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    Baxia Markets
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    March 15, 2022

    Bitcoin might get a new chance to break $41,458

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    The cryptocurrency lost more than 10% in 3 sessions after failing to complete the breakout of the 23.6% Fibonacci retracement at $41,458. The pair went up fast in the first hours of the new trading sessions and aims to reach that resistance level soon.

     

    The Bollinger bands are not very wide and volatility should not be crazy high, but the bands are wide enough to expect a potential breakout on the resistance level, the price traded in between the bands suggesting that the price is at a fair level.

     

    BTC March 14th 2022

     

    The relative strength index is at 49% which would allow the pair to move in either direction for the moment, since the price managed to get an early gain in the session we believe that an uptrend could be in the cooks, but it's too early to tell based on technical indicators.

     

    The price is still trading under the short and long-term moving averages which suggest a downwards trend, however, things can change pretty fast as they are very close together.

     

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