. This may indicate both the protection of the level and the accumulation phase. The cumulative delta shows the absorption of market buys. Nevertheless, both scenarios under consideration remain moderately bullish for now.
WHAT WILL HAPPEN: OR NOT?
The priority is to consolidate the price above the current volume zone of $74,300—$73,600, after which this area can act as a resistance.
An alternative scenario involves consolidation below this zone, followed by a move to the area of $70,800-$69,600 (accumulated volumes, volume anomalies). In this case, it’s likely that a balance will be formed between the two specified zones with the priority of going up.
Buy Zones
$70,800–$69,600 (accumulated volume, volume anomalies)
$67,800–$66,900 (buy cluster)
$62,500 level
$47,000–$40,000 (daily buy zone)
Sell Zones
$76,500–$79,200 (accumulated volume)
$82,000–$85,500 (volume anomalies)
$87,600–$90,500 (accumulated volume)
IMPORTANT DATES
Macroeconomic developments this week:
• Wednesday, March 18, 12:30 (UTC) — publication of the US producer Price index for February;
• Wednesday, March 18, 14:30 (UTC) — publication of data on crude oil reserves in the United States;
• Wednesday, March 18, 18:00 (UTC) — announcement of the US Federal Reserve's interest rate decision, as well as the publication of economic forecasts and FOMC statements;
• Wednesday, March 18, 18:00 (UTC) — US FOMC Press Conference;
• Thursday, March 19, 12:30 (UTC) — publication of the US manufacturing activity index for March from the Federal Reserve Bank of Philadelphia and the number of initial applications for unemployment benefits in the United States;
• Thursday, March 19, 14:00 (UTC) — publication of data on new home sales in the United States for January;
• Saturday, March 21, 14:30 (UTC) — speech by Fed Chairman Jerome Powell.
*This post is not financial recommendation. Make decisions based on your own experience.
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