Bitcoin Daily FULL Analysis | Back To Basics (+Altcoins)

23 Mar 2022

Let's take a timeout and go back to the basics... Let's first look at Bitcoin on the daily timeframe (BTCUSD | D), followed by the weekly.

The first data point to look at on this chart is the low set 24-January 2022.

At this level the bearish wave that started in early November 2021 takes a break and Bitcoin enters a sideways/range trading session.

Ever since this low, we have higher lows shot-term and lower highs...

We know for certain that Bitcoin is range bound as the Altcoins (all Altcoins minus the TOP20) are starting to grow strong.

The only time when the smaller altcoins grow strong is when Bitcoin goes neutral.

The next data point to look at is the volume.
We get bigger green volume bars compared to the red ones... This signal favors the bulls.

Next is the blue EMA100 line at $42,877, this is the next/immediate resistance for Bitcoin on the daily timeframe.
If this level is broken expect a jump straight up to $45,800+.

Indicators

• The RSI has gone bullish as it is now trading above 50 (56.71) to be exact.
  
  
• The MACD is also on the bullish zone with a green histogram.
  
  
• Bitcoin trading above EMA50 is another bullish indicator.
  

The technicals are favoring the bulls.


My view

Bitcoin will continue sideways for as long as it is necessary until the capitulation phase comes.

We can see prices break the 45.8K resistance and hit 55K up to 57K but very unlikely it will hit any more.

We can see drops and swings down to 40K, 35K, 33K, 30K and even lower in the months to come... Just to move back up and keep ranging while the altcoins grow.

The Altcoins will need until April/May for the entire bullish wave to be completed.

The capitulation will only take a few days... A few hours at the bottom at the most.
We can go into more details on the weekly timeframe...

This is the daily analysis for Bitcoin.

Thanks a lot for your amazing and continued support.

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I am always sending you positive vibes...
You taking the time to read this is for me is more than enough.

Namaste.