Crypto Daily: Bitcoin Grew to $60,000 Again but Then Dropped

Mar 19, 2021
06:03
2 min reading

Choise.com team

Yesterday it became known about the new investment in DeFi projects and the largest NFT marketplace – OpenSea. Overall, this only adds optimism to the current market.

Let’s take a look at the Bitcoin chart and assume what to expect in the coming days:

Bitcoin first rose to $60,000 yesterday but met strong resistance from sellers who began to actively roll off positions. As a result, the price dropped to $57,000. However, it should be noted that the daily candle’s fixing was good – the price did not go under the uptrend.

Starting at the end of February, a rising wedge pattern has formed on the chart. According to classical technical analysis, this indicates a high probability of a decline. This can happen if the price goes under the trend line, which is now at $55,500. In this situation, the Bitcoin chart can drop down to $50,000.

However, this scenario is not only. The likelihood of growth is also very high. This is indicated by the lateral volumes. It can be clearly seen that after falling below $58,000, buyers stepped up and redeemed the fall. This is also indicated by the rather long shadows of the candles.

On the chart, we see a squeeze to the $60,000 level. It is an important psychological mark for market participants. In the event that the chart can reach this level and gain a foothold above it, then we can expect new growth to $62,000 – $63,000. This will trigger the stop-loss of short traders and give amplitude for growth up to $ 67,000.

The coming days promise to be very busy for the market. The main attention will be focused on Bitcoin, which will set the mood for the entire crypto market. Depending on how the weekly candle closes, it will finally become clear whether Bitcoin will grow further. You can try the AI Price Predictions to know where the price will move next.

In order not to miss this moment, read our daily analytical reviews of the market.