FX.co - BTC update for March 15,.2023 - Extreme bullish condiiton, potential for the drop

2023-03-15T07:24:00

Relevance until2023-03-16

Technical analysis:

BTC update for March 15,.2023 - Extreme bullish condiiton, potential for the drop

BTC/USD has been trading sideways at the price of $29.000 but I see that market is building the range and that is in the extreme condition.

Due to the extreme condition on BTC/USD and the fresh bear crosses on the oscillators, I see potential for the further downside movement.

Breakout of the support at $24.140 can confirm further downside movement.

Downside objective is set at the price of $22.620

Stochastic and MACD oscillators are showing extreme condition and fresh downside cross, which is another good sign for the further downside movement.

Key resistance is set at the price of $26.200

*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 15,.2023 - Extreme bullish condiiton, potential for the drop