As of 4:50 PM EDT, Bitcoin is trading near the lows of the day at around $45,700 according to Coinbase. In the CME’s futures market, Bitcoin’s most active contract month (April BTCJ2022) is trading near $45,845. Some analysts have been looking for the gap formed on the CME futures chart between last Friday and Monday to be filled.

Over this last Sunday, March 27th, Bitcoin made a tremendous break out after forming a base above the long term 61.8% Fibonacci retracement at $44,500 (data set from $33,000(last year’s lows) to $69,000). Monday, March 28th marked the first time Bitcoin had a close above this pivotal level since January 4th.

Last night (Sunday, March 27th) Bitcoin made a tremendous break out after forming a base above the long term 61.8% Fibonacci retracement at $44,500, using a data set from $33,000(last year’s lows), to $69,000 the all-time high. Yesterday marked the first time Bitcoin had a daily close above this pivotal level since January 4th.

Time to raise your stops.

Raise protective stop from $42,500 to $44,150.

Bitcoin has been trapped inside a trading range of $33,000 - $44,500 for the last 75 days. As of 4:45 PM EDT, Bitcoin is trading at approximately $44,000. Around four hours ago, it touched upon the key resistance level at around $44,500, an area that has stifled the movement of the past two rallies. Can the third time be the charm?

We are recommending that traders enter a long position in BTC which as of 6:16 Eastern Daylight Time is trading around $43,000 on the spot markets. Place Protective stops at $42,600.

The technical indicators we used, prompting us to issue a buy signal yesterday, remain bullish today. Today I want to recap what they were and where they point Bitcoin may be headed.

Bitcoin is showing signs that a rally is imminent, at least in the short term. Entering a long position from $40,700 - $41,000 is advised. We base this sentiment on Bitcoin’s successful bounce off of the short-term 38% Fibonacci retracement level, which coincides with the 50-day moving average.

Many of my articles over the years attempt to outline the cyclical nature of Bitcoin’s price action.

BTC traded higher today currently as of 4:00 PM, EDT is trading at $40,820 according to Coinbase. On the heels of the Federal Reserve’s monthly FOMC meeting and Bitcoin is appearing to have entered a short-term rally, with prices quickly approaching the highs of the day at $41,730. It seems the Fed’s seemingly more hawkish tone is giving a boost to Bitcoin.