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Quick analysis of current Support and Resistance for Bitcoin against Tether (BTC/USDT). This analysis aim to guide you in your trading decision during the month of March 2023. Be aware of potential support and resistance that could impact your trading.
As of the writing of this analysis, BTC is sitting at 23 140.98$.
February Recap
In February, Bitcoin had 16.84% swing (3898$) from its bottom at 21 351$ and it’s top at 25 250$.
February opened at 23 125$ and should close in the 23 160$ area. So we are pretty much right where we started February.
This is showing a great fight between the buy and the sell side.
As you will see on the chart, the price during February touched a previous Weekly Resistance (25 211$) and went all the way down to a 3 months old Daily Support (21 480$).
Bitcoin Support and Resistance Chart
On the chart below you will see monthly (RED), weekly (ORANGE) and recent daily (YELLOW) S&R. This is a monthly chart.
Here’s the same chart zoomed into a 1D candle for a better view of S&R that might be in play during March.
What to expect for Bitcoin price in March 2023
Looking at the close up chart, it wouldn’t be surprising that BTC would continue to play between 22.8K and 25.2K.
BTC is still above the 100 and 200 days moving average, which indicate an uptrend. We have to keep an eye on the support below and make sure it holds.
In the case that the 25.2K resistance is broken, the next target would be around 28.8K area. This resistance is a monthly one and has been respected in May 2022. A bit of sideway or even a reversal could happen there.
BTC Support & Resistance prices
Current Monthly Support and Resistance for March 2023:
- 69 000$
- 28 8500$
- 15 476$
Current Weekly Support and Resistance for March 2023:
- 48 189$
- 32 917$
- 25 211$
- 18 626$
Current recent Daily Support and Resistance for March 2023:
- 22 799$
- 21 480$
How to trade Bitcoin in March 2023?
If you are new to trading, you might have heard about trading support and resistance and then you ended up on this page.
Just knowing S&R won’t help you much if you don’t have a trading strategy in place.
No worry, I made you a nice guide on how to trade crypto that will get you started on the good foot.
I highly suggest you read it before investing your hard earn money. No need to fomo, the markets aren’t going anywhere and there will always be opportunities out there.
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