A lot has been going on in the market since a couple of days. The Russia - Ukraine war tension had been the major cause of market dump lately but it seems things are turning around now.

Even the FED meeting scheduled for 15 March is approaching.

The market looked pretty boring until Elon Musk tweeted this yesterday, changing the fundamentals and even technicals of Bitcoin trade setup with his tweet.

Let's take a look at the market technicals and trade setup as of now.

BTC break $ 40000 resistance. Next is $ 42000 resistance zone.

As I updated you in my previous post if bitcoin can break the $ 39,400 zone with good volume we will see an upside movement in Bitcoin price and the same thing happened. Bitcoin Rose by 8% and also break the 41,200 resistance area. If bitcoin can hold above the 41,200 area then we will have more upward movement in bitcoin price.

The next local resistance area is $42,800 and 43,500 area. The major resistance is $44,500 to $46,000 area. If Bitcoin breaks the $46,000 area with good volume and hold above it then the market will turn bullish.

U.S. President Joe Biden to sign an executive order on regulating, issuing cryptocurrency might be the reason for the Bitcoin pump.

Also, today on the 10th of March FED releases inflation Data.

After the tweet from Elon Musk, Bitcoin breaks $42000 and now Trading above it, Next resistance area is $42,500 to $42,800. I am observing selling pressure in that area.

After the surge in Bitcoin price, I had to update my personal trade setup chart and mark my trade areas as below.

Almost $32 million in Bitcoin Short Liquidations in 1 hour.

The highest hourly amount since the price rebound on Feb. 24th.

Updated support and resistance chart.

Updated daily chart.

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