- Update $BTC dated 3/11:
Bitcoin is now approaching the important support zone around USD 76,300–76,500 following the sharp decline earlier. On the H4 chart, the price structure still leans toward a downtrend, as BTC continues to form lower highs and is still trading below the MA Ribbon.
In the short term, the USD 76,300 area will serve as a key support level that the market needs to defend. If the price holds this area and shows signs of a downside rejection, BTC could see a technical rebound.
- Price levels to watch:
* Support: USD 76,300–76,500.
* Nearby resistance: USD 77,600.
* Strong resistance: USD 78,800–79,000.
Bitcoin is now approaching the important support zone around USD 76,300–76,500 following the sharp decline earlier. On the H4 chart, the price structure still leans toward a downtrend, as BTC continues to form lower highs and is still trading below the MA Ribbon.
In the short term, the USD 76,300 area will serve as a key support level that the market needs to defend. If the price holds this area and shows signs of a downside rejection, BTC could see a technical rebound.
- Price levels to watch:
* Support: USD 76,300–76,500.
* Nearby resistance: USD 77,600.
* Strong resistance: USD 78,800–79,000.
