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Market News BTC/USD Rebounding from $24k Support

BTC/USD Rebounding from $24k Support

According to the weekly timescale, BTC/USD may overcome the present daily barrier and keep moving upward.

Skylar Shaw

2023-03-14

10421

A traditional flight to safety was witnessed on Monday despite recent US financial disasters.

The price of market gold increased by 2.0% as well, helping safe-haven currencies like the Switzerland franc and the Japanese yen. US Treasury notes also finished the London session with a higher price across the curve.

More Than 20% of Bitcoin's Gains in Three Days

But what has really grabbed my attention is how quickly Bitcoin has advanced recently, apparently looking for higher ground as bank equities plunge. As of this writing, after putting a toe into the seas south of the $20,000 mark, the coin has rallied more than 20.0% over the course of three days. Therefore, a thorough analytical analysis of BTC/USD is necessary.

Technological Perspective: Top-Down Method

Since peaking out just below the $70,000 mark in late 2021, the main cryptocurrency's trend direction has been downward on a weekly basis. This move was followed by a blatantly negative bearish split from the Relative Strength Index (RSI). After 15 months, the price action on the weekly scale is threatening to shoot for the pattern's (a falling wedge) profit target set at $26,774, a level protected just south of the weekly resistance at 28,844. This is due to the RSI's effort to maintain position north of its 50.00 centerline.

Buyers appear to be in control for the time being because of the weekly timeline.

On the weekly timescale, there is room to move higher, but two Quasimodo support levels at $24,666 and $24,262 may act as technical roadblocks. Resistance at $28,849, which is close to the weekly resistance level of $28,844, might merit consideration in the event of another upward surge. The nearby 50-day simple moving average at $22,955 is the first objective for a decline from the aforementioned resistances, followed by the primary support at $20,343-21,658 and the 200-day simple moving average at $19,718.

Things are good as far as where I stand with the RSI. Since average gains are outpacing average losses, we are above the 50.00 centerline and have area to push for overvalued territory at 70.00.