Bitcoin Technical Analysis for 03/10/2016 – Price Trapped Between Two Support & Resistance Levels

The $417 level has become a prominent pivot area on the Bitcoin charts this month. This area acted as support four times between March 2nd & 4th – just prior to the big sell-off that took place on March 4. When price finally bumped against $417 on the 7th, this level started acting as resistance. If price makes its way above this level and trades there for a few hours, I would not be surprised to see a rally towards the pivot zone at $422

, or even a push higher towards the big pivot at $432.50!

The market is now trapped between $417 and $410. The $410 area has been used quite extensively since the 4th of March; three times as resistance; four times as support. A break of either of these levels will signal which way the market will trend. If price trades underneath $410, a sell-off down to $403 will be very likely.

The $403 area is nowhere near as important as $417 and $410, but the market did used this level as support/resistance briefly, so it should be noted and market on your charts.

Related Post

 

 

Disclaimer:  This is not trading/investment advice!

Image Source: 1

Chart source: https://www.okcoin.com

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

WIF Set to Overtake BONK? Lunex Soars with 100x Potential in Altcoin Season

As altcoin season heats up, all eyes are on the rising stars—especially Lunex, which is…

7 hours ago

Binance Coin Price Dips: BNB Holders Rush To Lunex Presale To Hedge Their Long Positions

While the broader market witnessed a notable upward movement, Binance Coin (BNB) experienced a decline…

7 hours ago

Crypto Stalwarts Forecasted 800% Growth in Innovative Projects: VeChain, Rollblock and Polkadot!

This blazing crypto bull run has investors looking for the next top altcoins set to…

7 hours ago

Dogecoin Price Set To Recreate 36,000% Rally From 2021 After Pennant Formation

The Dogecoin price is back in the limelight, captivating the crypto world with its recent…

7 hours ago

Is XRP About to Explode? How Trump’s Victory Is Affecting XRP Price Amidst JetBolt Growth

Ripple’s XRP showed a 68% price increase in the last 7 days following Trump's victory,…

8 hours ago

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

10 hours ago