Last Updated on March 5, 2022
The ongoing war between Ukraine and Russia has made the Ukraine government put a stop to the airdrop plans and reward best bitcoin brokers who are donors. The government is requesting to have weapons.
However, the price of the number one coin is battling around the resistance zone of 43000 and 45000. Can the price close above the 45000 zones or will the price of bitcoin fall lower than the 43000 zones.
BTCUSD Technical Analysis
Monthly Resistance Levels: 69000, 46500.
Monthly Support Levels: 32000, 30000.
The support zone of 32000 and 30000 has been a strong area for the Buyers to establish their dominance as they have pushed the price of bitcoin up. The crypto brokers have seen the sell-off of bitcoin last over 8 weeks in favor of the short position traders.
Weekly Resistance Levels: 52100, 69000.
Weekly Support Levels: 39600, 29296.
The bitcoin market is having a double bottom pattern as we can see the price surge up from the support zones of (31500) on 20th February 2022. If the price of the bitcoin can close above the psychological zones of 45500 level, we shall see the value of bitcoin surge higher to the next high of 60000.
For the sellers will have to take the price lower than the support zone of 31500 if they need to increase the selling pressure.
However, the recent bullish surge is not a confirmed change of the bearish trend looking at the weekly chart. The market is yet to confirm the bullish trend as the overall direction still favors the sellers.
Daily Resistance 52098, 59250, 44337
Daily Support 42256, 41427,
The bitcoin market has built an uptrend scenario as we can see the price of bitcoin creating higher highs and higher lows. Crypto brokers and other investors may be looking at the possibility of the bitcoin price resuming its previous uptrend on the higher time frame.
Certainty of the market direction is important to crypto brokers and other participants for them to have a maximum return on investment.
The week started in favor of the crypto brokers who are long on the BTCUSD pair and a close above the resistant zone of 45500 we are a good reason for traders to go long because it is a psychological zone.
The Bears need to close below the daily chart support level for the market structure to be broken for the bearish trend to continue. A close below 31500 zones will continue the bearish trend.
A weak bearish scenario is for this trading week because the price will have to be rejected around the current high to show that the upward movement is not confirmed.
Bitcoin BTC News Events
Cryptocurrencies and regulations to cut Central banks out.
As the war goes on in Ukraine, other allies have started putting pressure on the Russian authorities through various sanctions and this action has put on pressure on the crypto which is a more pressing matter for Russia.
The Central Bank had been occupied with conventional economies and in recent debates about crypto regulations as it opposes any form of the crypto market and mining. According to Maria Agranovska who is a managing partner at the Moscow Bar Association-affiliated Grad Legal and Financial Advisory Services and also she is a member of a group working on regulating crypto assets at the State Duma (Russia’s parliament). However, she stated that in Russia, any regulation on mining and cryptocurrency is needed right away.
She believes that if the central bank is out of the way, the body in charge of policing the sector will not border about passing the law but will come up with guidelines and by-laws that will not require any vote in Duma because there will be no reason to prohibit the development of new financial instruments and technologies.
Conclusion and Projection
The BTCUSD pair showed a bullish surge as the trading week stated and this has woken the interest of crypto brokers and other participants in the institutions.
If the Bullish surge becomes stronger, we may see a shift of momentum in the market from the bearish trend to a bullish trend on the BTCUSD pair.