BTC/USD
Market Meditations | March 25, 2022
Macro Structure: We experienced a downtrend between November 2021 and January 2022. Since then, we’ve been experiencing sideways consolidation in a macro downtrend. This macro structure informs all trading. Every move to the upside faces the significant challenges of BTC experiencing sideways consolidation in a macro downtrend.
Key Support: At around $36k.
Key Resistance: Price has been repeatedly testing the around $45k level resistance. We are going into our next test of the $45k level. It’s fairly significant given we have broken above the 100 Day Moving Average. That being said, the longer sideways consolidation happens, the less significant Moving Averages become. So the main thing to watch is the $45k level.
Looking Forward: If we break $45k we might see further upside to $50k because there is not too much resistance in between.
