Key Highlights
- Bitcoin price is consolidating gains above the $27,500 support zone.
- BTC broke a key declining channel with resistance near $28,150 on the 4-hours chart.
- EUR/USD and GBP/USD climbed further higher above 1.0950 and 1.2420 respectively.
- The US ISM Services PMI could decline from 55.1 to 54.5 in March 2023.
Bitcoin Price Technical Analysis
Bitcoin price remained well bid above the $25,000 support zone. BTC/USD seems to be forming another bullish trend above the $26,000 pivot zone.
Looking at the 4-hours chart, the price started a fresh increase and was able to clear the $27,500 resistance zone. It broke a key declining channel with resistance near $28,150 to move further into a positive zone.
The price is now trading well above the 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours).
It is consolidating near the $28,500 resistance zone. The first major resistance is near the $28,800 level. A successful close above the $28,800 level might spark another bullish wave. In the stated case, the price may perhaps rise towards the $30,000 level.
Any more gains could set the pace for a larger increase to $32,000. On the downside, an initial support sits near the $27,500 level.
The main breakdown support sits near the $27,200 zone and the 100 simple moving average (red, 4-hours). If there is a downside break and close below $27,000, bitcoin might start another decline in the coming days.
In the stated case, it could revisit the $25,000 support or the 200 simple moving average (green, 4-hours). Any more losses might send the price towards $23,500.
Economic Releases
- Germany’s Services PMI for March 2023 – Forecast 53.9, versus 53.9 previous.
- Euro Zone Services PMI for March 2023 – Forecast 55.6, versus 55.6 previous.
- UK Services PMI for March 2023 – Forecast 52.8, versus 52.8 previous.
- US Services PMI for March 2023 – Forecast 53.8, versus 53.8 previous.
- US ISM Services PMI for March 2023 – Forecast 54.5, versus 55.1 previous.
