Bitcoin (BTC) Price Analysis for March 17

Bulls have seized the initiative again as most of the coins are in the green zone.

Top coins by CoinMarketCap


The rate of Bitcoin (BTC) has increased by 5.10% over the last 24 hours.

BTC/USD chart by TradingView

On the hourly chart, the price of Bitcoin (BTC) has broken the local support level at $25,956. At the moment, the rate is trading in the middle of a narrow range, accumulating power for a further move.

There are low chances to see either growth or decline today as most of the ATR has been passed. In this case, the more likely scenario is ongoing sideways trading in the area of $26,000-$26,500.

BTC/USD chart by TradingView

On the daily time frame, traders should pay attention to the nearest resistance at $26,533. If the candle closes near it, growth may continue to the $27,000 mark and above tomorrow.

Related:  EUL Jumps 35% as Euler Finance Hacker Returns Another $100M Worth of Ethereum

BTC/USD chart by TradingView

From the midterm point of view, the price of Bitcoin (BTC) has approached the resistance at $26,845. If the bar closes with no long wicks, the accumulated energy might be enough for a blast to the $28,000-$30,000 zone.

Bitcoin is trading at $26,351 at press time.

Source link

Share this article: