CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$48,931.00
  • ethereum
    ETH$1,524.72
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » BTC » Bitcoin Price Analysis: After Wild Weekend Action, BTC Is Back Facing Same Critical Resistance – What’s Next?

    Bitcoin Price Analysis: After Wild Weekend Action, BTC Is Back Facing Same Critical Resistance – What’s Next?

    Author: Yuval Gov

    Last Updated Mar 30, 2020 @ 09:03

    Bitcoin price had a wild weekend: After losing the $6,000 support, Bitcoin plunged onto the next mentioned support level, and since then, saw a decent come-back to the price area the plunge started from. To conclude this, it was a wild ride going back to the same destination.

    Following our most recent price analysis, we mentioned that ‘new lows’ below $6K are coming up soon. This weekend saw BTC recording $5850 as the current new weekly low, and it’s not a coincidence.

    The $5900 area holds strong support since it’s also the 38.2% Fibonacci retracement level from the huge dump of March 12. Looking at the following daily chart, the two primary Fib levels – 38.2% (~$5900) and 61.8% (~$7168) were playing out well as support/resistance levels.

    Still Correcting The March 12 Damange

    On a macro-level, we will have to see Bitcoin establishing its price above the latter – $7168 – in order to overcome the price plunge from the night of March 12. Until then, the short-term trend is bearish, in my opinion.

    Two keys to keep in mind – the volatility is enormous, so caution and broader stop-loss commands are needed. Another thing is the way global markets affect Bitcoin. The markets are volatile as well, and we still see correlation between the two from time to time.

    Total Market Cap: $174.8 billion

    Bitcoin Market Cap: $114 billion

    BTC Dominance Index: 65.5%

    *Data by CoinGecko

    Key Levels To Watch & Next Possible Targets

    – Support/Resistance levels: After testing the $5900 and finding support there, Bitcoin is back facing the $6300 – $6400 price range (together with the 4-hour MA-50 pink line) as the first level of resistance.

    In case of a break-up, then the next resistance level will be the descending trend-line on the following 4-hour chart, currently around $6550. Further above lies $6800 – $6900.

    From below, the first level of support now lies at the $6000, followed by yesterday’s low at $5850. Further down lies $5700, $5500 and the $5200 – $5300 support area.

    – The RSI Indicator: The RSI found support as well, around the 38 RSI level. However, to think bullish, the RSI will have to go through a higher low above the critical 50 mark.

    – Trading volume: The real volume is (still) not here, following 17 days of declining volume, since the rough night of March 12. This can also be explained because of the weekend. I expect some decent volume this week to follow the price action.

    BTC/USD BitStamp 4-Hour Chart

    btc_mar30_4h-min

    BTC/USD BitStamp 1-Day Chart

    btc_mar30_d-min

    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    Read more on: Bitcoin (BTC) Price

    About The Author

    Yuval Gov View more posts by this author

    Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

  • bitcoin
    BTC$48,931.00
  • ethereum
    ETH$1,524.72
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!