BTC/USD continues to demonstrate an ability to reach for record values and create a speculative storm. Intriguingly, in the month of March, BTC/USD was able to climb to new highs while coming within sight of the 62000.00 juncture without suffering a violent reversal lower after hitting the higher marks. The record level was attained on the 13th of March, and on the 16th of March, it was trading near the 54000.00 juncture, but taking into consideration the wild price fluctuations of BTC/USD in the past, this move was nothing out of the ordinary.
In fact, it can be claimed that BTC/USD has actually begun to technically produce rather stable support levels. Yes, the speed that BTC/USD trades within is fast and certainly can be considered alarming for new speculators. However, experienced players who are wagering on Bitcoin may be looking at the month of March as confirmation that the cryptocurrency can not only exhibit the volatility they crave, but also create a rather sound value band which can continue to be pursued.
Technically the capability to sell BTC/USD is a possibility, but traders should consider the dangers of going against the trend which has been established. Yes, downturns are natural within all assets and BTC/USD is not immune to losing value, in fact it has been well-documented. However, trading against BTC/USD when it continues to show the capability to withstand sell-offs and reverse higher without little fanfare has become a constant speculative ingredient. Traders who are considering selling positions of BTC/USD should make sure they have the ability to act quickly and have all of their best risk-taking tactics prepared.
The ability of BTC/USD to withstand sell-offs in March and reverse higher should not be disregarded as the cryptocurrency continues to demonstrate a serious bullish trend. As the month of April gets ready to get underway, BTC/USD is clearly trading within sight of important psychological levels which will certainly appeal to speculators if resistance levels are punctured higher. The 60000.00 mark is an easy inflection point to recognize and if values are sustained above this level the next time this resistance level proves vulnerable, it could spark a larger buying parade.
For all of the slings and arrows shot at BTC/USD, it continues to muster many speculative backers who have embraced Bitcoin and made it the world’s largest cryptocurrency. Cautious traders may want to wait for pullbacks before they become buyers using support levels as potential launching pads for their wagers. Aggressive traders who want to pursue bullish momentum are advised to still use limit orders and carefully selected stop loss ratios.
BTC/USD Outlook for April:
Speculative price range for BTC/USD for April is 46250.00 to 66000.00.
The ability of BTC/USD to sustain its value on pullbacks in March has been impressive and has created a support juncture possibly of 53000.00 which may prove adequate. If this level fails to hold the next leg down could potentially focus on values near 50000.00 with a low of 49250.00 looking like a technical support area. If speculative selling increases, BTC/USD could see a lower mark of 46250.00 come into view.
A high of nearly 61890.00 was made in early March and resistance levels beneath this record high value are within sight of the current price. The 60000.00 value serves as an important psychological barrier and if trading is sustained above this level, BTC/USD could be off to higher levels quickly. The 62000.00 value would be a record high, and if broken fast, trading should be expected with genuine targets that could reach for the 66000.00 price.
