Bitcoin Price Action Analysis - March 20, 2025
Current Market Status
- Successfully closed above the resistance zone (84000-85000), which is now acting as support
- Currently in a consolidation phase after recovering from the recent drop
- The broken support trendline has been retested as resistance, with price action showing signs of strength
Technical Observations
- The yellow rectangle zone (84000-85000) has been reclaimed and is now functioning as support
- Price is forming a potential higher low pattern after the sharp decline
- The diagonal resistance line (previous support turned resistance) is still a key technical factor
- Volume patterns suggest accumulation after the recent sell-off
Updated Projections
Primary Scenario (Bullish Breakout)
- With price having closed above the 84000-85000 zone and holding it as support, the short-term outlook is turning bullish
- Next target is the 94000-95000 resistance zone (red rectangle area)
- This would represent a significant recovery and potentially signal the continuation of the larger uptrend
- The blue arrow path indicates the most likely trajectory in this scenario
Cautionary Scenario
- If price fails to hold above the 84000-85000 support zone, a retest of lower levels could occur
- The 73000 major support zone (green rectangle) remains a key level to watch if bearish pressure returns
Key Levels to Monitor
- Immediate support: 84000-85000 (yellow rectangle, now confirmed as support)
- Major support: 73000 (green rectangle, strong historical support)
- Near-term resistance: 89000-91000 (previous trendline resistance area)
- Target resistance: 94000-95000 (red rectangle area)
Trade Considerations
- Long entries near current levels with stops below 83500 offer favorable risk/reward
- The reclaimed support zone provides a logical stop-loss level
- Partial profit-taking at 91000 would be prudent, with remaining position targeting 94000-95000 or 100K level.
The successful reclaiming of the 84000-85000 zone is a significant technical development that shifts the short-term bias to bullish. If bulls can defend this newfound support, the path toward 94000-95000 becomes increasingly probable, following the blue arrow trajectory shown on the chart.
Current Market Status
- Successfully closed above the resistance zone (84000-85000), which is now acting as support
- Currently in a consolidation phase after recovering from the recent drop
- The broken support trendline has been retested as resistance, with price action showing signs of strength
Technical Observations
- The yellow rectangle zone (84000-85000) has been reclaimed and is now functioning as support
- Price is forming a potential higher low pattern after the sharp decline
- The diagonal resistance line (previous support turned resistance) is still a key technical factor
- Volume patterns suggest accumulation after the recent sell-off
Updated Projections
Primary Scenario (Bullish Breakout)
- With price having closed above the 84000-85000 zone and holding it as support, the short-term outlook is turning bullish
- Next target is the 94000-95000 resistance zone (red rectangle area)
- This would represent a significant recovery and potentially signal the continuation of the larger uptrend
- The blue arrow path indicates the most likely trajectory in this scenario
Cautionary Scenario
- If price fails to hold above the 84000-85000 support zone, a retest of lower levels could occur
- The 73000 major support zone (green rectangle) remains a key level to watch if bearish pressure returns
Key Levels to Monitor
- Immediate support: 84000-85000 (yellow rectangle, now confirmed as support)
- Major support: 73000 (green rectangle, strong historical support)
- Near-term resistance: 89000-91000 (previous trendline resistance area)
- Target resistance: 94000-95000 (red rectangle area)
Trade Considerations
- Long entries near current levels with stops below 83500 offer favorable risk/reward
- The reclaimed support zone provides a logical stop-loss level
- Partial profit-taking at 91000 would be prudent, with remaining position targeting 94000-95000 or 100K level.
The successful reclaiming of the 84000-85000 zone is a significant technical development that shifts the short-term bias to bullish. If bulls can defend this newfound support, the path toward 94000-95000 becomes increasingly probable, following the blue arrow trajectory shown on the chart.
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✅For Live Update on Gold Price and trade opportunities ; Join Free community
t.me/livepriceactiontrading
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.