Bitcoin, continues to give the impression of a typical weekend on March 3rd. At the time of writing, Bitcoin is trading at $61,771, experiencing a 0.36% decrease over the last 24 hours. This decline has led to a significant downward momentum in many altcoins. What can we expect for Bitcoin going forward? Let’s examine together.
Bitcoin Daily Chart Analysis
Bitcoin‘s daily chart shows a rising channel formation that has provided key insights to investors. This pattern led to a breakout at the resistance line on February 28th. Following this breakout, Bitcoin’s price has been consolidating in a narrow range, with a potential support or resistance break determining its direction.
The most important support levels to watch on the daily Bitcoin chart are; $60,350 / $59,007, and $56,957 respectively. A daily bar close below the significant support at $59,007 could lead to a loss of momentum in Bitcoin’s price.
The most important resistance levels to watch on the daily Bitcoin chart are; $62,190 / $63,743, and $65,540 respectively. A daily bar close above the critical level of $63,743, encountered on February 27 and 28, would likely lead to an increase in Bitcoin’s momentum.
Bitcoin Hourly Chart Analysis
The hourly Bitcoin chart features a triangle formation that offers important clues to traders. The recent interactions with support and resistance levels within this formation could signal upcoming trends. A close below the EMA 9 (blue line) in the last bars could suggest a bearish scenario in the short term.
The key support levels to monitor on the hourly Bitcoin chart are; $61,563 / $61,087, and $60,630 respectively. A close below the $61,087 level on the hourly chart could indicate a bearish outcome for the triangle formation.
The key resistance levels to watch on the hourly Bitcoin chart are; $62,091 / $62,445, and $62,753 respectively. A close above the $62,445 level, which intersects with the formation’s resistance line, could lead to an upward trend and increase Bitcoin’s momentum.
