FX.co - BTC update for March 18,.2022 - Potential for the drop towards $37.500

2022-03-18T13:39:36

Relevance until2022-03-19

Technical analysis:

BTC update for March 18,.2022 - Potential for the drop towards $37.500

BTCUSD has been trading sideways at the price of $40.500 and I see potential for the downside movement due to lack of buying power.

Trading recommendation:

Due to failed test of the median Pitchfork trend-line, I see potential for the downside movement.

Watch for selling opportunities with the downside objectives at $37.500 and $34.600.

Stochastic oscillator is showing overbought condition and fresh bear cross, which is sign for the further downside movement.

Short-term trend is neutral

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC update for March 18,.2022 - Potential for the drop towards $37.500