In the past two days, the price of Bitcoin continued to consolidate around $56,000, and the trend structure showed a phenomenon of falling lows and moving upwards. According to today’s hourly chart trend, the price first pulled back and then resumed its rebound when it was around $57,000. It has now reached $58,000 again. The barriers facing Bitcoin prices are also obvious-$58,000 is indeed a key position, a pressure level in the early stages, and once it can stand at $58,000, it basically means that the next target is $60,000. If the currency can stand above $60,000, the probability of hitting new highs is very high.
Although the current currency price is stable between $57,000 and $58,000, it is clearly visibly encountering resistance. Several consecutive upward breakthroughs are still unsuccessful. As mentioned earlier, today traders still have to pay attention to the probability of rising and falling. In the daytime, Bitcoin can walk on its own. It is more enjoyable, but at night there will be more challenges (March 30th, UTC).
It can be seen from the daily chart that the 30-day moving average and the 60-day moving average have maintained a long arrangement pattern. This phenomenon has not changed since the end of October last year. In terms of operating strategy, it is recommended to long the positions. After the target price continues to be bullish at $57,800-$58,000-$58,400, then traders can pay attention to the performance of the front line when the price is near $59,000.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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