The $417 level has become a prominent pivot area on the Bitcoin charts this month. This area acted as support four times between March 2nd & 4th – just prior to the big sell-off that took place on March 4. When price finally bumped against $417 on the 7th, this level started acting as resistance. If price makes its way above this level and trades there for a few hours, I would not be surprised to see a rally towards the pivot zone at $422, or even a push higher towards the big pivot at $432.50!
The market is now trapped between $417 and $410. The $410 area has been used quite extensively since the 4th of March; three times as resistance; four times as support. A break of either of these levels will signal which way the market will trend. If price trades underneath $410, a sell-off down to $403 will be very likely.
The $403 area is nowhere near as important as $417 and $410, but the market did used this level as support/resistance briefly, so it should be noted and market on your charts.
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.
A crucial development is taking place at the intersection of legacy finance and blockchain as…
Morgan Stanley is taking a big step into digital assets space with the launch of…
Coinbase is about to undergo one of its largest structural reorganisations in some time, with…
The suspicious DSJ Exchange (DSJEX) and BG Wealth Sharing scheme, now confirmed a Ponzi operation,…
Demand from institutions is heating up again, with U.S. spot Bitcoin ETFs logging a tally…
Western Union expands its participation in the digital asset ecosystem with USDPT, a Solana native…