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Bitcoin Close To $28,000 On March 2023

 

Charts of the Week

Bitcoin in Trajectory to Aim Higher But One Warning Sign Remains

  • Bitcoin price has projected a saucer bottom pattern on the 3-day chart, an indication that is usually in favor of the bulls. If it manages to slice above the breakout line at $28,486, BTC could target bigger aspirations.
  • From a technical perspective, analysts have also noted that the market should stay cautious, as the Relative Strength Index (RSI) displays a decline in strength – indicating a bearish divergence. Should the bearish scenario take place, Bitcoin would test the first level of support at the 78,6% Fibonacci retracement level at $26,077, then at the 61.8% Fibonacci retracement level at $23,800.
  • Only if the aforementioned footholds fail to act as a line of defense for BTC, then additional support may appear at $20,601, where the 50 and 100 three-day Simple Moving Averages (SMAs) converge.

    Options Traders Sentiment

    • By analyzing the volume of call (buy) options versus put (sell) options, traders are able to assess the overall market sentiment. Usually, bullish strategies tend to involve call options, while bearish trading strategies typically involve put options.
    • From the week starting on March 20, the put-to-call ratio indicated bullish market sentiment till March 25, on which it displayed a ratio of 1.14 suggesting traders are more inclined towards put options before finally closing the week with a ratio of 0.50 on March 26 indicating traders favor call options.

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