BTCUSD – Weekly outlook for Bitcoin Price – 11th March 2021

BTCUSD Forecast for BTC

Introduction

The recent bullish run of bitcoin in the crypto market has generated more interest for Bitcoin online brokers, investors, and corporate bodies to invest heavily in BTC as it hit $50,000 high. 

Bitcoin mining is another activity that companies like AMD, Nvidia have designed exclusive products for miners of cryptocurrencies.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD monthly chart (trading view)

 

Monthly Resistance Levels: 50602.53, 58819.85

Monthly Support Levels: 28130.00, 19001.48, 4311.32

The BTCUSD has always been the number one cryptocurrency in the market cap since its introduction. Over time it has established a strong bullish rally in the market by breaking out above the previous resistance of 19001.48 made in 2017 December.

 A price action pattern, “W“ was formed with price closing above the neckline, indicating a bullish swing for traders, investors, online brokers, etc.; attracting more interest groups of personalities into the market for a possible profit on investment. 

We may see a correction soon in the market before the bullish swing continues because the RSI indicator shows that price is in its overbought zone, and there has not been any pullback since the breakout occurred.

Weekly Chart

BTCUSD weekly chart (trading view)

Weekly Resistance Levels: 50645.00 

Weekly Support Levels:  37857.00

The bearish divergence warning signifies that we should expect a bearish move in the market soon as the bullish trend is getting weaker in the coming weeks. The recent bullish divergence may not last long because of the position where it is building up. 

Looking at the RSI indicator, you can see that the bullish divergence is happening around 70.00 levels, which means that the bullish surge may not hold for long.

However, the BTC trend remains bullish until a clear reversal pattern is seen for a correction in the market before we state a claim. Therefore, the recent bullish surge may mean continue of the trend.

Daily Chart

BTCUSD daily chart (trading view)

Daily Resistance Levels: 50855.00

Daily Support Levels: 46250.00, 43000.00

The recent dip of bitcoin is due to investors taking profit while waiting for the US CPI to be announced because it relates to the inflation level influencing the economy’s monetary policy. 

Can this bullish run close above the current resistance? A close above the February 21, 2021 high (58352.80) means continuing trend for BTCUSD, and we expect a new high. 

If the bullish rally fails to close above the resistance zones, we may see the bears push down the price to the 43000.00 levels of February 28, 2021.

H4 Chart

BTCUSD h4 chart (trading view)

Resistance Levels:  52640.00, 58000.00

Support Levels:   46300.00, 43000.00

The four-hour time frame shows that the bulls are ready to take bitcoin price higher, having close above the high of 52640.00 to aim the next level of 58000.00 zones.  

For some days, the bitcoin candles have been bullish in momentum as more investors are using BTC/USD as a means of diversification and savings for their investment portfolios.

Bullish Scenario:

The BTC/USD is on a bullish run on all time frames, and there is no significant sign of weaknesses as it has kept the bullish momentum strong. We expect the market to rally up to the $58000 level on the H4 chart.

Bearish Scenario:

A possible bearish scenario may come to play if the resistance level of $58000 can hold the bullish run for a reversal of price. This level is a psychological zone for the online brokers to see a possible sell option in the coming days.

Bitcoin BTC News Events 

Some corporate bodies integrate mining rigs into their systems, having seen the bitcoin asset’s massive demand.  Some of the companies like Nvidia and AMD are encouraging mining activities through their products for cryptocurrency miners. 

Another Chinese corporate firm (Meitu) known for its photo editing reveals his investment portfolio in bitcoin worth’s about $17.9M has above $20M in other cryptocurrencies. 

He believes that cryptocurrencies will help solve the problem of depreciation on holding cash.

Conclusion and Projection

From research, we can see that more corporate bodies are buying bitcoin. They are planning to invest heavily into the crypto market as they expect the psychological zones of $55000 and above to be surpassed. 

For this week’s projection, we expect the price of bitcoin to be bullish and to rise above the zones for more investors to come on board.

I'm based in London ( England, UK )
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.

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