Bitcoin Analysis March 2021

Bitcoin Analysis March 2021

We have seen a great dump in February 2021 after a huge rally on Bitcoin and other cryptos. Today two major closings happened Monthly and Weekly. To check the current bull run’s strength, we have to do bitcoin analysis weekly and monthly. So let’s check out first with the monthly closing, then weekly closing, and lastly, daily closing.

Bitcoin Analysis March 2021 – Monthly

Technical Analysis

Since October 2020, we have seen a great rally of Bitcoin. It includes everything happening, such as Microstrategy buying Bitcoin. Tesla owner bought Bitcoin and much more. Even after a huge rejection from January 2021, Bitcoin still moving further upside and set the new all-time high price at $58,354. These are the effect of institutions involved in crypto. However, if we see the technical analyst’s eyes, the monthly candle’s closing is at $46,269, which is -22% from the all-time high price. The best part is that the closing of the monthly candle is still on the upside from the trend line (purple), which hint us bulls are still in control.

Link to Image: https://www.tradingview.com/x/2V4oxmHa/

Bitcoin Analysis March 2021

Fundamental Analysis

First time since December 2020, miners are holding bitcoin instead of selling. This is the biggest bullish indicator. In simple terms, Miners will stop the supply of Bitcoin.

Check out the below image, where you will see a GREEN bar on the zero lines.

To compare the action, you can see the range of 1st December 2020 to 28th December 2020. At the same time, they are holding bitcoin; the price of the bitcoin surge 68%.

Link to Image: https://pbs.twimg.com/media/EvWkNKvUUAIf7fp?format=jpg

Miners are holding bitcoin

Bitcoin Analysis March 2021 – Weekly

On the weekly chart, as we can see, there is a huge red candle that has noticeable selling volume. However, even there is a selling volume, the weekly candle closed above the monthly trend line (purple), which is good, but the most concerning part is the candlestick formation called bearish engulfing candle, reversal sign. With that conclusion, I am expecting a wick up to $40k, where the weekly demand zone is highlighted with the green box.

Also, the RSI and MACD have oversold stats. If the wick formation happens, it will reset the stats and correct the technical analysis aspects.

Link to Image: https://www.tradingview.com/x/eXeXpHj6/

Bitcoin Analysis March 2021

 

Daily Bitcoin Analysis

As said in the weekly chart, if we see the wick formation, we will also touch the daily EMA 50 line (Yellow colour). The market always shakeout to clear the weaker hands; this is called the formation of strong entries.

On the other side, as a swing trader, we have plotted two trend lines highlighted with red colour and light blue colour where the red colour line is avoiding fakeouts highlighted with an orange box, and the blue colour line includes the fakeout points. With the monthly and weekly analysis, the blue colour line is a possible point of view that fulfils technical analysis aspects and clears up all other bearish points.

Link to Image: https://www.tradingview.com/x/KvGtSYeM/

Bitcoin Analysis Daily update

 

Conclusion

With all this information, the $40k is the possible area this month. In between, a daily candle close above $48,500 can change the bias of analysis.

 

Bonus Point

All of the above information I gave you is based on experience and understanding of the market. However, if you don’t know about the technical analysis and still want to check the update of any coin, look at the AI-based Trend Analyser tool.

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