Bitcoin Price Analysis: Does The Bull Run End In BTC Market?

There is a downward trend in the Bitcoin (BTC) cryptocurrency market again. Given the size of the previous dump, it can be assumed that the coin will drop in price to $ 50,000 by March 30.

Key Points

• BTC price is trading below the 100-hour moving average ($ 56,057).
• A bearish trend line has formed with resistance at $ 54,000 on the hourly chart.
• The target of the downward movement is in the area of ​​$ 50,000, at this mark, there is a strong support zone.

On Monday, the bears broke the ascending triangle, and the value of Bitcoin fell by 7% – to $ 52,916 (Bitstamp data). The downtrend is not yet exhausted, and with a high degree of probability, it will continue during the next session. The previous dump lasted two days, and the coin dropped in price by almost 14%. If this situation repeats, then the coin rate will decline to about $ 50,000 by March 25.

In favor of the fall in the price of BTC to $ 50,000 is also the fact that 61.8% of the Fibonacci level passes through the $ 50 191 mark, which was fixed during the pump from $ 43 054 to $ 61 814. If this obstacle does not survive, then we should expect a decrease in value cryptocurrencies up to at least $ 47,000. Otherwise, the rate will bounce off the support barrier and begin to grow. BTC will be in the oversold zone after the price drops to $ 50,000. As a result, the second scenario has more chances to be realized.

Does The Bull Run End In Bitcoin Market?

Now the BTC chart looks impartial, but it is too early to forecast a reversal. Judging by the dynamics of the asset rate change, correctional wave C ended on February 28 at $ 43,054. The subsequent pump is the first wave of a bullish trend, as the peak exceeded the previous maximum. In this case, we are seeing a second corrective wave, after which an upward movement will occur.

However, one of the analysts studied the indicators of the indicator Pi Cycle Top Indicator, which tracks moving averages, and put forward a hypothesis about the imminent end of the bullish trend. Drawing an analogy with historical data, the specialist suggested that the bull will end before March 26. This will happen after the intersection of the 111 and 350 × 2 day moving averages. The lines are converging, but have not crossed yet – they are separated by only 2%.

Technical indicators:

• 4 hours MACD indicator is in the bearish trend zone.
• 4 hours RSI is above 30 (in the neutral zone).
• Major Support Level – $ 50,000.
• Major Resistance Level – $ 60,000.
• The nearest pivot points are $ 52,508 and $ 57,065.

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