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Bitcoin Shows Weakness After Breaking Past $60,000 - (TA - 15th of March)

By 0xJonnyDee | My Technical Analysis | 15 Mar 2021


The Bitcoin (BTC) price broke out and reached a new all-time high price of $61,781 on March 13.

While a short-term decrease could occur, it’s likely that BTC could begin another upward movement after.

 

Bitcoin Weekly Outlook

Bitcoin increased considerably last week, reaching a new all-time high price of $61,844. The weekly candlestick close was bullish, even though there is a small upper wick in place. 

The RSI has generated some bearish divergence — a potential reversal sign. 

However, both the MACD and Stochastic oscillator are still increasing.

 

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Bitcoin Daily

The daily chart provides a similar outlook. 

The $58,000 area that BTC initially broke out from is now expected to act as support. 

In another bullish sign, the Stochastic oscillator has made a bullish cross and the MACD has just turned positive. 

However, similar to the weekly time-frame, both the RSI and MACD have generated a bearish divergence — a potential signal of a top. 

 

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The two-hour chart also shows signs of weakness. 

The MACD has crossed into negative territory while the RSI has crossed below 50. This suggests that a short-term decrease may occur. This is also supported by the bearish divergences in the weekly and daily charts. 

If a decrease occurs, it’s possible that BTC could find support at $54,650. This is the 0.382 Fib retracement level and a short-term ascending support line.

 

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Wave Count

The wave count suggests that BTC is nearing the top of a bullish impulse (white) that began in March 2020. Currently, it’s in sub-wave five (orange).

A potential target for the top of the movement is found between $66,500-$72,300. 

The latter target is found using a Fib projection on the sub-wave movement (orange). The former is found using a Fib projection on the movement of the entire wave (white).

 

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An even closer look shows that BTC is in minor sub-wave four (black). This fits with the previous readings that indicate another decrease is likely before bullish continuation. 

A decrease below the minor sub-wave one high of $52,652 would likely mean that the move is finished.

 

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Bitcoin is expected to decrease towards $58,000 and potentially $54,500. Afterward, another upward movement is expected.

 

Where do you think the BTC price is going? Leave a comment and let's get some dialogue going! If you like this type of content, consider following me here and leaving a tip. 

Also if you are on Twitter, why not give me a follow and start some conversations? You can find me here - https://twitter.com/dizzlecrypto.

Until next time, stay classy crypto world!

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0xJonnyDee
0xJonnyDee

A Crypto Marketing Wizard with over 7 years experience. Former Marketing Manager at CoinMarketCap. Feel free to get in connect with / content me on - Twitter - https://twitter.com/0xJonnyDee


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