We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now


It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

Bitcoin Takes Off from Daily Bullish Order Block

Share On Facebook
share on Linkedin

Following a correction phase that began after forming a swing high on March 14th, Bitcoin’s price declined through a bearish parallel channel on the daily chart. The uptrend has now resumed with a bullish breakout above the parallel channel. The price surged past the significant swing high of 67,201.0, confirming a price reversal. This breakout led to the formation of a bullish order block, turning the previous resistance zone into a support zone as the price retraced to the order block to gain bullish momentum.


BTCUSD Key Levels

  • Supply Levels: 73,794.0, 80,000.0
  • Demand Levels: 58,829.0, 53,015.0

Bitcoin Takes Off from Bullish Order Block

What Are the Indicators Saying?

On March 22nd, the 9-period Moving Average (MA) crossed below the 21-period MA. The previous MA cross on February 1st had initiated a bullish trend. The cross below on March 22nd indicated market weakness, triggering the correction phase. The MACD (Moving Average Convergence Divergence) formed an arc in the oversold region, signalling a pause in the impulsive bullish motion seen in mid-March.

Currently, the 9-period MA is being tested to provide support, while the 21-period MA remains beneath the daily candles, helping to sustain the bullish trend. This alignment of the MAs suggests continued upward momentum. Additionally, the Relative Strength Index (RSI) is trending upward, indicating increasing buying pressure. The confluence of these indicators supports the expectation that Bitcoin’s price is poised to rise towards the next significant resistance level at 73,794.0. As Bitcoin continues to respect the newly formed support zone around the bullish order block, the technical outlook remains positive.

Learn from market wizards: Books to take your trading to the next level


CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

Do you want to write for our Newspaper? Get in touch: