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.
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.
The Ethereum Foundation has begun staking part of its treasury, marking a significant step in…
Fresh reports circulating in the crypto space suggest that Wei Jiequan, better known as Wilson…
The infrastructure powering autonomous AI agents on Ethereum is slowly coming together. Payments, trust layers,…
Developers working on Bitcoin are beginning to explore a new idea aimed at protecting the…
The global crypto market is approaching a historic moment. After more than 17 years of…
Crypto exchange Bybit has confirmed that its Co-Chief Executive Officer, Helen Liu, will step down…