BTC Finally Crushes Massive Overhead Resistance

March - Bitcoin Bulls Crush Massive Resistance

By Seven-NATE-Nine | Invest with Nate | 27 Mar 2022


“The rear view mirror is always more clearer than the windshield.”

No one can predict the future with 100% certainty, but we can learn from the past. Looking back at how the markets have performed during previous months and years can give you an idea of what may be in store for the future.

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January 2022 closed as a red month and near its historical red average with a loss of about 16%. Bitcoin had 3 consecutive red months before the month of February brought some love to the market! Surprisingly on its last day of the month the bulls pushed Bitcoin and broke through the $40,000 resistance and went as high as $44,000 before coming down and closing with a green monthly candle at $43,000. 

What’s next for Bitcoin in the month of March?

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The month of March is typically a good month for stocks. Going back over the last two decades March has been the second strongest performing month for the S&P 500.

NOT for crypto currency though…

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Historically the month of March is one of the worst months of the year. Over the past decade seven of the last ten months closed in the red, with Bitcoin losing an average of 13%.

BUT… things could be different this time.

For 3 consecutive months Bitcoin has closed in the red. The last time this happened was in April 2021. Following those 3 red months, Bitcoin exploded over the next 4 months and ultimately made a new all time high in early November 2021. February closed green, maybe March will too.

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Investors and traders should be cautious this month (especially with certain world events happening). The months of April, May, November and December have historically been green months, but 2021 decided that they all would be red last year. And March last year was green! Maybe Bitcoin will get lucky again this year... 

The Bitcoin Fear and Greed index has been bouncing between “Neutral” and “Fear”… it is currently at “Neutral.”

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During the first week of March the Bitcoin bulls couldn’t hold onto the momentum that February’s ending candle created. Just one day later Bitcoin rejected the resistance and the bears took the price back down below the $40,000 support and it is now testing the $38,000 support once again. 

The second week of March was just as volatile as the first week with Bitcoin pushing up to $42,500 one day, and then plunging back down to the $38,000 support line the next day. The Bitcoin bears broke through this rising trend line just as the weekly close was coming to an end. Bitcoin successfully retested the $37,000 zone.

During this third week of March Bitcoin moved just as I had hoped. The downside move below the rising trend line proved to be a fake out and Bitcoin moved right back into this triangle and has now successfully moved past my resistance line and closed above $40,000! If Bitcoin can stay above $42,000 then this might be enough momentum to move up to the heavy resistance of $44,500!

This past week of March did not go as I predicted. My guess was that Bitcoin would move sideways for a bit. Instead, the Bitcoin bulls have taken over and have pushed the price up and past $44,500! This key support level between $44,000 and $46,000 has been acting as heavy resistance since January! Bitcoin has been rejected on every occasion and has yet to close a daily candle above it in 3 months! At the time of this writing Bitcoin is looking to close the daily AND weekly candle just above $46,500 USD!

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If this is a true breakout then next week I expect Bitcoin to move up fast and retest $50,000 USD! However, if this is a fake out then Bitcoin will move down and will likely retest the $40,000 support line once again. Bitcoin played a similar fake out move to the downside two weeks ago. I still believe that March will close as a red month as it’s historically known to, but not below $38,500, and that Bitcoin will break out of this triangle in April or May. I could be wrong though. Overall, unless a lower low is created on the monthly and weekly timeframes I remain bullish on Bitcoin.

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Anything can happen. Always expect the unexpected. Stick to your plan. Take profits. Set your stop losses. Don’t get greedy.

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As always, thank you for your time! If you found this post interesting or helpful in any way please let me know in the comments below. Feel free to follow me here on Publish0x or on my Instagram for more articles on how I invest or how I earn other free rewards such as crypto, stocks, or gift cards.

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*Disclaimer- I am not a certified financial planner/advisor, certified financial analyst, economist, CPA, accountant, or lawyer, or anything important for that matter. The contents of this article are for informational, educational, and entertainment purposes only and do not constitute financial, accounting, or legal advice. Always do your own research.*

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Seven-NATE-Nine
Seven-NATE-Nine

Crypto Enthusiast and Aspiring Day Trader. Also Passionate about Family, Love, Life, Movies and Video Games. And Pets.


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