Bitcoin Technical Analysis 03-12-21

By xuanling11 | Crypto Learning | 12 Mar 2021


Technical Analysis

Bitcoins opens at $55K and goes up to around $58K and stable around $53K ~ $54K. The average transaction fee is $22.12 which is 23.51% increase from 03-11-21. As I mentioned yesterday, Bitcoin touches $57K. If it stables around $53K ~ $54K, the next target is stable at $55K and hit $58K. I think the All Time High at this level will likely. My calculation on its value is $62K at some point which indicates that Bitcoin may continue correction in coming week. You can reference my method here. Despite the correction, Bitcoin is back at $58K zone and head it to $62K. Patience is the key!

I remain my floor price to $40K indicates the strong support and remain the ceiling price at $50K.

Bitcoin volatility is moving less volatile in yesterday. The market has reacted peak value at $58.6K but retreated to $43K which means the Bitcoin prepares for next milestone $60K at some time if continue stabling around $58K. It is fairly stable at this level around $47K. Volume of trading is still very health at this level and surprisingly the transaction fee has improved.

Bitcoin decreases its correlation for Dollar that it becomes a neutral position πŸ‘οΈ. The price may fluctuate more in the coming day with price toward mid-level. There may have medium risks in the coming day as the greed level goes down!

Bitcoin Value =Β  $40k ~ $50k and my position is Long.

Here are some highlights to support my analysis:

d934b76e5493172891a0f93aaef131cec5b17e28ccd7909bb7bf978cf9c30d85.png

Here is the road map for today:

1db1a4362e4379fe8173fc92fa7bd84451699b044648ae1bd5006e7b5e22ec07.png

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Most Bullish News πŸ“ˆ

Bitcoin market cap top Korean currency

It indicates that Bitcoin price will be stable with storing value.

Most Bearish News πŸ“‰

Institutional still doubts Bitcoin

It indicates that Bitcoin may face correction due to the overpricing.

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Here are summary of general forecast of this week of economy and market:
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Β 

Also, if you have any suggestions, please do not hesitate to let me know!

Thanks for reading and see you tomorrow!

b318bdad571e4de7cfc20ee27ba4f1c718de9a3e8c1218637d9ed2a3121ad50b.png

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Note: Cross-references of this article has created by author and has cross-referenced on multiple platforms. You can find links below ⬇️⬇️:
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You can reference my previous monthly Bitcoin and Ethereum analysis here ⬇️⬇️:
πŸ’ͺπŸ’ͺ January 2021 Technical Analysis Summary πŸš€πŸš€
πŸ’ͺπŸ’ͺ February 2021 Technical Analysis Summary πŸš€πŸš€
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You can reference my previous daily Bitcoin analysis here ⬇️⬇️:
Bitcoin Technical Analysis 03-01-21πŸ“ˆ
Bitcoin Technical Analysis 03-02-21πŸ“ˆ
Bitcoin Technical Analysis 03-03-21πŸ“‰
Bitcoin Technical Analysis 03-04-21πŸ“ˆ
Bitcoin Technical Analysis 03-05-21πŸ“‰
Bitcoin Technical Analysis 03-06-21πŸ“ˆ
Bitcoin Technical Analysis 03-07-21πŸ“ˆ
Bitcoin Technical Analysis 03-08-21πŸ“ˆ
Bitcoin Technical Analysis 03-09-21πŸ“ˆ
Bitcoin Technical Analysis 03-10-21πŸ“ˆ
Bitcoin Technical Analysis 03-11-21πŸ“ˆ
You can reference my Bitcoin methodology here and here.
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You can reference my previous daily Ethereum analysis here ⬇️⬇️:
Ethereum Technical Analysis 03-01-21πŸ“ˆ
Ethereum Technical Analysis 03-02-21πŸ“ˆ
Ethereum Technical Analysis 03-03-21πŸ“‰
Ethereum Technical Analysis 03-04-21πŸ“ˆ
Ethereum Technical Analysis 03-05-21πŸ“‰
Ethereum Technical Analysis 03-06-21πŸ“ˆ
Ethereum Technical Analysis 03-07-21πŸ“ˆ
Ethereum Technical Analysis 03-08-21πŸ“ˆ
Ethereum Technical Analysis 03-09-21πŸ“ˆ
Ethereum Technical Analysis 03-10-21πŸ“‰
Ethereum Technical Analysis 03-11-21πŸ“ˆ
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You can reference my previous daily Dogecoin analysis here ⬇️⬇️:
Doge Analysis 12-28-21πŸ“ˆ
Doge Analysis 01-01-21πŸ“ˆ
Doge Analysis 01-02-21πŸ“ˆ
Doge Analysis 01-11-21πŸ“‰
Doge Analysis 01-28-21πŸ“ˆ
Doge Analysis 02-04-21πŸ“ˆ
Doge Analysis 02-07-21πŸ“ˆ
πŸ’ΈπŸ’Έ Get your free 🐢🐢 Dogecoin 🐢🐢 here πŸ’΅ and here πŸ’΅
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You can reference my previous weekly Cryptomarket forecast analysis here ⬇️⬇️:
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-12-21 to 02-19-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-19-21 to 02-26-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-26-21 to 03-05-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 03-05-21 to 03-12-21πŸ”₯πŸ”₯
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Risk forecast guideline:
Risk Averse means you can use as defense πŸ›‘οΈ
Risk Seeking means you can use as offense βš”οΈ
Risk Neutral means no decision made and continue seeking opportunities πŸ‘οΈ
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.

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