BTCUSD – Weekly outlook for Bitcoin Price – 5th March 2022

Introduction

The online brokers are seeking another bullish surge that will likely rise to establish another ATH for the number one coin in the crypto market. However, the Russia-Ukraine crisis has rattled the various markets and this has sent fear into the digital market.

BTCUSD Technical Analysis

Monthly Chart Bullish 

Monthly Resistance Levels: 60000, 50000, 46000.

Monthly Support Levels: 32000, 31000.

BTC/USD continues to build a bullish momentum as February candlestick closed in favor of the Bulls. The support level of 31000 and 32000 has been tested for a while and this will likely push the price of bitcoin up as the zone is attracting more Buyers to the zone.  A close above 46000 zones will expose the 60000 resistance zones.

Weekly Chart

Weekly Resistance Levels: 59550, 52000, 46000.

Weekly Support Levels:  31500, 33000

The connecting trendline on the weekly chart of the BTCUSD pair shows that price broke out above the line and it could mean that the bulls are about to turn the market in their direction. If the price of bitcoin continues to rise after the retest of the 41000 zones, crypto traders will open a long position to the price higher.

Some crypto analysts think that it is too early to say that the trend has changed because the breakout may be a false breakout, therefore, let us watch out for the reaction of the price around the current resistance zone of 46000.

Daily Chart

Daily Resistance 52100, 46000

Daily Support 31650, 30000.

The BTCUSD pair shows that the Bulls are trying to dominate the market as the trading week started with high anticipation that the long position traders want to close above the recent high of 46000 level. If the Bulls should show a loss of stem around the current zone of resistance we may see the price of bitcoin fall back into the 30000 zones.

The online brokes on short position will be watching the reaction of price around some resistance zones for a change in the bullish momentum for them to continue their short position on the BTC/USD pair.

H4 Chart

4 Hour Resistance 44453, 45925.

4Hour Support  31240, 40000.

The Dow Charles theory can be seen on the H4 time frame as the price of bitcoin continues to create higher highs and higher lows to establish an uptrend on the chart. 

The H4 candlestick on February 28, 2022, closed above the resistance of 40000 tuned support as attracted attention to the bitcoin market. If the price can close above the next zone of 45925 we shall see the trend continues.

Bullish Scenario:

The week started on a bullish note and the bullish scenario may continue for the rest of the week as some parameters favor the price to keep rising.

Bearish Scenario

On the weekly chart, the market has been bearish therefore the price needs to get to a zone where the pressure to sell is high before the bearish scenario may continue to take the price down.

Bitcoin BTC News Events 

WHY NEGATIVE SENTIMENT ON BITCOIN.

The last time bitcoin had a dip was in October 2020 when the market was at its negative point. However, another negative sentiment is in the air as the online brokers and market pundits are filled with fear that the bitcoin price may decline in the coming weeks because of the tension going on between Russia and Ukraine.

The prevalent geopolitical factors will have a long-lasting impact on the bitcoin sentiment if the region does not experience peace soon. If the negative sentiment is to shift into a positive sentiment, the negotiation between Russia and Ukraine must end in a peace talk and the war on Ukraine must come to an end soon.

Sentiments among the traders show that they are opening short positions as the price has been ranging between the 45000 and 40000 zones.

Conclusion and Projection

Online brokers and other institutions are paying closer attention to the crypto asset as the price of bitcoin is about to decide the direction it wants to go. 

The BTCUSD pair is either to close below the current support level and continue the bearish trend or it establishes as a support zone that will reverse the bearish trend to a bullish trend.

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