Bitcoin's consumption in March draws a bullish picture

Bitcoin's consumption in March draws a bullish picture

Bitcoin prices increased by almost 22 % in March and rose from $ 23,450 to over $ 28,500. The large bullish candle reflected it for January and initiated the next big movement for the asset.

On April 2, the market analyst "The Birb Nest" said that the monthly candle caused an even more bull -more profile for BTC in the daily time frame.

He found that the daily trend support is $ 22,500. This "can serve many dealers as a reference point or anchor and increase the chances that BTC will move towards the 200-day average price".

Consolidation within the span of $ 26 to $ 29,300 could be associated with a continuation pattern, he added.

with a solid monthly end for March, the daily time frame received an even more interest -buller profile $ btc

What's next? pic.twitter.com/alxsals9zk

- The ₿IRB Nest (@Tebirbnest) 2. April 2023

Bitcoin price in Q2

According to Coingecko, Bitcoin is currently traded by 2.4 % on Monday morning during the Asian trade session on Monday morning.

The asset did not manage to break the resistance at $ 28,500 at the weekend and has decreased slightly since then. However, it remains within the consolidation range that has formed in the past two weeks.

The resistance upwards is around $ 29,000 to $ 29,500, while lower support levels are just over $ 27,000. "A break outside of these ligaments can mean a stronger outbreak with the appearance of a new short -term trend," confirmed the analyst.

The analyst colleague "Rekt Capital" also confirmed that the macro downrend was ended with the latest bullish candle.

The macro downrend is over #Krypto #bitcoin pic.twitter.com/gzfrjigygg

- REKT Capital (@rectcapital) 1. April 2023

There are other signs that Bitcoin prices could rise. On April 3, another analyst found that the courses have exceeded an exponentially sliding 21-day average indicator that is about to print a very bullish pattern.

"This only happened in 2015 and 2019. Both times the big bull run started with this signal."

#bitcoin (M)

Why I am incredibly optimistic $ btc above the EMA21 line.

But not only that.
The EMA21 is about to exceed the smoothing line

This only happened in 2015 and 2019.
Both times the big bull run started with this signal. pic.twitter.com/xvfcspqggj

- ⓗ (@el_Crypto_prof) 2. April 2023

outlook on the cryptom market

In the short term, the cryptoma markets decreased by 1.9 % on this day, whereby the total capitalization has fallen to Coingecko to $ 1.2 trillion.

Bitcoin leads the losses with a decline below $ 28,000, and Ethereum (ETH) fell by 2.2 % to $ 1.778 at the time of writing this article.

Altcoins write all the reds today, with Dogecoin (Doge), Solana (Sol), Polkadot (Dot), Shiba Inu (Shib) and Avalanche (Avax) listed larger losses of over four percent.

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