In my previous Bitcoin analysis, I speculated that if the exchange rate slipped underneath the pivot zone at $432.50, a sell-off would take place down to the $420 area, and that is what transpired this week. The pivot zone at $432.50 has become even more important now from a technical viewpoint, as this price level has acted as support about four times, and three times as resistance. Mark this one on your charts!
Although the market sold-off hard this week, there is some evidence that the bear market may be overextended. Just like in my last article, the RSI oscillator is showing that divergence has been building up since the 2nd of March. Price has made several attempts to break lower, but without much success. Remember, divergence showed up just before the market reversed on the 29th of February.
The 30-minute chart shows that the $422 area has become a pivot zone now. Price has not been able to break above this price level in the past two days. If price makes it above $422, I would expect a really back to the big pivot zone at $432.50.
Disclaimer: This is not trading/investment advice!
Image Source: 1
Chart source: https://www.okcoin.com
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
Step Finance has disclosed a significant security incident involving its protocol-owned funds, marking one of…
The crypto industry is once again grappling with a rising wave of security breaches as…
Ethereum co-founder Vitalik Buterin is once again challenging a popular crypto narrative, this time around…
Shockwaves moved through the Solana ecosystem after DeFi dashboard and portfolio platform Step Finance confirmed…
Tether has released its Q4 2025 quarterly attestation, and the numbers confirm what much of…
Lighter is officially stepping beyond its roots as a high-performance perpetual DEX with the launch…