Crypto Shot 03/13: Bitcoin Hanging Over Precipice

Crypto Shot 03/13: Bitcoin Hanging Over Precipice

The cryptocurrency market is hanging over a precipice in a state of uncertainty.

Now I am looking only at Bitcoin because the assets are very unidirectional and the valuation of the underlying asset makes it easier to assess the overall market situation.

Buyers continue to attempt to return to the trading range of $11,800-$9,300 (5), but each time they meet resistance and can not gain a foothold in (1).

We see upward currents and a series of rising lows (2), which can pick up the price and raise it to the old range, but if sellers cancel this logic and the day candle closes below $8,400, then we will see a new reduction target in the $7,250 area (3) .

Conflict levels show that the direction will be determined before March 18 (4).

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Cover image via u.today
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About the author

Vadique Magenta is a financial analyst with experience in cryptocurrency trading.

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