#Bitcoin update

Bitcoin price started another major decline after it was rejected multiple times from the $39,400 resistance as I already updated in my previous post if BTC is not able to give candle closing above $39,400 there will be more correction in the market and the same thing happened. It even declined below the $38,200 support level.

Bitcoin local support is 37,000 and the major Support is 36,300. Rsi showing oversold If there is an upside correction, bitcoin price might face resistance near $38,200 level.

Bitcoin needs to give a day candle Closing above $39,400 to continue uptrend otherwise it could continue to move down.

The global market also not looking good. FED meeting on 15th of march will impact the market we need to be very careful we may see volatility this week.

The BTC chart I posted 8 days ago in my blog. Bitcoin is still respecting these levels and these support levels have given atleast 2 jumps till now.

Overall global stock markets are down but after correction, bitcoin reacting like it should. Gold price is up and Bitcoin also trying to match with gold as a digital gold.
Bitcoin able to come above immediate resistance of $38500 as shared in my blog post.If it will be able to maintain above $38500 it can try for $40k where it will going to face psychological and big technical resistance of 50 & 21 MA. It won't be easy to break in short term. If it will be able to break that level next target can be $41300 - $41600. Now the immediate support is $38500.

BTC support and resistance chart

BTC daily chart

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