Daily Trading Analysis: A Detailed Breakdown of Market Momentum BTC 17th March 2025
Continuing from yesterday’s analysis, Bitcoin’s price action played out as anticipated, with a rejection off the 83.7K price range. However, in the pre-market session, buyers made two attempts to push beyond the 83.9K level, both of which resulted in strong rejection wicks, confirming heavy selling pressure. A third attempt at the 83.7K range occurred at market open, but it too failed, reinforcing the level’s significance as resistance.
Following these rejections, price action found support at the 82.3K key level before initiating a strong upward move. This bullish momentum carried Bitcoin up to a session high of 84.3K, where an inverted hammer candlestick formed, signaling a potential reversal. True to this indication, the market subsequently experienced a sell-off, which extended into the session’s close. This downward movement has persisted into the Asian market session, with Bitcoin currently resting at the 82.8K key level. Should this level fail, the next notable support lies at 82.3K.
30-Minute Chart Analysis
On the 30-minute timeframe, Bitcoin exhibited clear bearish momentum. The recent move downward included a pullback to the 200 EMA, which was met with a strong rejection. This reaction off the 200 EMA further solidifies the current bearish bias. The multiple failed attempts to push higher, combined with the rejection at significant resistance levels, suggest that sellers remain firmly in control. The price action leading into today’s session will be crucial, as a break below 82.8K could accelerate further downside pressure.
Daily Chart Analysis
From a broader perspective, there hasn’t been much change between the weekend’s price action and today’s session. The daily wick rejection just below the 0.5 Fibonacci retracement level highlights the ongoing battle between buyers and sellers at this key area. With significant news events scheduled throughout the week, caution is advised. High-impact economic reports could inject volatility into the markets, making this a week where risk management is paramount.
Conclusion
Bitcoin’s price action remains reactive to key levels, with sellers asserting dominance in the short term. The 82.8K level will be the critical area to watch—should it break, a retest of 82.3K is likely. On the higher timeframes, the 0.5 retracement rejection suggests continued indecision, reinforcing the need for a cautious approach, especially with major economic events on the horizon. Traders should be prepared for heightened volatility and adjust their strategies accordingly.
